The Daily Market Forecast
Tuesday’s Best S&P Turning Points Results: Neither trade triggered.
Quick Tip: Market Diversification
You know market conditions change. Hopefully you’ve perfected a few different strategies that align with the different Market States (trend, breakout, reversal, spread, etc.)
One of the most effective ways to improve your performance now is to trade a diverse range of markets. Include as many as are affordable in your portfolio given your account size. You certainly won’t trade every signal so make your first pre-trade decision in your plan “Market Selection.”
Here’s an example: Our trading room currently focuses on the S&P, oil & gold futures. We’re expanding this portfolio gradually. Lately, gold has been the laggard in range and return. The risk is less, but the rewards have been as well. If you are more conservative you’d select gold. If you were more aggressive you’d select the S&P and oil, which have more risk and more reward.
Your Market Selection filter could also look at current volatility, trend, and margin requirements. Take the time to update your trade plan with diversification in mind.
Or join our team risk-free! We live trade multiple complementary strategies to align with the current Market State of the assets. Click here for details.
The World Sentiment Index: (+100/-100) DROPS from -36 to -50 with most major world markets bearish (shorts should outperform).
Catalysts: Durable Goods @ 8:30. EIA Petroleum Status Report @ 10:30. Stocks likely in a range waiting on Powell’s talk on Friday.
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.