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Results of Wednesday’s Best S&P Futures Turning Points: The short at 4987.00 failed, but the breakout long ran for 27 points.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4964.25 stop 4958.50. Short 4959.25 stop 4965.00 if price drops below and retraces to entry.
The World Index: (+100/-100) reverses from -13 to +31 with most major world markets modestly Bullish on tame volatility.
Catalysts: Jobless Claims & Fed’s Barkin @ 8:30. Fed’s Barkin again @ 12:00. 30-year Bond Auction @ 13:01.
Quick Tip: Lemonade
You’ve heard the phrase “turn lemons into lemonade.” Make something good out of the bad. This applies to the trades suggested here.
The high-volume price levels used to determine Today’s Best S&P Futures Turning Points, are formed by the accumulation and distribution of large positions at “fair value”.
Once price strays out of the fair value level it becomes attractive to traders who are either bullish or bearish. This allows you to trade both reversals and breakouts around the volume levels.
Looking at the chart above you’ll see that the suggested short failed immediately, then broke out higher, giving you the opportunity to enter a new trade on the retracement to the level.
That trade ran all day to the close but there was a great target near the Average True Range extension (ATR) up from the open at 5015.00 that got you most of the gain.
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Trade Fearlessly,
Mike Siewruk
P.S. Forward this blog to your trading buddies. Share in the wealth!
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