Trade Aptitude
Results of Tuesday’s Best S&P Turning Points: The suggested buy @ 3958.75 triggered in the Globex session and is currently open with 32 points favorable excursion.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3925.75 stop 3921.25. Short 4003.00 stop 4007.25.
The World Sentiment Index: (+100/-100) LEAPS from +14 to +64 with all major world markets bullish. Historically price closed below the open 62% of the time with 3X the loss versus gain (contrarian alert).
Catalysts: Fed’s Kashkari @ 9:00. PMI MFG Final @ 9:45. ISM MFG Index @ 10:00. Crude Oil Inventories @ 10:30.
Quick Tip: Targets @ Night
The volume-at-price levels that are suggested in this blog stay on the chart until breached. Yesterday’s buy level was the low of the Globex session. Great entry. But where to exit while you’re sleeping?
1. Day session close @ 3967.25, good for 8.50 points.
2. Trailing stop equal to the original risk, good for 19 points. That happened to be near the day session Floor Traders Pivot.
3. No stop movement, still open with more gain.
4. Reset the stop before bed.
Always mindful of risk management a combination of exits when trading multiple contracts makes the most sense.
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Trade Fearlessly,
Mike Siewruk