*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*
Overview:
- In terms of the higher timeframe count, today’s action didn’t change much. Both possibilities are still in play. This battle at 2H demand will be key. Either way, I am still looking for 3575 sooner rather than later.
- $ES managed to fend off a close below 2H demand today, which keeps the bull’s hopes alive. However, the move down left 15m and 1H supply behind – Bulls will need to fight through these zones if they’re going to explore the 4H zone at 4,010. From this chart alone it appears to be a coin flip of whether or not 2H demand will hold; but looking at the action in the other indices helps paint a clearer picture.
- $NQ showed relative weakness today with a rejection from the .887 fib. Both paths are still in play, but if the more immediate sell off is going to come to fruition I expect the nasdaq to lead the way down.
- While $ES made a new low into the close, $NQ did not. This may suggest at least one more leg down during the globex session. There are several supply zones above that bulls will have to contend with.
- $YM is also giving us some hints here… Price rejected sharply from the .618 fib in 45m supply. This is not the structure that bulls want to see.
- Zooming in a bit, we can see a clear corrective up/impulsive down move. There is 10m supply at the .618 fib; I will be looking for shorts from this zone for a move to 31,040 and beyond.
- As mentioned yesterday, $ARKK is acting as my ‘canary in the coal mine’. If this weakness continues, the bears will be in a strong position across the board.
Setups:
- $RBLX has formed an impulse down from 2D supply, just barely scratching the KPL. I would prefer one more sweep of today’s low to fully confirm the LTF trend reversal, but either way I will be on watch for shorts on a corrective retrace.
- With $ARKK’s impulse down from 4H supply, I am on high watch for a corrective retrace to enter short.