We discussed the levels to note on the indices and how to trade them.
Dollar: We have a bullish divergence on the dollar. But the moving averages are still pointing downwards. Hence, we may get a consolidation before a move higher in the dollar. We may have to wait until 2024 for this pop-in-the-dollar to materialize.
SPY: Unless we get an hourly close below 468, I am still looking to buy the dip.
But for a breakout to an all-time high, we need to get over 475.9
IWM: I am looking for a test to the yearly Value area high at 206.82. I am looking at IWM closing over 206.82 this year. So, this is the index where I am looking to day trade.
QQQ: We need an hourly close below 402.92 for lower levels. Otherwise, we are looking to buy the dip.
Crude: There is a small bullish divergence setting up on crude. But I think this bullish divergence has already been playing out. So, for now, this is not affecting the markets
GOOGLE: Looking for a breakout above 142. Once we get above 142 and hold, this can keep going and have a run-up into its January AI tool launch event.
There is a small 3-cent gap from 140.69 to 140.72. If we have any pullback to fill that gap, I am looking for an entry long.
Disclaimer: This is my trading plan on the indices. This is intended to be for educational and informational purposes only. Trading is risky and loss of capital is possible. Do your diligence. In trading, there are no guarantees. So please be careful risking capital. You are responsible for your money, capital, and trades.
Also if you have any questions about my trades you can DM me on Twitter at @archna2011
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