November 16, 2023 SPX, SPY, ES Trade Plan

Market Recap

We traded much of the day between our key levels of 4505 and 4520 before finding a bit of resistance end of the day where price broke down to our second trade idea to 4495 and immediately found footing there to shoot back up towards 4513 only to find more sellers closing just above 4500.

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For those who missed yesterday’s trade plan we said…

The zone in and around 4480-4495 is complete chop and most likely a zone for accumulation if we were to see it again. Bulls are in full control and it is going to take a bit for the bears to make a dent into this run.

Thus, if I am a bull today I want price to stay above 4505. That is the LIS. Above it we target 4520 - almost there in futures - and above it we target…

Between these key levels are where we can play failed breakdowns and breakouts or simply wait for them to do what they should - breakout or breakdown. Waiting #paytiently and reacting off these levels will allow you to become more successful.

Now let’s jump into the trade plan…

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11/16 SPX/SPY/ES Intraday Overview (TL;DR)

Today’s news catalysts are Unemployment Claims and Philly Fed Manufacturing Index, and the Industrial Production numbers. There are many FED speakers premarket and during the morning session.

The zone at 4470-4455 is chop for us. Be careful trading in this zone and shorting in the hole. So let’s review our bull/bear levels.

First of all if I have a bullish bias I want price to get above and hold 4510. Ideally we see 4505 get taken, tested, hold and go long once we break…