November 1, 2023 SPX, SPY, ES Trade Plan

Market Recap

Classic replay from Monday’s session occurred again today so I won’t dwindle too much on the recap. Suggest you go back to Monday’s trading plan and see the details, but let’s review a few key highlights.

We again opened right in the middle of our trade plan which was a failed breakout of 4150 targets 4175. For intraday traders you didn’t get to partake in this, but for our overnight futures trader you were given this gift and trade idea where shortly after this plan came out we hit the low end, based for a while, and finally broke out.

When the trading session we then quickly sold off towards 4153 awaiting the 10am news data report. When that came as expected and even higher we then started to get our rally out of this zone starting at 10am finally hitting our 4175 target at ~ 10:45am est.

We then chopped and based between 4165 and 4175 where finally a break and hold of 4175 got us to 4185 with the high of the day at 4193 - 7 pts shy of our 4200 target.

As I mentioned in the chat room live I didn’t see the rally extending to 4200 and that 4190 would be a big level to overcome and it was.

The summary…lock and load on the trade plan. Keep these key levels in mind and paytiently react to them with breakdowns/breakouts or failed ones.

With that let’s get into our trade plan…

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

We do have pre-market news with ADP Non-Farm Job numbers. That is then followed at 10am est with ISM Manufacturing PMI and the JOLTS Job Openings.

FED Chairman Powell will deliver the FOMC Statement and Rate Decision

Then at 2 pm est we have the big event with FOMC. The statement will come out at 2pm est and then at 2:30pm est Daddy Powell speaks to us. All I will say and use 2 weeks ago when Powell as the blueprint - expect the first move and even second one to be false only to get the actual move after that.

Bulls want to defend the 4170 level. If we get a failed breakout - trades below