Results of Thursday’s Best S&P Futures Turning Points: Neither level triggered and both remain on the chart.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4405.00 stop 4400.25. Short 4496.25 stop 4499.75.
The World Index: (+100/-100) dumps from -21 to -64 with all major world markets Bearish.
Catalysts: Not much. Maybe Fed’s Barr @ 9:00.
Quick Tip: Be Adaptable
One trait of successful traders is being adaptable to changing conditions. It’s a golden quality but not an easy one to master. The reason is that like many things, adaptability is not a black or white issue. There are all those shades of gray!
Think about your view on the market this morning. Are you Bullish or Bearish? The world markets are leaning bearish, the charts are suggesting bearish, and there are no obvious catalysts that could reverse those facts. So, I’m starting out Bearish.
That said, I could very well enter a long trade today if the conditions at the time give me edge to do so.
Being right or wrong is not the issue. We need to decide for the trade direction’s sake where the momentum is leading us and trade with that edge, in the appropriate timeframe. Being adaptable will help.
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