11/22 Trading Plan - Tuesday Recap and Day Ahead

🔄 Recap

The S&P 500 futures (ES) are continuing the seasonally bullish trend of Thanksgiving week. Recently, ES exhibited a bullish triangle pattern around the 4536 resistance, leading to a breakout that aligns with our analysis from the last newsletter.

📈 The Markets Overnight

🌏 Asia: Down a bit
🌍 Europe: Up
🌎 US Index Futures: Trending Up
🛢 Crude Oil: Down significantly
💵 Dollar: Up a bit
🧐 Yields: Down
🔮 Crypto: Up strongly

🌏 Major Global Catalysts

• Four-day ceasefire in the Israel-Hamas conflict.

• Drama ahead of the OPEC meeting after a sudden reversal of its cancellation.

• Decrease in Thanksgiving dinner costs by 4.5% from last year.

📷 Snapshot

Daily

4-Hour

🔍 Key Structures

• 4622: Core trendline connecting the January 2022 COVID bull market high with the August 2022 high.

• 4577-80: A major resistance level observed in late August.

• 4543-35: A critical resistance level, now the most important zone to hold.

• 4521-18: A vital support level that has been crucial in the recent rally.

• 4488: An important zone for back-testing as the first major support down.

• 4445-47: A key back-test support level post-CPI day breakout.

📉 Support Levels

• Major Supports: 4556-58, 4542, 4536-38, 4521, 4488, 4446-48, 4400-4405.

📈 Resistance Levels

• Major Resistances: 4577-80, 4607-09, 4623, 4658.

📝 Trading Plan

• Short-Term Focus: Watch 4536-38 for potential bearish indications.

• Long-Term Strategy: Bulls remain in control; maintain focus on key supports for signs of sustained upward movement.

🔚 Wrap Up

As we get closer to Thanksgiving, market strength is typical, yet vigilance is essential. Despite predominantly green indicators this month, cautious trading is advised due to potential shifts during the holiday week and overhead supply considerations.

Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.