Hello Everyone,

SPY/QQQ/IWM  started their latest decline on 11/13 (turn date) with a breakaway gap last Thursday.  Both the SPY/QQQ today took out there previous low from early November (swiped) and then bounced nicely up to posted resistance on ES before fading back some into the close.  The bears remain in control short term with both the SPY/QQQ still managing to hold above their respective 10/10 lows. With today's move the SPX has a symmetrical a-b-c decline meeting one objective target (it can certainly extend if this becomes a 3rd wave) - should the bulls attempt a bounce we have to see the nature and extent of any such bounce. Tomorrow we have NVDA reporting after the close so let's see the reaction post earnings. We are seeing some large range days (two way trade) so less is more, today we caught another nice failed breakdown and reclaim for an upside squeeze.  

With the current backdrop (volatility), best to focus on fewer setups.
 
ES Levels Posted in Trading Community (Note: Front Month has Shifted to December ESZ25)

Here's a link to Tonight's Newsletter.

Please take a moment to look at the trade ideas.