Pre-Bell Futures Day Trading Strategy – 22 Nov 2024
Market Overview (As of 8:13 AM EST, 11/22/2024)
Equity Futures:
ES=F: Holding steady near support, minimal decline (-0.06%). Support at 5940.75, resistance at 5977.
NQ=F: Slightly negative (-0.16%), still within yesterday's range. Resistance at 20844.5, support at 20693.2.
YM=F: Gaining upward momentum (+0.08%). Resistance at 44052.
RTY=F: Positive movement (+0.34%), strong support at 2371, testing resistance at 2384.5.
Commodities:
GC=F: Strong upward momentum continues (+0.97%). Resistance at 2712.4, support at 2670.1.
CL=F: Continued weakness (-0.99%), support at 69.29, resistance at 70.76.
Bond Futures:
ZN=F and ZB=F: Slightly higher as risk-off sentiment persists. ZN=F at +0.20%, ZB=F at +0.46%.
Macroeconomic and Sentiment Indicators:
Dollar Index (DX-Y.NYB): Rising (+0.50%), indicating strength in USD.
Volatility Index (^VIX): Dropping (-1.08%), signaling lower market fear.
GDP and Inflation: Stable conditions with GDP growth at 2.8% and CPI at 2.6% YoY
Earnings: Real wages trending positively(
Technical and Foundational Analysis
ES=F (S&P 500 Futures)
Trend: Consolidating within yesterday’s range.
Bullish Scenario: Breakout above 5977, targeting 6000. Stop-loss: 5950.
Bearish Scenario: Break below 5940.75, targeting 5920. Stop-loss: 5960.
Trade Rating: 6.5/10. Lack of strong trend; best for scalping.
Actionable Recommendations
Ranked Futures to Trade:
GC=F: Best trend and momentum; focus on bullish setups.
RTY=F: High momentum breakout opportunities.
YM=F: Favorable upward bias for long positions.
ZN=F / ZB=F: Defensive positions, good for risk management.
Futures to Avoid:
CL=F: Lack of clear directional trend; high risk.
Overall Daily Plan:
Take Profit: +1.5% portfolio value (per contract).
Stop Loss: -1% portfolio value (per contract).
Focus on GC=F and RTY=F for primary trades, use YM=F and ES=F for tactical scalping. Remain cautious on NQ=F and CL=F unless directional clarity emerges.
This strategy incorporates updated price levels, ensuring accurate trading decisions.
Day Trading Strategy Disclaimer
ALWAYS DO YOUR OWN ANALYSIS. NO ONE CAN PREDICT THE STOCK MARKET, BUT YOU CAN MAKE INFORMED DECISIONS TO INCREASE YOUR CHANCES. IN DAY TRADING: MINDSET AND ATTITUDE BEATS SKILL. CHOOSE THE SCENARIO THAT MEETS YOUR RISK AND STRATEGY AND SECURE THE WIN. NOT EVERYDAY IS A TRADING DAY AND ALWAYS LIVE TO TRADE ANOTHER DAY
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You should thoroughly evaluate your financial situation and risk tolerance before engaging in any trading activities. It is advised that you consult with a licensed financial advisor or professional who can provide personalized investment advice tailored to your individual needs.
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Risk Warning: Leveraged trading can result in losses that exceed your initial investment. Please trade responsibly.
