11/20 Weekly Trade Plan
SPY
SPY
Weekly expected move = $5.00
Upper Range = 455.79
Lower Range = 445.79
We are sitting between Sep VAH/July POC and Sep POC. Bulls want to see 445.98 to hold or else we could maybe start to carve out some of these gap’s underneath. Bears need to defend 458.54.
On the weekly profile, last week’s value area is going to be choppy, if we are trading inside of 450.78 to 448.53, I don’t want to be caught or trapped in a position between these levels. We need to break away in one direction. I think that maybe the longer we sit here, it could be advantage bulls.
Remember, we have Thanksgiving this week. Volume could be light, and it could be one of those situations where one side doesn’t show up. We will have to see what they want to do.
You can see why I say this area we have been stuck in the past few sessions is labeled as the chop zone. We have TONS of key levels from 448 to 451.50.
I am really only interested in anything above 451.50, either continuation or a failed breakout above any of the levels above it.
Also, under 448 with any continuation down or any failed breakdowns.
If you remember the monthly chart I shared in previous plans. We are coming into September’s highs 453-454. I believe that this could possibly cause an issue for the bulls, but they see how aggressive the buying pressure has been, if we break this area, I think we can see July’s VAH at 458.54. Above that its 462.82 with room to 467.89. In the long run, if we get there and the bears can’t defend it, we are going to rocket into new highs.
Under 448, I think the bears can put the pressure on down to 446-445.98 (September POC), which by the way is still naked. We gapped above it, leaving it untested.
NVDA will post its ER this week on 11/21. It could have a big impact on how this week plays out.
I will share my SPX levels in the group chat. DarkMatter has been killing it within this tight range, and he is doing a great job of guiding us. He did a great job of being patient avoiding the chop last week because he had a plan. Don’t feel like you HAVE to place a trade. Sometimes no trade is the best trade. Stay safe out there and I hope you all have a well-deserved Thanksgiving with family and friends. Cheers.
Happy Trading,
—WICK—
To cover our basis…
Welcome to my Substack where I provide a daily trading plan to help guide my intraday trading. The purpose of this letter is not to advise you on your trading or investment decisions. I am simply documenting my daily trading plan for myself to help with planning and execution. These are simply my opinions and the data sourced from the likes of vol.land, TradingView, Quantdata.us and others. The stock market is risky, gains are not guaranteed. This is not about getting rich quick but learn to educate yourself and make the necessary financial decisions on your own. This is not financial advice.
Omg
That trade plan was solid