The Daily Market Forecast

Today’s Lesson: Watch a video recording.

If you missed our Saturday morning trade review session, LookBack (5), the recording is available here. You’ll not only learn how to document and review your trades but see firsthand the trade-by-trade performance of The Daily Market Forecast trading room from last week. Enjoy!

For Mon 211018 (Plenty can change by the open, be aware.)

Globex Review: Price has been drifting modestly down through congested levels. The early buy failed and the early morning short did as well.

Day Session Analysis: World sentiment is bearish. Stats suggest some dip-buying. Willing to trade either direction for now but mindful that a firm move down is very possible.  Monday (both sessions combined) garnered 27% 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 filters (download the new Edge). Looking for credit spread candidates both ITM and OTM.

S&P 500 Futures CPL: 4460.75/4464. We’re trading BELOW the CPL (short edge below, long edge above) and BELOW the equilibrium 4453/4458.25 (open below = short edge, open above = long edge).

The World Index: (+100/-100) PLUMMETS from +64 to -43 with most major world markets bearish (longs should outperform shorts).

Catalysts: Industrial Production @ 9:15. Housing Market Index @ 10:00. Global inflation worries intensify. Covid variant uptick. Bitcoin mania.

Trends: 60 min DOWN, daily UP (longs should outperform shorts).

Outside day on BOTH sides. Opening around -0.30%. $TRIN XMA stable at 0.96. Long term outlook stays long.

Globex: The range of 28.50 suggests a day session range around 42 points on a FALLING ATR of 56.16. Prior forecast around 39 points, actual 22.50.

Trade Well,

Mike Siewruk

P.S. For a free “mini-course” packed full of lessons on HOW to trade the Blog… Watch this video.