S&P Edge (ES) Daily Trade Plan: Sweeping Lows & The 6605 Relief Pivot
A detailed ES daily plan for Nov. 21st, breaking down the overnight sweep of the monthly low, the 6595/6605 pivot cluster, and the critical 6516 buy zone.
Scheduled News:
Options VOL Levels:
Good morning everyone. Today is November 21st, it is Friday.
We’ve had a crazy day this week, and the trade plans have supported our thesis. We have been able to turn an insane dump yesterday into profits for our members—congratulations to all those who took advantage.
Today we enter into an interesting place price-wise. We have continued to push lower in the overnight session, sweeping into the leg low underneath 6540.25 (which was also the monthly low) and dipping into our support and the daily zone right around 6530.00. We are currently holding now and pushing all the way back up into our significant pivot at 6595.00.
A Note on Today’s Market:
Relative Volume: >112% (Lots of participants on the scene).
Range: Expected range is 123 points. We have moved 72, leaving 50 points in the tank potentially from the overnight high or overnight low.
News: 9:45 AM Flash Manufacturing PMI (watch for a shake). 10:00 AM Consumer Sentiment & Wholesale Inventories. Fed speak all day until the open.
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🧠 Current Market Context
Today is going to be a tricky day. We have already swept the leg in low and relieved the pressure, which was the goal the whole time on this move down. Now, in the overnight session, they’ve continued to buy this up and we are right back at our significant pivot (6595.00).
We need to be careful as they have started to show signs of support. The goal is to determine if this relief is temporary or if the bulls are regaining control.