Traders,
I hope you all had a great trading day.
One scratch … she did not write much.
Let’s skip a recap and go straight into a plan & levels.
Session Recap (ES).
As per our daily plan, we were bullish on Emini futures above 6138; bearish if offered below 6128. The market struggled to find sellers below our 6138 (OVN LOW: 6138.25) and a nice pop of 20+ handles into 6160 came into the cash open. Buyers could not take out our 6155 and the market was bearish / stagnant most of RTH. We took one trade during RTH looking for a move below 6138 but sellers failed to achieve further downside, so we cut the trade for a small loss.
Below is how the market reacted once above our pivot, which is illustrated by the blue line.
I highly recommend joining the room now as prices are still lower than usual. They will be incrementally raised week to week to return to the normal price.
Spooz closed for business at 6148.
Market Structure.