$ES/$SPY Balanced. What Next?
What an interesting trading session. NVDA basically saved the market yesterday from testing $4000s and coming into today I was not too certain on this action.
Whether or not I would trade it or what to do with it really.
$4160-$4170 were a concern. We traded $4175 in the afternoon but we really got stuck at $4160 on the morning session and balanced. What I wrote last night in the recap was this:
$4170-$4160 creates chop if we don’t move out of that zone well. Meaning, if we get there and just get stuck then we balance tomorrow. Again, wide zone, but if we fail then I am looking short.
I did not even bother to mess with ES once today given the range and indecision.
This is also something I wrote:
If $4160-$4175s area fails tomorrow then we set up an outside day reversal.
But again, just a low energy trade.
That likely has to do with NVDA and the dealers on that given this move so that affects the indices as we balance out.
Tomorrow should be fairly tame but what can we expect? I dive onto the levels for ES/SPY and talk about why we might just end up balancing out this trading week below.