Staying With The Plan

It's the end of the month, the end of the quarter, and the end of the year -- all together in a thin pre-holiday market. The bias is higher.

Yesterday I struggled to stay with my plan:

I tweeted that 1250 looked good on the e-mini futures, and it got hit overnight. That corresponds to the 1254 area on the cash which I think will get tested today. If 1292.66 is in the cards, the market should have little problem getting through that level, so use 1254 as a tell.

The problem was that I was not seeing the signs of a strong impulse. It took nearly all day for a +1000 tick burst to show up. But 1254 was indeed the tell, for me. The market blew through it with no trouble at all. I took off half of the SSO position at 1257. Content now to ride this.

1269.37 and 1248.64 are on my radar now. Above the former suggests 1292.66. Below the latter suggests that I look for opportunities to add to short inventory on rallies.