Wednesday’s Best S&P Turning Points Results: The suggested buy @ 3693.00 stopped out.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3738.50 stop 3743.25. Buy 3645.00 stop 3639.25.
Quick Tip: More Price Levels
This blog suggests two good setups every day. One long, one short. They are not the only setups that are presented from the volume-at-price analysis.
Every trading day offers a different “map” of volume levels. They only work for so long, then they’re taken off the chart. That happens when the level is stopped out. Sometimes it occurs on the first touch, like yesterday’s short suggestion. Other times it happens after two, three or more touches.
Hint: Save the levels that didn’t trigger a trade or stop out. They’re good until they’re violated.
Looking at yesterday’s chart you’ll see a reversal level that ran for 45.50 points to the next level. Unfortunately, it was not suggested in this blog. Today it is. Sellers are likely still there.
The World Sentiment Index: (+100/-100) DIPS from -7 to -21 in a bearish leaning world. Historically higher closes from the open occurred 56% of the time but down moves are 30% greater than up moves.
Catalysts: Jobless Claims & Philly Fed MFG Index @ 8:30. Existing Home Sales @ 10:00. Bullard expects aggressive rate hikes ending by early 2023.
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