Results of Tuesday’s Best S&P Turning Points: Neither trade suggestion triggered. 

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

Buy 3988.00 stop 3984.00. Short 4030.50 stop 4035.25. 

The World Sentiment Index: (+100/-100) REMAINS at -20 with China on holiday, remaining major world markets are modestly Bearish on lower volatility. Historically the close was higher than the open 61% of the time. 

Catalysts: Crude Oil Inventories @ 10:30. Geo-political tensions rise over tanks to Ukraine. MSFT warns. 

Quick Tip: Finding your style. 

There are many winning trading strategies. Read any of Jack Schwager’s “Market Wizards” books and you’ll be convinced of this. To succeed you need to trade the style that resonates with your personality. Otherwise, your confidence and performance will wane.

Here’s an example comparing two very popular styles of...

Results of Friday’s Best S&P Turning Points: Shorting 3945.00 stopped out. 

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

Buy 3951.50 stop 3946.50. Short 4022.50 stop 4027.75. 

The World Sentiment Index: (+100/-100) EASES from +50 to +30 with China on holiday, remaining major world markets are modestly Bullish on lower volatility. Historically the close was higher than the open 44% of the time. 

Catalysts: Nothing on the economic calendar.  

Quick Tip: Windfalls

It’s almost always a smart decision to take windfall profits. You have a good idea what your house is worth. If a developer came by and offered you far more than market value you’d likely accept and move on.

Do you know what a windfall profit is in your trading? Rather than arbitrarily defining the amount, study your track record. What is your average winner? What are your largest few...

Results of Thursday’s Best S&P Turning Points: Neither suggested trade was triggered in a relatively narrow range day. They remain on the chart.  

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

Buy 3892.50 stop 3887.50. Short 3945.00 stop 3950.00. 

The World Sentiment Index: (+100/-100) SOARS from -64 to +50 with all major world markets mildly Bullish on lower volatility. Historically the close was higher than the open 42% of the time. 

Catalysts: Existing Home Sales @ 10:00. Not much else. 

Quick Tip: Ask Yourself “Why?”

Why are you trading? For profit! There is no other logical reason to speculate. 

Dig deeper. What kind of profit do you want? Small, consistent “paychecks” or big wins? There is an important difference between the two decisions.

If you’re looking for frequent small gains you’re likely a day...

Results of Wednesday’s Best S&P Turning Points: The suggested short @ 4028.00 ran for 12.25 points before kissing the stop, then became the high of a huge down day. 

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

Buy 3892.50 stop 3887.50. Short 3945.00 stop 3950.00.  

The World Sentiment Index: (+100/-100) PLUMMETS from +36 to -64 with most major world markets Bearish on higher volatility. Historically the close was higher than the open 54% of the time. 

Catalysts: Housing Starts, Jobless Claims & Philly Fed MFG @ 8:30. EIA Petroleum Inventories @ 11:00. Fed’s Brainard speaks @ 13:15. Fed governors giving mixed interest rate signals. 

Quick Tip: Re-Entries at the Top

Yesterday’s short entry at the 4028.00 high volume level was packed with sellers. It took 5 strong buying attempts to get above it before sellers took control and sent the...

Results of Tuesday’s Best S&P Turning Points: Buying 3998.75 filled in the Globex session and picked the bottom running 29.25 points to the next volume level.  

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

Buy 3921.50 stop 3915.75. Short 4028.00 stop 4032.75.  

The World Sentiment Index: (+100/-100) JUMPS from -14 to +36 with most major world markets mildly bullish. Historically the close was higher than the open 55% of the time. 

Catalysts: PPI Final & Retail Sales @ 8:30. Industrial Production @ 9:15. Business Inventories & Housing Market Index @ 10:00. BOJ confirms stimulus, yen drops, Nikkei +2.50% 

Quick Tip: Globex Exits

Yesterday’s buy triggered at 18:40 ET in the Globex session with an opposing volume level as a great target and reversal entry at 4028.00. That triggered at 21:44 ET so unless you’re very early to bed, you...

Results of Friday’s Best S&P Turning Points: Shorting 4010.00 offered a quick 5.50-point scalp but the breakout that followed ran for 11.25 points.  

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

Buy 3998.75 stop 3993.00. Short 4074.50 stop 4079.50.  

The World Sentiment Index: (+100/-100) DIPS from +29 to -14 in a world of mixed sentiment. Historically the close was higher than the open 74% of the time. 

Catalysts: Empire State MFG Index @ 8:30. Wall Street gets bullish on China. 

Quick Tip: ChatGPT is…

Amazing? Inconsistent? Fun? Destructive? Helpful? Scary? 

All the above. 

If you haven’t already, check out chat.openai.com to play for free with a $10B technology (if MSFT closes the deal) that will answer any question you can imagine with fluid, sensible grammar… instantly. 

The answers are not...

Results of Thursday’s Best S&P Turning Points: Neither suggestion triggered. 

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

Buy 3921.50 stop 3915.75. Short 4010.00 stop 4013.75. 

The World Sentiment Index: (+100/-100) EASES from +36 to +29 in a world of mixed sentiment with volatility increasing. Historically the close was higher than the open 55% of the time. 

Catalysts: Import/Export Prices @ 8:30. UM Consumer Sentiment & Inflation Expectations @ 10:00.

Quick Tip: Lucky 13?

Friday the 13th is more common than you may think. In fact, the 13th of the month falls on Friday more than any other day. 

The number 13 is associated with bad luck (no 13th floor in most buildings). But not for the stock market. The average gain on this day is 3 times more than the overall average gain for all days. However, those gains are less than half of all other...

Results of Wednesday’s Best S&P Turning Points: The suggested short @ 3966.00 ran for 17.25 points with only 3 ticks of adverse move. Over 3,994 trades price reversed within 3 ticks of the level entry 24% of the time. 

Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets): It’s CPI Day and wild swings in price are likely, thus the turning points are farther away today. 

Buy 3909.75 stop 3905.75. Short 4074.50 stop 4079.50. 

The World Sentiment Index: (+100/-100) EASES from +43 to +36 with most major world markets mildly Bullish with low volatility. Historically the close was higher than the open 55% of the time. 

Catalysts: CPI & Jobless Claims @ 8:30. Fed’s Harker delivers remarks @ 8:45. 

Quick Tip: Retire This Way

You’ve probably heard or read the best ways to have a long and fulfilling retirement: Exercise, more sleep, eat healthy, drink...

Results of Tuesday’s Best S&P Turning Points: The suggested short @ 3951.50 didn’t trigger during the day, but did during the Globex, creating the high of the session and a 9.25-point opportunity… so far. 

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

Buy 3921.50 stop 3915.75. Short 3966.00 stop 3975.00 (wide, scale in and/or size down if need be). 

The World Sentiment Index: (+100/-100) JUMPS from -21 to +43 with most major world markets mildly Bullish with low volatility. Historically the close was higher than the open 46% of the time. 

Catalysts: EIA Petroleum Status Report @ 10:30. Waiting on CPI data tomorrow.    

Quick Tip: Before Bedtime

The volume levels shared in this blog are left on the price charts until they’re violated. With so many of the levels not filling during the day session, you should be saving the levels...