Daily Plan 11/1/2022
Folks-
This was yet another day (as last several) where uninformed folks following their furus were tricked into puts whereas OrderFlow was treated to another nice session.
Early on in the morning, I shared an excellent idea with folks that I do not think we see much selling today, unless we take out 3868. This was around 3870.
Well , 3872-3875 proved to be a tremendous level - all day!
The market tried , in vain, to break it, may be it tried 7-8 times and failed each time, rallying back every time this area was tested, eventually settling the day around 3890.
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From an OrderFlow perspective while the market remained within my early AM level, the day did not give me a whole lot of clues as to what may be next.
We have the FOMC on Wednesday - the event Du Jour for November and for what remains of the year.
A lot of folks still are in a bearish trance. They are still looking for their 3200 (this year).
We are now at the top of the range at 3950 - a range predicted by me , several weeks ago.
My levels for tomorrow:
My key level for tomorrow will be 3910.
Dollar has strengthened- the volume is low. I think if Dollar remains above 111, it may cause some pressure on equities.
Scenario 1: if we open and/or remain below 3910, we could target 3850-3860.
Scenario 2: for the next leg higher, I think the bulls need an IB close above 3910, which may target 3945-3950.
At time of this blog, we last traded 3890. For more details, read the weekly plan shared here. Click link.
~ Tic
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What about your favorite etf ?
There are moments where the markets wants something so badly that it bends reality, and my sense is that it wants to squeeze higher (and force more buyers to join in).
Unless Powell does a remake of his Jackson Hole moment, anything he says is likely to be interpreted as bullish, even if it isn't (and it probably won't be after analysis).
Do you agree?