November 21, 2023 SPX, SPY, ES Trade Plan

Market Recap

Tremendous plans provided yesterday by

Captain Wick

and myself where we called for the key level of 4522 to break and hold to be bullish, but also the consolidation at 4531 - we consolidated for 2 hours! - before finally taking off to 4545 and the highs of the day at 4557. We did close above 4545 and I think there is still room to go up but we will get to that below.

Here is a recap of our trade plan overview yesterday:

Thus, for continuation if you are a bull you want price above 4521 to target 4531 where we will consolidate, even sell a bit, before we get on our way to 4545. From there if we have a lowering VIX and continued trend we target 4565. Above it targets 4575. You can almost use this blueprint to trade weeklies instead of 1DTE’s.

For those who haven’t subscribed this is a great opportunity to subscribe.

For as little as $15/month we provide daily trade plans for intraday traders and also provide great educational content.

Tomorrow should bring some volatility where we have CPI from Canada premarket, we then have Existing Home Sales, followed by ECB President Lagarde who is due to speak, and then FOMC Meeting Minutes.

Now let’s jump into the daily trade plan…

---

11/21 SPX/SPY/ES Intraday Overview (TL;DR)

Today’s big news catalyst is FOMC Meeting Minutes, but we do have CPI coming from Canada premarket and Existing Home Sales at 10am est after the market opens.

The zone between 4540-4550 is complete chop - a battleground between the bulls and bears - so react with clear breakouts or breakdowns that must hold in order for us to get any continuation. We may not get that continuation until FOMC so keep that in mind…

Thus, if you are a bull you want price above 4551 targeting…