The Daily Market Forecast... weather report

Wednesday’s Blog Results: The “alternative” long entry worked like a charm for a quick 14.75-point run. How much did you bank?  

Today’s Trading Tip: The weather report.

Years ago, the weather report was a big joke. Especially in Michigan where I grew up. Rarely did the forecast hold. Today, the technology exists to accurately forecast the weather. You wouldn’t think of washing your car today until you checked for foul weather. You wouldn’t blindly carry your umbrella every day either.

Forecasting the market has come a long way, too. It’s not nearly as good as the weather report but it can be helpful. The forecasting tools you can use for the market give you edge in probabilities. Not certainties. But that’s OK. Wouldn’t you rather have some probabilities guiding your trading than going in blind?

Our trading team follows a detailed forecast for both the day and Globex sessions. They are different so the extra work is necessary to maintain edge.

Here’s a great example of how probability can improve your trading. The range and volume of the Globex session (6PM to 9:30AM ET) are great leading indicators for the day session range. Knowing whether the day is likely to be wide swinging or choppy and narrow is priceless. Of course, as probabilities go, they “mostly” work out. You still must focus on present time price action.

Think about how this one simple element of your daily forecast can help your DTE Zero credit spreads. Couple this with the expected move, chart features, and implied volatility and you’re getting a strong edge.

That’s one of several data points you should be looking at every session before you risk a dime.

Today’s Best S&P Futures Turning Points:

Short Level: Sell 4565.25 stop 4569.50.

Long Level: Buy 4494.75 stop 4490.00. Same as yesterday.

Trade well,

Mike Siewruk

P.S. Tired of trading alone? Need more quality setups? Learn how our team-based approach can accelerate your trading performance. Click here for FREE video training.  

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