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Smash ES Plan | November 28, 2022
Daily and weekly one time framing up, meaning buyers remain in short-term control. We have some unfinished business of interest at the highs to observe. Upside and downside magnets are pretty clear.
Recap & Plan
After a shortened session on Friday, there is not much to add since the latest daily plan, published on Wednesday. I recommend checking out the Weekly Outlook published yesterday, where I have highlighted some significant levels of interest to observe this week. I also mentioned the lack of excess we have at the highs, meaning sellers need to be patient and not chase if we get early weakness without having resolved the unfinished business at the highs. I suspect that buyers will be active in such scenario. If, on the contrary, we were to have early strength and take out the poor high, buyers want to establish acceptance above those highs to target further upside. Solving the poor high and failing to hold above that reference is a much more attractive scenario to look for shorts, as discussed in the Weekly Outlook.
The main upside magnet is the MA200, which is on everyone’s radar, meaning the price action will be noisy if tested. We have a very large gap above which we hav carried forward. 4051.25 is the bottom of that gap and it fills at 4103.50. The downside magnet is the Monthly VPOC 3967, if sellers break and hold below the weekly level 4007. Note that the last downside target is above that at 3983 for tomorrow’s session.
Daily and weekly is one time framing up, meaning buyers remain in control. Sellers main objective is to end the daily OTFU, to come back to balance.
As always, check out the Weekly Outlook for a view of the bigger picture, where I've highlighted some significant levels of interest to observe for the coming week.
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