November 21, 2023

Bulls remain in control of the tape, but I foresee a sell-off this morning in ES and NQ. The daily charts are still incredibly strong. However, yesterday on the 60-minute charts, two signals emerged that indicate a rotation lower this morning: an overbought signal on the RSI and the Bollinger Bands starting to contract.

Today’s plan:

ES: If we stay below 4564, I’ll be eyeing shorts right from the opening for a test of 4544. Yesterday’s VWAP from the RTH open sits at 4552, and a break below could lead us straight to 4544. If ES continues below 4544 with an hourly close, then 4523 becomes crucial support to monitor.

NQ: As long as we remain below 16,097, I’ll be looking for shorts aiming for a test of 15,978 this morning. Yesterday’s VWAP from the RTH open is 16,027, and a violation of that level might send us straight down to 15,978. If NQ extends below 15,978 with an hourly close, then 15,860 becomes significant support to watch.

Today marks my final trading day this week as I’ll be hitting the golf course this afternoon and shifting into Thanksgiving mode to spend time with loved ones. Wishing all of you a fantastic Thanksgiving!! Cheers, DELI

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