ES - October 2nd - Daily Trade PlanE-mini S&P 500 FuturesCME_MINI:ES1!jhill1618October 2nd - 6:08am EST *Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) * If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also! My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective. ------------------------------------------------------------------------------------------------------------ Yesterday, we had a massive squeeze higher as retail investors where bearish due to the US Government Shut Down, while Institutions had been building positions since last week by accumulating between 6626 & 6680. 6705 was the major bull/bear line and we finally got the massive squeeze higher. We have met our initially weekly targets and now we need a pullback to find opportunities to enter higher. Over the past 2 days, most contracts that have been traded are sitting above the 6755 range. What does that mean? Institutions have been selling to retail traders as everyone does not want to have FOMO! Will a rug pull come today or tomorrow? I have NO idea when Institutions are planning to "pull the rug" and grab liquidity. What I will focus on is the areas that I can grab points, IF/When that occurs. If you have traded ES for any length of time, when ES sells off, it sells fast, and you do not want to try and pick a bottom. Let's discuss today's plan! The overnight session has been distributing between the overnight low at 6755 and the high of 6775. While price can just keep going higher today. We need to be prepared to find quality setups that we can grab points from. As you know, I am a long ES trader that focuses on Failed Breakdowns. That is how Institutions accumulate. The ideal long for me, is the prior days low to flush and recover, or another well-defined area that produced a nice bounce/rally. Key Support Levels - 6763, 6755, 6747, 6737, 6728, 6717, 6705, 6697, 6688, 6680 Key Resistance Levels - 6775, 6786, 6792, 6801+ While typing this Daily Trade Plan, I am hearing in the background CNBC talking head guests about how bullish they are! I do believe that Institutions will let the NYSE open and continue to sell to retail investors that could push prices up to the key resistance levels above. We need to be patient and see what price does in the first hour of the open. The key levels that I will be looking for to grab points. 1. 6755 is a level that should have some liquidity to at least grab some points to the 6764 level. 2. 6744-46 could produce some points and any reclaim of 6755 would be bullish 2. 6737 is a level that could produce some points to retest the 6755 overnight low 3. 6728 is a level that needs to hold, or we will start to have a warning sign that price needs much lower prices. 4. 6717 is last level that price needs to hold or we could flush all the way down to retest the 6705, 6697 and 6680 levels. IF, price rallies above 6775 (Overnight High) and then comes back into this range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grab points. Wait for it to build a base at one of the levels outlined above. Personally, I will not be chasing price at these levels and will be patiently waiting on price to come back to one of the levels outlined for an opportunity to take some points today. I will post an update around 10am EST. --------------------------------------------------------------------------------------------------------------------- Couple of things about how I color code my levels. 1. Purple shows the weekly Low 2. Red shows the current overnight session High/Low (time of post) 3. Blue shows the previous day's session Low (also other previous day's lows) 4. Yellow Levels are levels that show support and resistance levels of interest. 5. White shows the trendline from the August lows