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Results of Thursday’s Best S&P Futures Turning Points: Buying 5247.00 stopped out. The short idea never triggered.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 5184.25 stop 5179.00. Short 5296.25 stop 5300.75.
The World Index: (+100/-100) plummets from +30 to -50 with all major world markets Bearish on rising volatility except the S&P Futures, modestly higher.
Catalysts: Non-Farm Payrolls @ 8:30. Fed’s Barkin @ 9:15, Bowman @ 12:15.
Quick Tip: Freight Trains
Teammate Curt is our in-house expert on 0DTE spreads on the SPXW. In the training documents he shared with the team there was one market condition he called the Freight Train.
As you can imagine, this defines a market that is strongly running in one direction. Like yesterday after the Fed’s Kashkari floats the idea of no interest rate cuts in 2024 and the market drops around 2% hard and fast.
The levels presented here are turning points, except during Freight Trains. When the catalyst is known and it’s formidable the reversals on these levels work less often. The breakouts work just fine because you’re no entering the trend/momentum not fighting it.
You may be thinking “OK, but it says right at the top to ‘consider wider stops and less size in fast moving markets’”! We define the Freight Train as: 30 points in one direction within four 10-minute candles ignoring the wicks. Other than that its just a fast market.
Not saying this rule is the only way to go, but it gives you an idea how to define a fast market from Freight Train.
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Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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