Weekly Market Recap

Week 37/2017 Recap

Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment.  The lower the day trade margin, the higher the leverage  and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.

ES (S&P Futures)/SPY

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  • End of futures September contract and Quad Witch week
  • ES futures start the week off above all key moving averages and closes out one tick shy of 2500 
  • All time high price
  • Price action holds above 10ema the entire week
  • Moving averages in sync to new highs 10ema>50wma>100wma>150wma>200wma>200sma
  • VIX closes out in low 10’s
  • Low Volume
  • 4 day consolidation
  • Day 1: best trending session of the week
  • ES Open GAP up on Sunday open. 
  • Weekly trend breaks reversal MML upside on uptrend setup since Q4.16.
    • Short term MML @2500 resistance
  • SPY hits weekly MML resistance. Daily breaks daily reversal – short term resistance hit @250.

  • ETF’s

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  • Total Stock Market Index (VTI) holding above 50ma breaks through MML resistance on confirmed uptrend.
  • Transports (IYT) breakout and holding in consolidation above 50ma and Major S/R in confirmed uptrend @ short term MML high
  • Energy (XLE) push off range MML and continues to hold upside with 5/34ema crossover in sync and break above 50ma.
  • Financials (XLF) momentum pullback to 50ma in MML setup short off short term MML from support low to resistance high
  • Tech (XLK) consolidation at long term MML reversal. Short term MML upside momentum in confirmed uptrend off support
  • Dollar ETF (UUP) holding at MML lows under all key moving averages.  Emerging Markets (EEM) breaks above MMl resistance high and holding above all key moving averages.
  • Bitcoin (BTCUSD) gap down pullback to MML short term low and 150wma and bounce up to 50sma and Major S/R. 
  • IBD 50 ETF (FFTY) momentum to short term MML reversal on breakout of long term MML on confirmed uptrend.

Trend Setups of the Week

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Recommended Read for September

  • Another AMAZON book on Trading Psychology

Website/Link

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