Trade Aptitude

Results of Wednesday’s Best S&P Futures Turning Points: Buying 4475.25 offered a 7-point bounce but the breakout joining the trend offered 24.75 points. 

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

Buy 4405.00 stop 4400.25. Short 4496.25 stop 4499.75.

The World Index: (+100/-100) eases from -29 to -21 in a world of mixed sentiment. 

Catalysts: Jobless Claims & Non-Farm Payroll Revisions @ 8:30. Fed-Speak @ 10:00, 11:45 & 15:30. Crude Oil Inventories @ 11:00. 

Quick Tip: Joining the Trend

Wait. What? This is supposed to be the best S&P futures turning points. These are reversal trades. How does the trend fit in? 

Look at the bigger picture, the higher time frame. Your probability of success is greater if you’re trading in harmony with the bigger picture. 

The high-volume price levels presented here can be great trend entries. Looking at yesterday’s action, the reversal worked modestly but not enough to end the trend. Your entry short happens after three conditions are met: there is at least three ticks of movement outside the level, there is a close below the level, and price retraced back up to the level. 

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Trade Fearlessly,

Mike Siewruk