November 3rd, 2023

Bulls have the momentum, and I don’t see much to stop them right now (from a technical perspective). It appears as though ES is headed for a test of 4377-99 in the coming sessions, possibly even today. Yesterday’s close was very bullish, and as long as we sustain daily closes above the 4305-4297 area, I see 4377-99 in our very near future.

When I look at the NQ and RTY, they are also screaming ‘buy’ to me. NQ is the upside leader, and as long as they can hold above 14,880, I see a test of 15,313 in the coming sessions. RTY has finally woken up on this rally, and I actually see them outperforming the rest of the indexes into year-end. As long as RTY can sustain trade above 1717, I think we see 1774 in the coming sessions.

My plan for today is simple: wait to see how NFP comes out and wait to buy the dips in the indexes using my 3-minute opening range strategy with RTH AVWAP. I favor the RTY to the long side as I already started a swing long in RTY from 1725 with a 1714 stop. Target is 1774.

Momentum shifts on a dime in this market, and we have to be nimble in our positions and thoughts. Hidden biases can crush us in this market. Keep it light and tight. Cheers, DELI