December 5, 2023 SPX, SPY, ES Trade Plan

Market Recap

It feels good to get back to a market where we have some range and volatility in the session. It’s exciting isn’t it? Let’s jump into our recap of yesterday’s trade plan first…

From the trade plan we said the following:

• I think that the zone between 4600-4550 is chop. Not that we can’t find any great trades in this zone, but it will be critical that we only play breakouts or breakdowns or failed ones.

• If there is a failed break out of 4600 target 4585

• Below 4580 target 4567

• If VIX continues going up then a breakdown of 4565 targets 4550

  • Be careful of a quick reversal out of this zone as it is quite supportive

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The first trade idea came to fruition in overnight futures trading where we came near 4600 on a couple of occasions only to be rejected and price push towards 4585. Futures then consolidated in this area for a few hours where finally we broke it and started our trek towards 4567.

The markets opened at 4564 at 9:30am est where we then pushed back up towards 4571 to only be rejected and begin a breakdown of 4565 which targeted 4545 - a key zone we mentioned from the plan and where I said we would most likely get a quick reversal.

What happened? We immediately reversed out of this zone and traded back near the highs of the day at 4570.

Let’s jump into the trade plan and review our key levels.

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News Catalysts

1. 10:00am est - ISM Services PMI

2. 10:00am est - JOLTS Job Openings

For more information on news events, visit the Economic Calendar

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12/5 SPX/SPY/ES Intraday Overview (TL;DR)

Tomorrow do me a favor and just don’t trade before 10am est. Why? Well silly we have news coming out. So the market could be in a choppy zone and with futures gapping down we could open near some key support levels.

News comes out at 10am est and for me the key LIS intraday is 4572. If we stay above this level I am targeting…