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no idea up or down from here. seasonality favors bears today. so far likely a range day.
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Fun fact from Futures Trader 71 this morning. He has now done 1,500 live broadcasts. He will be doing a presentation Thursday after the close at Futures.IO (formerly Big Mikes) on the new Micro index futures. He thinks that is a way better place for limited bankroll people to learn than sim trading. I am confident the tape of the presentation will be readily available from both web sites.
I know nothing about the new micro contracts. I do know that futures are superior to ETFs at tax time. Also the day trader rules are reversed. Futures day trading requires less money in your account. Of course when the clock strikes the magic hour your broker will turn your carriage into a pumpkin by closing all positions now. Typically brokers require $500 per ES contract (S&P Mini contract) during regular or cash market hours. That instantly moves to $5,300 to hold overnight.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
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If overnight low were to be taken out I can see another 10 more handles to the down side, but for now 5 handles will be a good profit on either side until then....
My comments are for entertainment/educational purpose only. NOT a trade advice.
strong up here break the Thursday's high then it's uptrend day, otherwise and mostly it's just a range day.
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bias is up. but I still need see a breakout to view it as an uptrend day.
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If market closed right here the consolidation phase will be confirmed, the next question will be how deep this time a correction will be? find excuse to sell
My comments are for entertainment/educational purpose only. NOT a trade advice.
On the market profile side of thing, it is inside day, a bigger move to breakout is coming, with bearish bias internals, my guess will be to the down side. simply TA.
My comments are for entertainment/educational purpose only. NOT a trade advice.