November 20

Discord access link: https://discord.gg/UPbu6PZFDp

Today we saw an “inside day breakout failure” after the lack of interest below last week’s range. The “look below & fail” triggered a short-covering rally that not only took us back to yesterday’s high but also into the open gap that we have above. With this move buyers were able to end Daily One Time Framing Lower.

• It remains to be seen if buyers are going otherwise give us continuation since I have to recognize that today’s low is technically a “weak” low since it’s almost exactly the same as last week’s low.

• Within today’s profile we have two sets of single prints. The bottom set goes from 5894.50 to 5897, while the other set goes from 5901 to 5912.50. At 5912 we have today’s halfback.

• Going into tomorrow session, I’m going to monitor buyers’ ability to keep us above Monday’s high (keep us above the inside day’s range). I will be monitor for buyers above today’s Point of Control at 5938.75.

• Below 5920 I will be looking for a move towards the bottom of the single prints at 5894.50 if sellers can breach the 5900 psychological level.

Bullish Scenarios:

• Longs above 5930 or above 5939 targeting the gap fill at 5964.50.

• Longs above 5969 targeting 5998.

Bearish Scenarios:

• Shorts below 5920 targeting 5900 followed by 5881.

• Shorts below 5881 targeting 5823.

Nasdaq:

• Longs above 20,757.00 targeting 20,930.00.

• Shorts below 20,700.00 targeting 20,585.00.

• Shorts below 20,585.00 targeting 20,372.00.