Futures Index Trend (7.29.19)

Attempting to determine which way a market will go on any given day is merely a guess in which some will get it right and some will get it wrong. Being prepared in either direction intraday for the strongest probable trend is by plotting your longer term charts and utilizing an indicator of choice on the lower time frame to identify the setup and remaining in the trade that much longer. Any chart posted here is merely a snapshot of current technical momentum and not indicative of where price may lead forward.   

Monday – July 29, 2019  

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Big Picture: Hesitancy seems to have cast a shadow over the direct Heikin Ashi trend as the market awaits the FOMC rate cut decision. With earnings in full swing, and likely a player in which direction we take for the short term, intraday is best avoided and focus on the higher time frame to eliminate the noise.

Events: APPL Earnings (7/30), FOMC (7/31), Non-Farm Payrolls (8/01)

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Market Momentum: Uptrend 

SP 500 Futures

Setup: 2967.5 at MML resistance on open gap upside.

Trade Management: Stop at swing position; 2963. Closer stop at short term MML Major S/R; 68.75

Current Status: Five bar confirmation REMAINS upside at MML tops.

Outlook:  All about trade management on the uptrend. Watch for MML reset.

Reversal in Trend: Confirmation will be 5 bar confirmation in the red with follow through. Deeper pullback on 20/50 cross.

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Market Momentum: Uptrend

Nasdaq Futures

Setup: 7802 Heikin Ashi trending bar.

Trade Management: Stop at swing position; 7816. Tight stop at 7890.

Current Status: 5 bar confirmation formed to the upside on trending HA bar with price action bounce. MML short term reset up to 8105.

Outlook: Upside trend remains intact. Swing position trailing stop and MML levels. 7890 first level of support.

Reversal in Trend: Confirmation will be 5 bar confirmation in the red to close out open gap


Government Required Risk Disclaimer and Disclosure Statement

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.     

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