The Daily Market Forecast

For Wed 210811 (Plenty can change by the open, be aware.)

Day Session Analysis: Mixed signals on direction. CPI @ 8:30 should guide direction for the day. Could be big moves in either direction or another relatively narrow choppy range day. Willing to trade in either direction Wednesday (both sessions combined) garnered 24% of all the gains over the past 5 years in dollars. Reversals (74%) crush Breakouts (26%). Trading CL/GC/ES using BB Rev with new filters considered and looking for good credit spread levels on the SPXW.

S&P 500 Futures CPL: 4427/4430.75. We’re trading BELOW the CPL (short edge below, long edge above) and BELOW the equilibrium 4428/4429.25 (open below = short edge, open above = long edge).

The World Index (-100/100) drops from +50 to +14 in a world of mixed sentiment (modest short edge).

Catalysts: CPI @ 8:30. EIA Petroleum Status Report @ 10:30. Washington settles on spending Bill. Cryptos see nothing but bad news and still trade higher. 

Trends: 60 min RANGE, daily UP forming a rounding top (modest short edge).

Chart: LOW outside day (long edge). Stat update shows LONGS crush SHORTS (points earned). Opening -0.10% (modest long edge). $TRIN XMA drops to 1.00 (long term outlook: stay long).

Globex: The range of 9.50 suggests a day session range around 20 points on a FALLING ATR of 28.64. Prior forecast around 25 points, actual 16.

Trade Well,

Mike Siewruk

P.S. Better yet... trade with a team full of experience. Watch this video to learn more.