The Daily Market Forecast
Monday’s Results: The suggested buy @ 4145.00 stopped out.
Quick Tip: Market States
You hear and read a lot about trading in harmony with the trend in a larger timeframe. That’s only half your concern, though. The other variable you should consider is volatility.
Combining trend and volatility you arrive at the 4 Market States:
1 - Trend with low volatility.
2 - Trend with high volatility.
3 - Ranging with low volatility.
4 - Ranging with high volatility.
Few, if any, strategies work well in all the Market States. If you’re struggling to get consistency a great exercise is to review the Market States during all your prior trades. You could find a filter to improve performance. If you do, you’ll be exercising extreme patience during the adverse Market State until you develop strategies for ALL the Market States.
Better yet, join our team risk-free. We trade multiple complementary strategies to align with the current Market State of the asset. Click here for details.
The World Sentiment Index: (+100/-100) LIFTS from -57 to -36 with Asia bearish and the western world flat (shorts should outperform).
Catalysts: PMI Composite Flash @ 9:45. New Home Sales @ 10:00. Dollar rally continues (lean long commodities, short gold).
Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size):
Sell 4178.75 stop 4183.25.
Buy 4108.00 stop 4102.25.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.