PCE and other data points Lower than Expected.
Good morning everyone, all of our data points today were lower than expectations. Today is triple witching day which is historically bearish. There is about $7T in options expiring today so expect volatility to be very high especially towards the close.
Let’s take a look at our trade plan.
ES Trade Plan
Day Shape: Bearish D Shape
Bias: Bearish, until pVAL is reclaimed
Trade Plan: Currently in a D shape profile, but it is finding a lot of lower value compared to yesterday so as long as it holds below the pVAL then it has a small bearish bias. Rotations are possible, but maintain a bearish bias and look for EMAs and nodes to push you lower. To the downside we are just watching old value levels, day by day.
HOLDING ABOVE 5923 SHOULD LOOK FOR 5951,87
HOLDING BELOW 5885 SHOULD LOOK FOR 5855,22
NQ Trade Plan
Day Shape: Bearish D Shape
Bias: Bearish, until pVAL is reclaimed
Trade Plan: Currently in a D shape profile, but it is finding a lot of lower value compared to yesterday so as long as it holds below the pVAL then it has a small bearish bias. Rotations are possible, but maintain a bearish bias and look for EMAs and nodes to push you lower. To the downside we are just watching old value levels, day by day.
HOLDING ABOVE 21295 SHOULD LOOK FOR 21451,604
HOLDING BELOW 21104 SHOULD LOOK FOR 20940,688