12/12 Trading Plan - Monday Recap and Day Ahead

SPDR S&P 500 FUTURES ESH2024 & SPY ETF - Market Update

Author

Jonathan
December 12, 2023

📊 Market Sentiment: Neutral to Bullish

📈 The Markets Overnight

🌏 Asia: Up
🌍 Europe: Up slightly
🌎 US Index Futures: Very near unchanged after declining
🛢 Crude Oil: Down a lot
💵 Dollar: Down slightly
🧐 Yields: Down slightly but well off the lows
🔮 Crypto: Up

🌏 Major Global Catalysts

  • CPI inflation prints very slightly hotter m/m, inline with expectations. 

  • COP28 hits roadblock over fossil fuels phaseout language.

📷 Snapshot

Daily

Daily Data Sentiment Analysis:

  • EMA 9, 21, 55: Indicating a bullish sentiment with closing prices comfortably above these EMAs.

  • Overall Sentiment: Bullish.

4-Hour

4-Hour Data Sentiment Analysis:

  • EMA 9, 21, 55: Also showing a bullish trend.

  • Overall Sentiment: Bullish.

🔍 Key Resistance Levels:

  • 4755: Long-term target

  • 4685-4697: (current)

🔍 Key Support Levels:

  • 4630-4635: (current)

  • 4573 & 4580: Significant resistance-turned-support zone.

  • 4556-4558: Indicating a choppy trading range.

  • 4540-4542: Acting as support post-breakout.

  • 4514 & 4497: Important back-testing zones.

  • 4450: Immediate backtest point post-CPI announcement.

📉 Support Levels

  • Major: 4668, 4635-4630, 4593-4596, 4565-4560

  • Minor: 4661, 4655, 4647, 4642, 4617-4620, 4606, 4585, 4576, 4547, 4534, 4524, 4511-4513, 4504, 4485, 4475, 4466, 4458, 4449, 4433, 4426, 4410-4415, 4405, 4392, 4386, 4377, 4366, 4353, 4342, 4331, 4320, 4310

📈 Resistance Levels

  • Major: 4685-4697, 4710-4713, 4723, 4734, 4743, 4753-4756, 4768, 4775, 4788, 4794, 4805-4810, 4816, 4826, 4838, 4860, 4869, 4885

  • Minor: 4673, 4697, 4718, 4734, 4743, 4768, 4775, 4788, 4794, 4816, 4826

📝 Trading Plan

  • Bullish Scenario: Watch key support at 4668 and 4635-4630 for potential entry points on a reclaim.

  • Bearish Scenario: Resistance at 4685 could offer short opportunities if it fails to break, but with the trend being bullish, counter-trend trades are not preferred.

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