I second this request. Option prices change quickly right after the open as market orders from the previous day are filled. The next day entry will cause to lose the edge presently available and to lead unpredictable gain versus loss results. This will severely affect those with small accounts and those who separate risky and conservative strategies through separate accounts.

Your next day entry will compel me to enter a trade on futures and then switch to options after the open with unpredictable results. Gaps are a big issue in this market with worsening liquidity. In my view, gaps more often occur in the opposite direction to the prior day's trend.

Edit: the next bar system will lead to different results by different traders and will vary depending on a broker. Entry at the open is essentially a market order with all consequences listed for market orders!

Still within the wedge.. One more push up to 11730 on /NQ to meet the Bollinger band on Tuesday is next, is what it looks like to me.

I am now looking for a gap fill to restore a sold put position. /ES targets are 3980 and 3995. Fridays are usually range days.

My trading plan for today is to sell puts from yesterday in order to rebuy them near the close today. My rational for this is that a hanging man candle is produced by funds selling and bringing back up to give an impression of continued uptrend or by short sellers entering positions and buying a bit of that back for the same reason.

A reversion to the mean is the strategy.

Despite popular propaganda to the contrary, this is still a bear market rally under more plausible EW wave counts. Until that changes, it should be treated as a means to sell remaining positions in order to buy them lower later in the year. The end of the quarter could be a high or a low based on historical examples.

this one looks correct to me. Breaking the uptrend line -- in progress on /ES --  is a confirmation of completion of wave 3 up.

A wave count for /NQ is posted in this video https://www.youtube.com/watch?v=v-5W2Xwno6U(NASDAQ 100 & S&P 500 / Elliott Wave Update 1/12/2023 by Michael Filighera)

On /NQ the trendline is a lot closer. I suspect that no resolution will ensue till the next week, and then a gap on Tuesday morning.

Edit: If we do not close at or near the highs for the day, that will be a sell signal that free money on the upside has been all collected.

thank you much, Matt!

There is only one entry under /ES, and that is from today, 1/11. There is nothing listed for 1/10, yesterday.

Edit: Indexes are close to a pullback. A target of 3982 has been achieved.  The last one is at 4045-ish, the old support. I am electing to hold an MES long into tomorrow's CPI report to close it at a better price.

Matt, I am confused too. There was an entry on /ES yesterday, which is not shown on your table today under ES. Has it been retracted too?

I concur: bearish news is muted during a rising market trend. A drop will likely be only on the futures, only to be promptly reversed for the open. IMHO.

my reasoning is that lower CPI means less Fed intervention and less QE money needed. So the market will go lower.

from zerohedge

GLD is posting a hanging man candle today. If it is a second negative close, /GC is a short on a break of today's low.

/GC might have peaked overnight. 1858 is the first target on the downside.

Edit: a close above 1886 will target 1900 and the ultimate target 1944.

Steve, based on the close, would you sell SPY into a drop tomorrow based on your wave count? Or would you add to the position into a target higher?

lredsox, I had a position in /ZW (Chicago wheat futures) from last week and was expecting a bounce into the WASDE report on Thursday. However, selling yesterday was too strong, and I bailed out.

I expect a seasonal low into February in grains and up from there. Farmers ought to sell to pay off their loans, insurance, and taxes.

My EW tool showed a completed sequence of 5 waves up on /GC yesterday at 1884-ish. I went flat yesterday after the close. Could someone post a DeMark sequence for it, please?

My plan is to buy 3875-ish on a retest of the downtrend line and to run it up to 3980 on /ES for a trade. The timeline is between this afternoon and into the CPI report on Thrusday.

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