2nd Biggest Green Week of 2022 For SPX, When Is The Pullback? Nov 14th Plan
This is a re-send of the newsletter for tomorrow Monday November 14th, that was originally sent out Friday evening, for those who did not receive.
Yesterday was a breakout day for ES. As readers know, we broke out of a 2 week long, perfect triangle pattern, and did so with incredible force, formally beginning the next leg of the broader rally that began on October 13th. This week was important technically as we not only got a classical pattern breakout, but ES also reclaimed its 50 day moving average and these two factors combined to put in the second largest green week of 2022, with yesterday being the largest green day since the March COVID lows.
Today, we got a follow through day on this breakout. As readers know, I have had a long position running since 3765 earlier this week, with a trailing stop yesterday at 3945 which did not clip as price remains in buy all intraday dips mode. Of course though, the test of any breakout always comes on the 1st real, red day pullback and the ability of price to depend supports.
The question is, when is it? In today’s newsletter, I’ll be talking broader targets for this leg, pullback triggers, and the actionable plan for trading Monday.