The Daily Market Forecast
Monday’s Best S&P Turning Points Results: The suggested short at 3731.00 picked the top of the session but missed filling by 2 ticks.
Quick Tip: Near Misses
Your control in trading is limited to your behavior. You can control entry, exit, risk, and to some extent, reward.
Yesterday was planned well. Price rallied to a key volume level where shorting had edge. The beauty of this type of entry is it can be placed in advance.
Unfortunately, the rally stopped 2 ticks shy of the entry and missed a 59-point plunge to the close.
How do you feel about that? Frustrated? Hopeless? Here’s a better idea, feel encouraged! The strategy worked, just not perfectly. Find the positive view.
The World Sentiment Index: (+100/-100) JUMPS from -57 to +36 in a bullish leaning world. Historically the market closed higher from the open 55% of the time with drops 20% larger than gains.
Catalysts: Powell @ 7:30. Durable Goods @ 8:30. Consumer Confidence & New Homs Sales @ 10:00.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3751.00 stop 3756.75.
Buy 3689.00 stop 3683.25.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.