Pre-Open Commentary | Oct 03, 24
Condensed Insight Before the Bell.
//Midterm Sentiment//
(days)
TrendPhase: Bullish (Sep 17)
Orderflow: Bullish (Sep 23)
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(weeks)
Positioning: Neutral/Bearish (Sep 27)
Dealers: Neutral (Jul 11)
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(months)
Seasonality: Bullish (Oct 1)
VIX: Bullish (Sep 18)
//Longterm//
Great Cycle: Bullish (March 2020) until 2027/2028Intraday TrendPhase: Neutral/Bullish
------------------------------
//Actionable Levels//
Resistance: -
Support: 5651, 5617!, 5584!Key takeways:
This is 10th session in consolidation. Paradise for some short-term traders as you can get away with the most stupid trades, hell for swing trend followers. Personally, this is one of the reasons I use different timeframes for strategies so there is always something going on.
Technically price bounced for the second time from Sept. 6th low anchored vwap (calculated with highs).
As we get into October, I have this sneaky trade idea which I like more and more. So, as I mentioned couple days earlier, October and especially its second part are strong from seasonal perspective. Now, our large opex is Oct. 18th. and until then we have huge options supportive area made of couple levels: SPX 5567 and 5533, also minor one at 5511 (bare in mind these levels might move slightly). If we could get there before Oct. 21 (18th is friday), my buy limit orders are there.
Obviously it won’t be easy until some other metrics let this market fall to these areas, but there is some time and situation can change, especially in current global env.
As to today, emini.today intraday metrics from the terminal work great recently so trading with these a lot. We have slight bullish advantage today so might look for that bullish confirmation there.
Notes/Observations/Issues:
Pre-Open Commentary distills key takeaways from the analysis of the London GEX and Structure posts and also serves as my personal journal (sort of).