Futures Index Trend (8.04.19)

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. To avoid the noise, shifting to a SWING POSITION, can avoid that by shifting to higher time frame chart using the same intraday technical indicators and remaining in the trade that much longer. This does not reflect long term positions and other strategies used for long term growth. Any chart posted here is merely a snapshot of current technical momentum and not indicative of where price may lead forward.   

Sunday – August 4, 2019  

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Big Picture: Earnings recession? S/P Earnings down slightly for Q2 as the looming China-US trade war is the thorn that’s keeping us moving forward. Patience is the key for it to be resolved. Swing position in both directions for the noise in the bigger trend on 3Sig rebalance.

Events: Disney Earnings (8/8)

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Market Momentum: Uptrend Pullback (till 20/50ma cross)

SP 500 Futures

Setup: 2979 Heikin Ashi trending bar.

Trade Management: Stop at 2968/VWAP. Tight stop at 2929 but leave some room on the wild intraday swings. Option to exit at Major S/R or 1 contract off and runner on. 

Current Status: Five bar confirmation downside with trending HA bars. Price action at Monthly reversal. Major S/R below

Outlook:  Watch for price action on trending HA bars down to 2890.75. 50% fib at 2879. Trade management supersedes all. 

Reversal in Trend: Confirmation will be 5 bar confirmation in the uptrend with follow through. Watch for deeper pullback on 20/50 cross if we remain red.

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Market Momentum: Uptrend Pullback (till 20/50ma cross)

Nasdaq Futures

Setup: 7885 Heikin Ashi trending bar.

Trade Management: Stop at 7812.50. Tight stop at 7656.25 but leave some room on the wild intraday swings. Option to exit at Major S/R or 1 contract off and runner on. 

Current Status: Five bar confirmation downside with trending HA bars. Price action at Monthly oversold. Major S/R below.

Outlook: 7500 next major level down.

Reversal in Trend: Confirmation will be 5 bar confirmation upside and break through of upper MML levels. Watch for 20/50ma cross confirmation.


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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