ES/SPX Morning Update Nov 20th
Updated
Yesterday, buyers delivered a textbook setup: a Failed Breakdown at the key 5886 level, which triggering longs. The 5956 target, as outlined, was hit perfectly overnight.
As of now: Let runners ride until the move concludes. Supports are 5943 (weak) and 5928. If we base here, 5963 and 5972+ are the next targets. A failure of 5928 would signal a deeper dip.
As of now: Let runners ride until the move concludes. Supports are 5943 (weak) and 5928. If we base here, 5963 and 5972+ are the next targets. A failure of 5928 would signal a deeper dip.
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Trade active
We are finally getting the first dip, after the 100+ rally yesterday (triggered with a failed breakdown as usual). I mentioned 5928 must hold or we dip further.. and sellers agreed. This is all healthy for buyers btw.
5908 is next down, en route. Buyers must reclaim 5928 to resume up. 5886 below if 5908 fails.
Trade closed: target reached
Sellers gave us a lovely follow-through to the 5886 “money magnet” level. As mentioned this morning, if 5908 failed, we come to 5886 again, and thats exactly where buyers finally stepped in at.
As of now: Buyers need to reclaim 5928 for any push back up (to 5943). 5886 remains critical support and must hold or we sell. Collect gains and ride runners for the rest of the day if need be.
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