11/20 Trading Plan - Last Week Recap and Day Ahead
🔄 Recap
Last week's newsletter accurately predicted the market's behavior with the CPI acting as a catalyst for a significant breakout from the core downtrend channel. This led to a substantial uptrend, marking one of the year's pivotal trades.
📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Mixed near unchanged
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up strongly
💵 Dollar: Down a bit
🧐 Yields: Up a bit
🔮 Crypto: Down slightly
🌏 Major Global Catalysts
A significant event in the global market is the victory of the Libertarian candidate in the resource-rich presidential election of Argentina. This could have far-reaching impacts on global trade and market dynamics.
🔍 Key Structures
Upper Resistance: 4623, connecting the January 2022 COVID bull market high with the August 2022 high.
Notable Resistance Zones: 4580, 4556, 4535-43.
Significant Supports: 4485-88, 4445, 4405.
📉 Support Levels
Major: 3502, 3788, 3839
📈 Resistance Levels
Major: 4051, 4180, 4209.
📝 Trading Plan
Short-Term Focus: Monitor 4514-07 as critical support. A break below could signal a short-term bearish trend.
Long-Term Strategy: Maintain focus on the uptrend as long as the market stays above 4405, the core downtrend channel from August.
🔚 Wrap Up
The market is showing signs of consolidation after a significant uptrend. Key levels to watch are 4514-07 for potential downward movements and 4535 for resistance. The market remains in a strong uptrend, and any pullbacks should be considered within this context.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
Last week's newsletter accurately predicted the market's behavior with the CPI acting as a catalyst for a significant breakout from the core downtrend channel. This led to a substantial uptrend, marking one of the year's pivotal trades.
📈 The Markets Overnight
🌏 Asia: Up
🌍 Europe: Mixed near unchanged
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up strongly
💵 Dollar: Down a bit
🧐 Yields: Up a bit
🔮 Crypto: Down slightly
🌏 Major Global Catalysts
A significant event in the global market is the victory of the Libertarian candidate in the resource-rich presidential election of Argentina. This could have far-reaching impacts on global trade and market dynamics.
🔍 Key Structures
Upper Resistance: 4623, connecting the January 2022 COVID bull market high with the August 2022 high.
Notable Resistance Zones: 4580, 4556, 4535-43.
Significant Supports: 4485-88, 4445, 4405.
📉 Support Levels
Major: 3502, 3788, 3839
📈 Resistance Levels
Major: 4051, 4180, 4209.
📝 Trading Plan
Short-Term Focus: Monitor 4514-07 as critical support. A break below could signal a short-term bearish trend.
Long-Term Strategy: Maintain focus on the uptrend as long as the market stays above 4405, the core downtrend channel from August.
🔚 Wrap Up
The market is showing signs of consolidation after a significant uptrend. Key levels to watch are 4514-07 for potential downward movements and 4535 for resistance. The market remains in a strong uptrend, and any pullbacks should be considered within this context.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.