November 10th, 2023
I won’t be trading today because I’m about to head out to play in a Golf Tournament. Before I leave, here’s a chart I want to share with you: the 60-minute ES chart. I received a buy signal this morning at 4359 with a target of 4383. This signal is one of my favorites because it comes after a weak day yesterday in an overall strong trend over the past week. As long as 4359-56 holds, I’ll be a buyer today, aiming for a test of 4383-89. That 4383-89 level becomes a key pivot. If the bulls can hold above it, we’re looking at a move up to the 4405-08 area. I anticipate that area to act as resistance again today, but if the bulls can push through, it opens up the possibility of reaching 4444.
If we fail to hold above 4359-56 this morning, it gives the bears momentum and we could see a drop to the 4325-22 area. I don’t like bottom feeding in this scenario as it would signal a change in market character for the week and make me skeptical about buying any dips.
Remember to keep it light and tight, and let’s not forget it’s Capital Preservation Friday, hat tip to my brother @PaxTrader7
Wishing everyone a fantastic weekend!