S&P Edge (ES) Daily Trade Plan: All-Time Highs Next as VIX Provides Tailwind
A detailed ES daily trade plan for Nov. 12th, breaking down the crucial 6883.00 support, the “stacked” 6850.00 buy zone, and the “love this spot” 6822.25 pivot.
Scheduled News:
Options VOL Levels:
Good morning everyone. Today is November 12th, it is Wednesday.
We had an amazing day yesterday, catching the low of the day which propelled us up 50 points higher for an amazing long that lasted the entire day. We have now caught every single pullback since the low of 6660.00, essentially catching over 240 points of upside.
We continue to have an overnight drift higher as inventories are made long, and we are now above our significant weekly at 6883.00. Price continues to drift higher on low volume, and as we said in the post-market breakdown, we will more than likely make new all-time highs relatively soon. For now, we have no reason to want to short this market; we are only looking for pullbacks.
A Note on Today’s Market:
News: No red-tag news, but we have an entire day of back-to-back Fed members speaking. Be very careful, as this could create significant volatility.
Volume: Relative volume is -26%. We default to the trend and let the grind continue higher.
Range: We have a potential range of 82 points and have only moved 32, meaning there are still about 50 points “in the tank.”
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