The Daily Market Forecast
Friday’s Best S&P Turning Points Results: The suggested short level @ 3990.50 was a breakout entry (not reversal) and ran for 16.75 points to the next volume level. That level was unpublished here and returned the favor for another 16.75 points. The suggested buy level @ 3933.50 only offered a 9.75-point bounce.
Quick Tip: Play to Win
All your results start with your orientation toward life. In Larry Wilson’s book, Play to Win: Choosing Growth Over Fear in Work and Life, he reveals the two orientations that you must choose between.
1. Play to win.
2. Playing not to lose.
What’s the difference?
People who have a positive attitude packed with a view of abundant opportunities that are willing to overcome challenges, grow and risk for gain are “Playing to Win.”
Conversely, people who need to remain in their comfort zone, looking for the “easy way,” have a skeptical, negative attitude, and don’t see opportunities clearly are “Playing Not to Lose.”
Successful traders Play to Win. One key component of their formula is the mindset of abundance. If you don’t enough trade setups coming your way then you’ll fall into the typical Play Not to Lose mentality of scarcity and take trades you shouldn’t. Take the time to learn complementary strategies to experience abundance.
The World Sentiment Index: (+100/-100) JUMPS from +7 to +36 with most major world markets mildly bullish. Historically longs modestly outperform.
Catalysts: ISM Services Index @ 10:00. Nothing else that is obvious. Could be quiet.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Sell 3988.25 stop 3994.00
Buy 3940.75 stop 3935.00
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.