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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 28 November: ASX set to edge higher | The US 10-year yield fell below 4.40 per cent | Bitcoin is holding above $US37,000 |

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    PEAK ASSET: ARVO WRAP 27 November: ASX closes lower despite a positive open | Traders’s eyes were also on the ongoing Black Friday and Cyber Monday for any signs of a pullback in consumer demand |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 27 November: ASX set to rise as inflation data | oil decision points way on rates | Vulcan Energy set to produce Europe’s first locally sourced lithium chemicals |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 November: Energy stocks lead ASX higher, Star Casino given reprieve in Queensland | Uranium has started a new bull run… but who will bake the first yellowcake? |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 November: ASX to edge higher | US markets closed for Thanksgiving | 10-year yield: US 4.40% Australia 4.48% |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 November: Another down day on the ASX as miners, energy stocks slump | Brent crude sank to as low as $US81 a barrel |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 November: ASX to slip | Wall Street higher, oil swings | Firetail Resources is rubbing shoulders with majors in Peru, the world’s second-largest copper producer |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 22 November: Tech stocks sell off despite Nvidia’s 14x jump in profit; EBOS down 5pc after market update | Latrobe Magnesium to reap significant savings from new lease arrangements |

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  • Charts
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 29 November: ASX to rise | US bond yields extend their slide | Weebit Nano wins the ASX semiconductor race to revenue, partners with Tier-1 foundries |

    Daily Game Plan

    Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 28 November: ASX set to edge higher | The US 10-year yield fell below 4.40 per cent | Bitcoin is holding above $US37,000 |

    Daily Game Plan

    Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 27 November: ASX closes lower despite a positive open | Traders’s eyes were also on the ongoing Black Friday and Cyber Monday for any signs of a pullback in consumer demand |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 27 November: ASX set to rise as inflation data | oil decision points way on rates | Vulcan Energy set to produce Europe’s first locally sourced lithium chemicals |

    Daily Game Plan

    Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 November: Energy stocks lead ASX higher, Star Casino given reprieve in Queensland | Uranium has started a new bull run… but who will bake the first yellowcake? |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 November: ASX to edge higher | US markets closed for Thanksgiving | 10-year yield: US 4.40% Australia 4.48% |

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    CME Loses Key Battle in Potentially Costly Trader Lawsuit

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    24X5 Options Trading Begins Sunday, November 21

    ICE Notice

    ICE: Margin Rates Update for ICE Futures U.S. Oil Contracts

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    AP: US COVID-19 cases rising again, doubling over three weeks

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 29 November: ASX to rise | US bond yields extend their slide | Weebit Nano wins the ASX semiconductor race to revenue, partners with Tier-1 foundries |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 28 November: ASX set to edge higher | The US 10-year yield fell below 4.40 per cent | Bitcoin is holding above $US37,000 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 27 November: ASX closes lower despite a positive open | Traders’s eyes were also on the ongoing Black Friday and Cyber Monday for any signs of a pullback in consumer demand |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 27 November: ASX set to rise as inflation data | oil decision points way on rates | Vulcan Energy set to produce Europe’s first locally sourced lithium chemicals |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 November: Energy stocks lead ASX higher, Star Casino given reprieve in Queensland | Uranium has started a new bull run… but who will bake the first yellowcake? |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 November: ASX to edge higher | US markets closed for Thanksgiving | 10-year yield: US 4.40% Australia 4.48% |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 November: Another down day on the ASX as miners, energy stocks slump | Brent crude sank to as low as $US81 a barrel |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 November: ASX to slip | Wall Street higher, oil swings | Firetail Resources is rubbing shoulders with majors in Peru, the world’s second-largest copper producer |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 22 November: Tech stocks sell off despite Nvidia’s 14x jump in profit; EBOS down 5pc after market update | Latrobe Magnesium to reap significant savings from new lease arrangements |

    Trending Tags

    • FEEDID-6
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  • Charts
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 29 November: ASX to rise | US bond yields extend their slide | Weebit Nano wins the ASX semiconductor race to revenue, partners with Tier-1 foundries |

    Daily Game Plan

    Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 28 November: ASX set to edge higher | The US 10-year yield fell below 4.40 per cent | Bitcoin is holding above $US37,000 |

    Daily Game Plan

    Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 27 November: ASX closes lower despite a positive open | Traders’s eyes were also on the ongoing Black Friday and Cyber Monday for any signs of a pullback in consumer demand |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 27 November: ASX set to rise as inflation data | oil decision points way on rates | Vulcan Energy set to produce Europe’s first locally sourced lithium chemicals |

    Daily Game Plan

    Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 24 November: Energy stocks lead ASX higher, Star Casino given reprieve in Queensland | Uranium has started a new bull run… but who will bake the first yellowcake? |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 24 November: ASX to edge higher | US markets closed for Thanksgiving | 10-year yield: US 4.40% Australia 4.48% |

  • Commentary
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    • Market Recap
    • MrTopStep

    Do We Have a “Good” Low or Is This a Setup?

    Do We Have a “Good” Low or Is This a Setup?

    August Opex: Will Things Get Ugly?

    Are We Setting Up for an Opex Bounce?

    S&P Sits at Key Support as Trends Turn Bearish

    Correction Continues As Recent Lows Are on Watch

    Bulls Are Looking for a Bounce After Slow Start to August

    The Ticker

    Stocks Under Pressure Early on Friday. Can We Get a Low?

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    Quantitative Statistics and Analysis, Make Better Trading Decisions – Free Webinar – Saturday 12:00pm ET

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    Chart of the Day: AMZN Stock

    Chart of the Day: PINS Stock

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    Chart of the Day: Trading the S&P 500 and the S&P Futures

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    Chart of the Day: Etsy Stock Tumbles

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    Monthly Trading Time: The Good, The Bad and The Ugly

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    Chart of the Day: AMZN Stock

    Chart of the Day: Can GOOGL Stock Stay Up?

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Chart of the Day: Trading the S&P 500 and the S&P Futures

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May 13, 2021
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As Danny Riley will note in this morning’s Opening Print, Wednesday’s price action was tough. Trading the S&P 500 or its futures contract was not an easy task. The latter shed 2.1% in the session, dropping more than 87 points. 

The Dow didn’t fare much better. The futures contract dumped 675 points, falling 1.97% on the day. That followed Tuesday’s session, where the index fell 485 points and after it made new all-time highs on Monday. 

The undercurrents in the market have been tough, with some groups performing well and some groups performing dreadfully (looking at you, growth stocks). 

Are we hitting a turning point though?

Trading the S&P 500

Trading the S&P 500
Chart courtesy of TradingView.com

I was talking to Danny Riley last week on the phone. It was Thursday. He told me, “When the market’s down Monday, Tuesday and Wednesday, you just gotta pick your spot and take a shot on Thursday or Friday.” 

He was right and called it out right in the Mr. Top Step Trading Room. That was a big pay day for many members as we saw an absolute ripper on Thursday afternoon going into the close.

Could we be setting up for the same thing this week? 

The ES hit new all-time highs on Monday before reversing and closing lower by almost 42 points or about 1%. Not great price action. That was followed by two big down days as the contract now rests right on the 50-day moving average. 

That has me thinking perhaps we could be setting up for a rebound in the next day or two. 

It’s possible we break Thursday’s Globex low and potentially test down into 3,975. However, I am looking at the index from the long side this morning. 

Danny Riley is Mr. Top Step’s 39-year veteran of the CME trading floor and ran one of the largest S&P desks on the floor. Here’s what he’s thinking each morning before the stock market opens. 

Trading the Dow 

Chart courtesy of TradingView.com

The Dow has a similar setup. We have a nice three-day flush to the downside, with the fourth day resulting in a test of the 50-day moving average. 

Let’s see if the Dow can find its footing here. 

We just about filled that gap from April 1st, but again, if we break the Globex low, it’s possible we see this 33,000 area tested in earnest. 

The bottom line: We’re fresh off all-time highs from earlier this week. The CPI reading spooked investors and that spooking may carry into the weekend. However, at this point it would be a bigger worry (to me, at least) if we didn’t have inflation. Have we all forgotten what the year-over-year comps look like? 

I am looking to buy into the rebound today and/or tomorrow in a limited-risk fashion. Let’s see if the bulls can make a stand here. 

As we all know, there’s no crystal ball when it comes to trading stocks, options or futures. But the Market Imbalance Meter may be as close as it comes. Knowing how the “Big Money” is placing its bets can give our trading room a big wave to ride — or a warning sign to stay out of the water. Come check it out now, risk free for 30 days.

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