Trade Aptitude

Results of Thursday’s Best S&P Futures Turning Points: Neither level triggered and remain on the chart. 

Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets): 

Buy 4096.75 stop 4092.00. Short 4186.75 stop 4190.50. 

The World Sentiment Index: (+100/-100) jumps from -14 to +14 in a world of mixed sentiment and low volatility. 

Catalysts: Import Prices @ 8:30. UM Consumer Sentiment @ 10:00. 

Quick Tip: Adjusting

The levels offered here have not been even close to filling the past few days. The daily S&P range has been tightening. Other than Wednesday's CPI action, price has barely moved. 

Time to adjust. While yesterday’s levels remain on the chart, here’s a trade that will more likely trigger: Buy 4145.50 if price drops from above, short 4139.25 if price retraces up from below. Use 5.75-point stops.

Why this level? It’s the highest volume price level from yesterday. Call it fair value. Plenty of buyers and sellers agreed that the price was fair. Above and below is where the runners should be. Although you might need to re-define what a “runner” is in this environment. 

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Trade Fearlessly,

Mike Siewruk