ES Daily Plan | November 28/29, 2024
My preparations and expectations for the upcoming session.
For new followers: The yellow levels highlighted at the bottom left of the chart are the primary levels that I focus on intraday. My strategy for preventing impulsive decisions at unfavorable locations involves following a simple yet effective rule of exercising caution when initiating trades outside of the yellow levels. This implies that I am cautious chasing longs above the final yellow upside target and shorts below the final yellow downside target. It is crucial to understand that refraining from chasing a trade is not an automatic invitation to initiate a trade in the opposite direction.
Visual Representation
Contextual Analysis
Happy Thanksgiving to those who celebrate! Quick update below for those trading Friday’s shortened session—I'd primarily focus on 6035, 6019, and 5994.
Tuesday’s closing strength was rejected today as sellers defended the spike base at 6035 (HOD: 6037). Both the RTH ATH (6045.25) and ON ATH (6053.25) remain intact, with the market returning to balance following the cessation of the daily one-time framing up.
In terms of levels, the Smashlevel is at 6019, marking the afternoon rally high. Holding below this level would target 5994, with a final target at 5970 under sustained selling pressure. Failure to hold below 6019 would target 6035, with a final target at the RTH ATH of 6045.25 and the ON ATH of 6053.25 under sustained buying pressure.
Levels of Interest
Going into tomorrow's session, I will closely observe the behavior around 6019.
Break and hold above 6019 would target 6035 / 6045 / 6053
Holding below 6019 would target 5994 / 5970
Additionally, pay attention to the following VIX levels: 14.84 and 13.36. These levels can provide confirmation of strength or weakness.
Break and hold above 6053 with VIX below 13.36 would confirm strength.
Break and hold below 5970 with VIX above 14.84 would confirm weakness.
Overall, it's important to exercise caution when trading outside of the highlighted yellow levels. A non-cooperative VIX may suggest possible reversals i.e trade setups.
Weekly Plan
Make sure to review the Weekly Plan, which provides a broader perspective and highlights key levels of interest to observe in the upcoming week.
Thank you, buddy! Another great day. Happy Thanksgiving everyone!
Happy Thanksgiving, Smash! I'm thankful for everything you do!