Weekly Plan 10/9
CPI and Geopolitical risks
Hello traders,
A lot has happened over the weekend and due to that Equity Futures opened down almost 1% and Crude oil rallying almost 4% to 86 dollars as of writing this post.
Flashback to last week which seems like an eternity ago.
We were able to nail the bottom on ES and NQ.
Just this Sunday evening, short against our 4312 level gave 6-8 points about three times.
As per last week’s plan Bulls did close above 4322 and almost reached 4360.25 but not quite.
The news events over the weekend in Israel caused the markets to open lower and as of now we are trading below 4322. We still are cautiously bullish however the geopolitical conflicts can escalate without prior notice and cause the best bull cases to go down the drain. I would prefer ES to trade above 4323-26 before starting fresh positional longs.
We also have a relatively heavy data points coming into this week with CPI, PPI, Jobless Claims & FOMC minutes peppered around for good measure alongside the war news.
I will have a more detailed post midweek when we will get more clarity about the escalation levels of the conflict.
As I celebrate the Canadian Thanksgiving tomorrow, I will be not trading, however I will send out daily levels before or at 9:30am Eastern Time.
Moving on,