12/1/23 SPX Daily Outlook

12/1/23 SPX Daily Outlook

#SPX #DailyOutlook:
We have been trading in a range throughout this week and we have expanded the range from the buy side and the sell side. We took PDLs but held inside the 4H+FVG/D+OB. My trade today was a buy near the 4H+FVG(H) but that buy didn't play out until the 3:30pm. Closed the trade out as a 1:1 and finished the day.

10:00am
USD
ISM Manufacturing PMI
11:00am
USD
Fed Chair Powell Speaks
2:00pm
USD
Fed Chair Powell Speaks

We have #PMI and Powell speaking as our biggest movers tomorrow and given that there is news in the morning and in the afternoon there may be stalled prices throughout the day. We may all see two swings as well so the biggest thing will be to trade with risk in mind.

#BullishCase: The NWOG has been the move primary location of all the price action throughout the week so far. So how we respond to this area will determine the direction.

#BearishCase: The NWOG has been the move primary location of all the price action throughout the week so far. So how we respond to this area will determine the direction.

1H chart