Hello Everyone,
Quick Notes: On Friday, there were a few posts commenting on what has transpired recently (past 8 out of 11 years closed lower on the SPX) on the Tuesday following Labor day. The stats proved to be true today with the SPX closing lower while the QQQs closed slightly higher (with all the FANG names up on the session). The SPX tested the lower end of its recent range and managed to hold and bounce somewhat today - however it's been acting a little heavy of late with a lower high in place on the intraday charts.
Overnight the US Dollar began to rally, and with that backdrop, we noticed that equity futures, crude oil, gold/silver and the cryptos all began to weaken and move lower. Bitcoin and Ethereum closed down over 10 percent today while gold fell over $35 - some big moves following the Holiday weekend. I will review all below.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Please take a moment to look at the trade ideas.
