Trade Aptitude

Results of Friday’s Best S&P Futures Turning Points: Shorting 4271.75 ran for 22.50 points. Feel better about the win by donating a slice to my preferred charity, the Alzheimer’s Association. Click here.

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

Buy 4266.00 stop 4260.75. Short 4305.75 stop 4311.25. 

The World Sentiment Index: (+100/-100) drops from +86 to +29 in a world of Bullish leaning mixed sentiment. 

Catalysts: ISM Services PMI & Factory Orders @ 10:00. Oil up on production cut. 

Quick Tip: Entry or Exit?

Friday’s suggested short was at a high-volume price level that was formed in August 2022. Don’t be reluctant to go back as far as you can to find a chart feature to trade from. 

Price was strongly marching higher, hopefully you had a long signal and enjoyed that run. Our team was long from our intraday trend strategy. Approaching this short entry from a different strategy you had a tough decision to make. Ignore it staying long, exit partial or all contracts, exit all and reverse taking the short signal. 

While the exit/reverse was the best outcome, it was also the toughest choice to make. Since we’re trading multiple strategies we experience this decision regularly. Most of the time our preferred choice is staying with the existing trade and a partial exit out of respect for the new signal (assuming multiple contracts remain). The key is to acknowledge current market conditions. Looking for good targets using alternative strategy entries is a sound practice.

It's our 3-year anniversary this month and we're celebrating by offering qualified new members a fabulous gift! Our Team Membership is normally $349/mo. but you can join now for only $199 (never an increase, cancelable anytime). Use coupon code ANNIVERSARY2306.  Join us, learn the strategies, and trade live with us daily for 30 days. Money back if you’re not blown away!

Trade Fearlessly,

Mike Siewruk 

P.S. Are you looking for the best Leading Indicator for your stock and options trading? Watch the recording from our recent training session and take advantage of another Anniversary discount! Click here.