For Tue 210824 (Plenty can change by the open, be aware.)
Globex Review: Trying to melt up again. One takeable trade still open with two targets in the bag.
Day Session Analysis: Charts suggest a continued melt-up or range day. Stats are mixed. Looking to take trades in either direction with good reward/risk. Tuesday (both sessions combined garnered 20% of all the gains over the past 5 years in dollars. Reversals and Breakouts are about even. Trading ES/CL/GC using BB Rev with new filters considered and looking for good credit spread levels to ladder-in on the SPXW.
S&P 500 Futures CPL: 4478.50/4482.50. We’re trading WITHIN the CPL (short edge below, long edge above) and ABOVE the equilibrium 4466.75/4472.75 (open below = short edge, open above = long edge).
The World Index: (+100/-100) drops from +71 to +36 in a bullish-leaning world of mixed sentiment (short edge).
Catalysts: New Home Sales @ 10:00. Washington is in a mess (infrastructure bill, Afghanistan). Chinese tech stocks soaring back on earnings news.
Trends: 60 min RANGE, daily UP (modest short edge).
Chart: High outside day (long edge). Stat update shows both directions perform well with SHORTS offering 20% more points. Opening +0.15%. $TRIN XMA easing at 1.03 (long term outlook: stay long).
Globex: The range of 12 (possibly higher by the open) suggests a day session range around 25 points on a RISING ATR of 39.10. Prior forecast around 38 points, actual 31.50.
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