Traders,
I hope you all had a great trading day.
One stop out today and we did not try to press our luck.
Let’s do a quick 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: 6141.25) and a continuous rally continued all day into cash open and even into cash close. We tried a short or two, based on VIX action, tape nuances, etc. but buyers continued coming through irregardless.
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 6196.
Market Structure.