November 7, 2023 SPX, SPY, ES Trade Plan

Market Recap

Not much to recap here. As we outlined in the trade plan and our intraday chat room the key levels were 4370 and 4355-4350. We saw both sides of this range and price bounce between it. Along with it we called for choppy conditions.

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Nothing major to review besides waiting for they key levels waiting for breakdowns and breakouts or failed ones in today’s case and reacting to it #paytiently…

I am going to keep our key levels that will help push us up higher or lower as we are still within these key levels and consolidating at this point.

First there is a lot of noise above spot and it will be choppy conditions between 4374 and 4400. So as we trade through these levels we just need to keep in mind of reversals and breakdowns/breakouts. Now once we clear this zone there is minimal noise up to 4450 which is what started the selloff back in September. It is then in this zone from 4453-4481 where we will get bumpy conditions again.

To the downside the key level is 4355, 4320, and 4299. A selloff back towards 4299 would actually be preferred for the bulls and allow for another area of consolidation. Should 4354 sell and we can’t recover then we close a gap and target 4320. Below this is where we have 4299. IF we lose - which I don’t think we will as an opinion - then we target 4194, which is last week’s POC and what I consider a LIS for flipping bearish for a more continued and sustained selloff medium term. The loss of this triggers us back towards 4132 and most likely breaks the lows set 2 weeks ago targeting 4067.

Based on what I am analyzing I think this week could be quite choppy and sideways as the market finds liquidity and an area for consolidation for the next move. So lock profits in or bring stop losses in to preserve profits. There will be moves especially intraday so keep an eye for 0DTE action as it could guide the market this week pretty heavily.

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11/7 SPX/SPY/ES Intraday Overview (TL;DR)

We could see similar choppy conditions as we did Monday if we stay within 4350 and 4370. These two levels will continue to be our key levels to trigger up or down.

Thus, the bulls want to defend