Session Recap 12/17
Folks:
As I shut down for the week, I wanted to send a quick session recap.
The session opened at 4620, which was actually my bearish target if we had Offered/opened below 4667. See below 👇
Daily Plan 12/17 A lot of Twitter was bearish coming into the session today. I sent this AM update describing my updated levels and expectations, based on over night order flow.
AM Update I did not believe we will be able to do much selling, at least not on a sustained basis due to a major order flow support right below 4600. See Figure A. This is pre FOMC on Monday and Tuesday . Yes, we can sell BUT will be very hard as long as we stayed above 4600.
Pre-FOMC volume support sub 4600 At 4590 low of the day I sent this tweet:
4580 is orderflow support 4590 was in-fact the low of the day and we rallied some 70 points within the next hour. Lot of volatility today. At time of this post we are trading around 4650.
I will reiterate we are in a giant range right now of about 100 points. Directional clarity will come , but it will come on a weekly close below 4600 or above 4700. Such a scenario could lead to a 150-200 point move (2X average weekly volatility currently).
This could very well come today (or what remains of it) or may spend few more days here at these levels. For the bulls will feel a little better, if we can now trade up above 4660. The bears will have a sigh of relief if we end up below 4580. Until then, we are in a ping pong match between the two parties.
Ok, if I was feeling generous, I will say if the bears close below 4620 today, they may have a slight upper edge early next week, despite missing the marks on 4580. That should cheer up some folks.
Weekly plan and other content to be published over the weekend. Stay tuned!
If you like the posts, don’t be shy 🙈 sharing it as it helps the orderflow channel 👍
~ Tic
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Do you have articles on how to make profitable trades and how to get started doing that? How do we take advantage in real world situations either buying or selling futures options, spx options etc? During different order flow scenarios, when is it potentially lucrative to buy or sell? Thanks !
I have been following you on twitter since some time. As I started understanding your comments more and more, SPX started getting more and more clear to me. Then just the day before FOMC, I started subscribing to your newsletter, and I must say, it has opened up a whole new world of how to look at market, and its moves. Amazing work Sir! Thanks very much and I am glad to have joined you, to have trying to see the way you see things (loved very much your post which stated - I only tell which way wind is blowing, It’s your job not to piss against it.