February 21st, 2024

A Bear Victory. They are few and far between these days, but yesterday marked a short-term win for the bears. Now, moves in ES and NQ to test lower prices are underway. With daily closes below 17,680 and 4995, I anticipate NQ and ES to head towards 17,330 and 4891 in the upcoming sessions.

Today, I’ll keep it simple: stay long puts, sell rallies in NQ and ES aiming for lower targets. I like to incorporate MentorQ daily Gamma levels to assist me.

For NQ, 17,500 is a crucial area. Failure to hold it this morning could result in a test of 17,350-330 as early as today. Above 17,500, a move back up to 17,680 might occur, potentially filling the gap along the way. 17,500 is a significant level this morning, and my day trading strategy will be based on our ability to hold or not hold that level.

For ES, 4980, 4960, and 4936 are the Gamma levels to monitor.

RTY is a no trade for me right now and rates in 10 YR seem to be rangebound for now.

Furthermore, we’re launching a PYT trading challenge using the new $100 event contracts starting on Feb 26th next week. As part of this, I will host a live trading/mentoring session with the top three winners. Register for the challenge using this link: https://placeyourtrades.com/02-26-2024-predict-the-close-challenge/. This challenge is a great opportunity to try out these new event contracts, which I believe are valuable tools for day traders and offer significant improvements compared to when they were priced at $20. I’m thrilled to collaborate with the three winners.

Cheers, DELI

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