Daily Plan 8.27.24
Hey-
Another day of sharing low of the day with our folks here in the Substack. See below from the nightly levels.
This was a great level, we found support here and closed back at 5810 at time of this post.
Emini S&P500 market is an extremely thick market, so it means notionally, even to move one point, we are talking about billions of dollars of buying or selling. Yes, this is not a typo. So I do not take anything for granted- most of the options market is built around similar levels- the market is going to go where it is most logical for it to go, based on flows. If there is one key takeaway from my posts- it is this.
Levels for tomorrow
The main issue I take with the auction today is that we dipped below 5800. Despite having a gap up in night. This was a good gap up and should have rallied further into 5840.
Since we could not, I like to see 5832-5840 as key for tomorrow.
Scenario 1: I like to see 5840 present resistance for a move lower into 5780s- the lows from today.
Slightly longer term than day to day, if we do not close above 5840 AND we close below 5765 on the Daily or weekly time frames, I like the market test lower a bit into 5600-5640 zone.
~ toc
Disclaimer: This newsletter is not trading or investment advice but for general informational purposes only. This newsletter represents my personal opinions which I am sharing publicly as my personal blog. Futures, stocks, and bonds trading of any kind involves a lot of risk. No guarantee of any profit whatsoever is made. In fact, you may lose everything you have. So be very careful. I guarantee no profit whatsoever, You assume the entire cost and risk of any trading or investing activities you choose to undertake. You are solely responsible for making your own investment decisions. Owners/authors of this newsletter, its representatives, its principals, its moderators, and its members, are NOT registered as securities broker-dealers or investment advisors either with the U.S. Securities and Exchange Commission, CFTC, or with any other securities/regulatory authority. Consult with a registered investment advisor, broker-dealer, and/or financial advisor. By reading and using this newsletter or any of my publications, you are agreeing to these terms. Any screenshots used here are courtesy of Ninja Trader, FinViz, Think or Swim, and/or Jigsaw. I am just an end user with no affiliations with them. Information and quotes shared in this blog can be 100% wrong. Markets are risky and can go to 0 at any time. Furthermore, you will not share or copy any content in this blog as it is the authors’ IP. By reading this blog, you accept these terms of conditions and acknowledge I am sharing this blog as my personal trading journal, nothing more.