Hello Everyone,
Quick Note: The roller coaster market continues with most of the action of late unfolding between SPX 4220-4280 zone. We have managed to map out quite a few objective entries over the past few weeks but it certainly hasn't been easy. When there is no trend in medium term price action with bunch of over lap and acceleration gaps at the open, it makes it quite difficult to trade in either direction. Simply put, the onus remains on the bulls with price still below the SPX 60 minute trendline.
ES has traded around the 4260-80 zone many times and today we closed around 4260 yet again. Upside levels are 4295 4330-40 with support below at 4220 4185-95.
As far as trade ideas, we have primarily focused on commodities to the long side (energy, potash, agriculture, and precious metals) which have done extremely well with a few select shorts added when timely. It's simply too volatile to manage many individuals names so remain prudent.
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. Big moves tend to occur first and last hour and overnight sessions.
Please take a moment to look at the trade ideas.
