November 17, 2023 SPX, SPY, ES Trade Plan

Market Recap

Relatively boring day in the markets today unless you were paytient and reacted at the key levels. The market traded between 4510 and 4587. This range provided us three trades on the day - one a failed breakout and then a successful breakdown and then a failed breakdown.

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

• if I have a bullish bias I want price to get above and hold 4510

• For the bears it comes to defending 4505 first where if we get an overshoot to 4510 go below and test it again I would then short the break of 4505.

• If there is a failed breakout of 4505-4510 target 4495

• Below 4495 target 4485

Additionally, we called the reversal at the lows of the day stating…

• If there is a failed breakdown of 4485 target 4505

The open had us at 4497 where we fast tracked it to 4510 only to be rejected and as we stated in the trade plan wait for a retest of 4510 and if it can’t break it go short there or wait until 4505. From there it was only paytiently waiting until 11:35am when we finally hit our target and began our reversal on the day targeting 4505.

Review the trade plan and look at the chart. Look at the 5, 15, and 30 min charts. If you are going to be a day trader these are the timeframes where you will make your money and won’t trade for more than 2 hours typically.

Now let’s jump into the trade plan…

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11/17 SPX/SPY/ES Intraday Overview (TL;DR)

Today’s news catalysts are UK Retail Sales and Building Permits coming premarket. We also have a FED speaker in the morning too.

The zone between 4511 to 4487 will be choppy waters. If trading in this range take profits at 10-20% and leave runners anticipating reversals here.

Another zone should we get there that will be choppy is below 4470 to 4455. Again traders beware not a zone I would go heavy with trades.

My bullish LIS tomorrow is 4520. If the bulls break and hold this level you will only want to short as a scalp and counter trend. Why? That is because bulls will then target…