The Daily Market Forecast
Tuesday’s Best S&P Turning Points Results: Neither suggested level triggered.
Quick Tip: Futures Fills
Trading futures contracts on the Globex exchange (cmegroup.com) might be the fairest market in the world. Why? Because the orders are time-stamped upon arrival and filled on a first-in first-filled basis. No one gets preference. You’re in a line and it doesn’t matter if you’re a small retail trader or an institution.
Real-world example: Looking at the winning trade from the Globex last night (see chart above) you’ll notice that price turned right on the suggested buy level. Not even one tick adverse move. In fact, checking the volume at price there were 37 micros and 19 minis traded there. That’s worldwide!
Bottom line is you’re not guaranteed a fill. Maybe you were too far back “in the line” and price bid lower, not filling your order.
Granted, this is an extreme example but for this strategy it happens 7% of the time. Those are all winners you don’t want to miss.
One of the many benefits of this strategy is that you can place these orders well in advance. For example, this trade triggered at 2:49 AM ET. Traders on our team knew about this level before the Globex session even opened. Placing that order hours earlier gets you closer to the “front of the line” and more fills.
The World Sentiment Index: (+100/-100) SOARS from -75 to +25 in a world of mixed sentiment and reduced volatility. Historically higher closes from the open occurred 55% of the time with 20% greater losses than gains.
Catalysts: PPI Final @ 8:30. FOMC Minutes @ 14:00. Waiting on CPI tomorrow.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3677.00 stop 3682.75.
Buy 3568.75 stop 3565.75.
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.