S&P Edge (ES) Daily Trade Plan: Nvidia Saves the Day & The “Ideal” Gap Fill Play
A detailed ES daily plan for Nov. 20th, breaking down the 6738.75 progression pivot, the 6706.75 “ideal” long setup, and the VIX tailwind below 22.28.
Scheduled News:
Options VOL Levels:
MONTHLY VWAP CHART
Good morning everyone. Today is October 20th, it is Thursday, and it is a beautiful day.
I hope everyone had a wonderful evening last night as we watched Nvidia earnings take us up for an overnight gain of 87 points so far (up a little over 90 points at the high). Once again, Nvidia has saved the market.
I want to point out that I called the bottom on Twitter two days ago as soon as we swept the 6605.00 weekly and held into the overnight. It was clear a bottom was forming and Nvidia was the catalyst to send us higher.
Looking at the day, we are elevated quite a bit. We have a 103-point potential range for the day and we have moved 63 points total, which means we have another 40 points left in the tank. Relative volume is flat today, which is okay, and we will be back to the original scheduled program which is riding with trend.
A Note on This Morning’s News:
8:30 AM EST: Non-farm Employment Change, Unemployment Rate, Philly Fed Index, Unemployment Claims, and Average Hourly Earnings.
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🧠 Current Market Context
As we continue to drift higher in the pre-market, it appears as if this rally is going to be sustainable. We have moved up into 11/17’s value area (where the POC is located) and have balanced there all night.
The Pivot: We are using our daily pivot at 6723.50. They have tested this in the overnight perfectly and continued to pop off of it after rolling off the 50-day moving average at 6754.00.
The Progression: We have our big daily leg at 6738.75 (the subleg to the all-time highs). This is the important level to get above or below. As long as we stay above this level, we continue to make progression towards all-time highs.
