S&P 500 Daily Trade Plan: Structural Weakness Confirmed, Key Resistance Overhead
A detailed ES futures trade plan for October 23rd, targeting new lows below the critical 6732.00 pivot after an overnight rejection at 6750.25.
SCHEDULED NEWS
OPTIONS VOL LEVELS
Good morning, everyone. It’s Thursday, October 23rd.
Once again, we have a closed government and no Red Tag News, although we do have Fed speakers starting at 10:30 AM. The real excitement happened overnight. Price squeezed up, bumped its head directly on the 6750.25 daily resistance—the level I highlighted yesterday as signaling significant weakness below—and has since fallen almost 40 points. We are now trading below the other significant daily pivot at 6732.00, and things are going to get interesting.