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.
MARKET Big Picture – Indices
- Momentum all over the map as 200ma holds the line
- Non-Farm Payrolls data released
- Mid-week bounce the largest of all 5 sessions
- No new open gaps formed
- VIX closes out above 20
- Volume steady until NFP data on Friday release
MARKET MOMENTUM – ES (S&P Futures)/SPY
- ES momentum stalled at 200ma x 12 days
- ES Moving Averages: 100>50>10>200/PRICE
- Weekly trend indecision Doji on Heiken Ashi bar; closing within week 13 range
- 60 minute ES MML range bound
- Daily price action momentum stalled at 200ma; MML low; ADX trend downside
- Weekly price action holds at 50ma; breaks Major S/R down; ADX trend downside
- Recap in Weekly Outlooks
MARKET MOMENTUM – Futures
Using the Murray Math Level (MML) charts on higher time frames can be a useful market internal tool as price action moves among fractal levels from hourly to weekly charts. Confluence of levels may be levels of support/resistance or opportunities for a breakout move. Optimal setups will pass through Resistance or Support prior to moving in the opposite trend.
Golden Setups of the Week
- Looking for highest probability setups with Murray Math Levels, S3/T3 MA’s and HA bars.