The Daily Market Forecast
Friday’s Best S&P Turning Points Results: Neither trade triggered on a relatively narrow, range-bound day.
Quick Tip: Choices
Market conditions change constantly. This means your strategy will either offer plenty of trade opportunities or very few. Having skill running multiple strategies is the answer to abundance, and that is the foundation of consistency.
For example, the Volume Profile strategy that is highlighted in this newsletter every day had only 3 setups trigger on Friday, one small winner. And that included the Globex session the night before. A wider range day would have solved that.
The Volatility Reversal strategy, which prefers range-bound days, offered 7 setups with 5 winners.
The Trend/Momentum strategy, most active every day, offered 33 setups with 18 winners.
SPX Credit Spreads had ideal market conditions.
This is not to say that you would take all these setups. It is meant to demonstrate how abundance of opportunity is accomplished. Different strategies for different market conditions.
The World Sentiment Index: (+100/-100) DIPS from -64 to -71 with all major world markets bearish. Historically it’s a coin toss where the day will end up, but the up days are bigger than the down days.
Catalysts: Housing Market Index @ 10:00. Central banks worldwide are the catalyst for the week with expectations for higher rates everywhere.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3811.75 stop 3806.25.
If the buy fails, short 3806.50 on retracement, stop 3812.25.
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.