Quotes by TradingView
Tuesday, February 7, 2023
Premium: TradeChat
No Result
View All Result
MrTopStep
  • News
    • All
    • Reuters Business
    CME Loses Key Battle in Potentially Costly Trader Lawsuit

    CME Loses Key Battle in Potentially Costly Trader Lawsuit

    24X5 Options Trading Begins Sunday, November 21

    ICE Notice

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

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

    CME Group Globex Labor Day Holiday Schedule

    Margin Rates Update for ICE Futures U.S. Power Contracts

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

    CME Group – US Independence Day Holiday Schedule: July 2-6, 2021

  • Products
    • Chatroom Login
    • Wyckoff Trader
    • MIM
    • Polaris Trading Group
    • IM Pro Trading Chat Room
  • Stocks
    • All
    • Apple
    • Dow Jones
    • Earnings
    • Facebook (FB)
    • Goldman Sachs (GS)
    • IPO
    • M&A
    • Markets
    • Mining
    • Nasdaq
    • NYSE
    • Russell 2000
    • S&P 500
    • Twitter (TWTR:NYSE)
    • VIX
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 7 February: ASX sheds 0.5pc | CBA lifts cash rate forecast to 3.85pc; ARB dives | Australia’s rental market is as tough as it has ever been |

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

    PEAK ASSET: MORNING WRAP 07 FEBRUARY: US stocks extend losses | RBA poised to lift rates by 0.25pc | Will Newmont’s $24 billion Newcrest bid cause a gold takeover cascade? |

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

    PEAK ASSET: ARVO WRAP 6 February: ASX drops 0.25pc | UBS remains dovish on RBA | Gascoyne Resources releases exploration target |

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

    PEAK ASSET: MORNING WRAP 06 FEBRUARY: ASX to rise as investors hang hopes on a soft landing | After a successful $4.5 million cap raise and with cancer trial results to come, Kazia is optimistic for 2023 |

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

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

    PEAK ASSET: MORNING WRAP 03 FEBRUARY: ASX to rise | Alphabet, Atlassian tumble on earnings | Aura gets 30-year guarantee for Mauritania uranium project |

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

    PEAK ASSET: ARVO WRAP 31 January: ASX swings to loss | Retail sales plummet; Megaport sheds 25pc | Avecho Biotechnology progresses CBD softgel trials for insomnia treatment |

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
    • FEEDID-16
    • FEEDID-36
    • FEEDID-10
    • feedid-56
    • feedid-58
    • feedid-61
    • feedid-59
    • feedid-60
    • feedid-62
    • feedid-63
    • feedid-65
    • feedid-66
  • Charts

    Jason Sen: FX

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

    PEAK ASSET: ARVO WRAP 7 February: ASX sheds 0.5pc | CBA lifts cash rate forecast to 3.85pc; ARB dives | Australia’s rental market is as tough as it has ever been |

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

    PEAK ASSET: MORNING WRAP 07 FEBRUARY: US stocks extend losses | RBA poised to lift rates by 0.25pc | Will Newmont’s $24 billion Newcrest bid cause a gold takeover cascade? |

    $ up, cotton down, easy money.

    Jason Sen: Forex

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

    PEAK ASSET: ARVO WRAP 6 February: ASX drops 0.25pc | UBS remains dovish on RBA | Gascoyne Resources releases exploration target |

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

    PEAK ASSET: MORNING WRAP 06 FEBRUARY: ASX to rise as investors hang hopes on a soft landing | After a successful $4.5 million cap raise and with cancer trial results to come, Kazia is optimistic for 2023 |

    Dollar dipsey doodle at 10150.

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

  • Commentary
    • All
    • Market Recap
    • MrTopStep
    Danny’s View:  Do We Have A Major Turn Coming?

    Danny’s View: Do We Have A Major Turn Coming?

    Danny’s View:  Blowout Jobs Report Has S&P On Its Heels

    Danny’s View: Blowout Jobs Report Has S&P On Its Heels

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    Danny’s View:  Markets Shrug Off Fed Worries

    Danny’s View: Markets Shrug Off Fed Worries

    Danny’s View:  All About What The Fed Says (Not What It Does)

    Danny’s View: All About What The Fed Says (Not What It Does)

    Taylor 3 Day Cycle – Polaris Trading Group

    Taylor 3 Day Cycle – Polaris Trading Group

    The Washington Post – US stocks open higher, putting market on track for 3rd gain

    Danny’s View: Starting The Week With A Needed Pullback

    Danny’s View:  Bulls Are In Control For Now

    Danny’s View: Bulls Are In Control For Now

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

  • Education
    • All
    • Economics
    • Trading Methods
    • Trading Psychology
    • Trading Room
    • Trading Rules
    • Webinars
    Chart of the Day: AMZN Stock

    Chart of the Day: PINS Stock

    Chart of the Day: AMZN Stock

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

    Here’s Why You Need Mr. Top Step

    Here’s Why You Need Mr. Top Step

    Chart of the Day: AMZN Stock

    Chart of the Day: Etsy Stock Tumbles

    Chart of the Day: AMZN Stock

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

    Chart of the Day: AMZN Stock

    Chart of the Day: Can Apple Stock Hit Record Highs?

    Chart of the Day: AMZN Stock

    Chart of the Day: Can GOOGL Stock Stay Up?

    Chart of the Day: AMZN Stock

    Chart of the Day: GameStop Stock Raises Capital

    Chart of the Day: AMZN Stock

    Chart of the Day: Another Go at Amazon Stock

  • NYSE Holidays
  • Video
  • News
    • All
    • Reuters Business
    CME Loses Key Battle in Potentially Costly Trader Lawsuit

    CME Loses Key Battle in Potentially Costly Trader Lawsuit

    24X5 Options Trading Begins Sunday, November 21

    ICE Notice

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

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

    CME Group Globex Labor Day Holiday Schedule

    Margin Rates Update for ICE Futures U.S. Power Contracts

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

    CME Group – US Independence Day Holiday Schedule: July 2-6, 2021

  • Products
    • Chatroom Login
    • Wyckoff Trader
    • MIM
    • Polaris Trading Group
    • IM Pro Trading Chat Room
  • Stocks
    • All
    • Apple
    • Dow Jones
    • Earnings
    • Facebook (FB)
    • Goldman Sachs (GS)
    • IPO
    • M&A
    • Markets
    • Mining
    • Nasdaq
    • NYSE
    • Russell 2000
    • S&P 500
    • Twitter (TWTR:NYSE)
    • VIX
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 7 February: ASX sheds 0.5pc | CBA lifts cash rate forecast to 3.85pc; ARB dives | Australia’s rental market is as tough as it has ever been |

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

    PEAK ASSET: MORNING WRAP 07 FEBRUARY: US stocks extend losses | RBA poised to lift rates by 0.25pc | Will Newmont’s $24 billion Newcrest bid cause a gold takeover cascade? |

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

    PEAK ASSET: ARVO WRAP 6 February: ASX drops 0.25pc | UBS remains dovish on RBA | Gascoyne Resources releases exploration target |

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

    PEAK ASSET: MORNING WRAP 06 FEBRUARY: ASX to rise as investors hang hopes on a soft landing | After a successful $4.5 million cap raise and with cancer trial results to come, Kazia is optimistic for 2023 |

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

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

    PEAK ASSET: MORNING WRAP 03 FEBRUARY: ASX to rise | Alphabet, Atlassian tumble on earnings | Aura gets 30-year guarantee for Mauritania uranium project |

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

    PEAK ASSET: ARVO WRAP 31 January: ASX swings to loss | Retail sales plummet; Megaport sheds 25pc | Avecho Biotechnology progresses CBD softgel trials for insomnia treatment |

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
    • FEEDID-16
    • FEEDID-36
    • FEEDID-10
    • feedid-56
    • feedid-58
    • feedid-61
    • feedid-59
    • feedid-60
    • feedid-62
    • feedid-63
    • feedid-65
    • feedid-66
  • Charts

    Jason Sen: FX

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

    PEAK ASSET: ARVO WRAP 7 February: ASX sheds 0.5pc | CBA lifts cash rate forecast to 3.85pc; ARB dives | Australia’s rental market is as tough as it has ever been |

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

    PEAK ASSET: MORNING WRAP 07 FEBRUARY: US stocks extend losses | RBA poised to lift rates by 0.25pc | Will Newmont’s $24 billion Newcrest bid cause a gold takeover cascade? |

    $ up, cotton down, easy money.

    Jason Sen: Forex

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

    PEAK ASSET: ARVO WRAP 6 February: ASX drops 0.25pc | UBS remains dovish on RBA | Gascoyne Resources releases exploration target |

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

    PEAK ASSET: MORNING WRAP 06 FEBRUARY: ASX to rise as investors hang hopes on a soft landing | After a successful $4.5 million cap raise and with cancer trial results to come, Kazia is optimistic for 2023 |

    Dollar dipsey doodle at 10150.

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

  • Commentary
    • All
    • Market Recap
    • MrTopStep
    Danny’s View:  Do We Have A Major Turn Coming?

    Danny’s View: Do We Have A Major Turn Coming?

    Danny’s View:  Blowout Jobs Report Has S&P On Its Heels

    Danny’s View: Blowout Jobs Report Has S&P On Its Heels

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

    Danny’s View:  Markets Shrug Off Fed Worries

    Danny’s View: Markets Shrug Off Fed Worries

    Danny’s View:  All About What The Fed Says (Not What It Does)

    Danny’s View: All About What The Fed Says (Not What It Does)

    Taylor 3 Day Cycle – Polaris Trading Group

    Taylor 3 Day Cycle – Polaris Trading Group

    The Washington Post – US stocks open higher, putting market on track for 3rd gain

    Danny’s View: Starting The Week With A Needed Pullback

    Danny’s View:  Bulls Are In Control For Now

    Danny’s View: Bulls Are In Control For Now

    From the Desk of Wyckoff Trader:

    From the Desk of Wyckoff Trader:

  • Education
    • All
    • Economics
    • Trading Methods
    • Trading Psychology
    • Trading Room
    • Trading Rules
    • Webinars
    Chart of the Day: AMZN Stock

    Chart of the Day: PINS Stock

    Chart of the Day: AMZN Stock

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

    Here’s Why You Need Mr. Top Step

    Here’s Why You Need Mr. Top Step

    Chart of the Day: AMZN Stock

    Chart of the Day: Etsy Stock Tumbles

    Chart of the Day: AMZN Stock

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

    Chart of the Day: AMZN Stock

    Chart of the Day: Can Apple Stock Hit Record Highs?

    Chart of the Day: AMZN Stock

    Chart of the Day: Can GOOGL Stock Stay Up?

    Chart of the Day: AMZN Stock

    Chart of the Day: GameStop Stock Raises Capital

    Chart of the Day: AMZN Stock

    Chart of the Day: Another Go at Amazon Stock

  • NYSE Holidays
  • Video
No Result
View All Result
MrTopStep
Home Commentary

Danny’s View: OPEX Day – Can The Market Muster Up A “Fry-Day”?

Danny Riley by Danny Riley
January 20, 2023
in Commentary
0 0
0
Danny’s View:  OPEX Day – Can The Market Muster Up A “Fry-Day”?
14
SHARES
99
VIEWS
Share on FacebookShare on Twitter

It took bears two days to unravel the recent gains.

Follow @MrTopStep and @BretKenwell on Twitter and please share if you find our work valuable.

Our View

I am going to continue taking a ‘cautious’ view of the stock market. I know it has done well until the past few days and I will be willing to change my mind. However, there are still many issues that persist (at the top of the list: recession worries, inflation, and the Fed). 

The way I see it is, the patterns speak for themselves. Short cover, then gain some momentum on the upside to suck in the longs, and then in come the dead-cat bounces when it rolls over. I had lunch with someone I consider to be very smart and on top of things, and he had a very gloomy outlook. 

Our Lean

Here is that DAX chart again from yesterday as it finds support. If you’re trading this, 15,000, 15,075, 15,130, and 15,150 are the trim areas. 

My stop would now be B/E or just below Thursday’s low. 

As for the market overall, look: The market did a good job resolving higher out of that 3800 to 3900 range. After it did so, it took days and days for the ES to grind out 120 points on the upside. 

For the bears, it took just two sessions to unwind that progress (and a little more). That said, the ES is finding its footing in the almighty 3900 to 3920 area and the 50% “halfback” (which is at 3912), and it’s doing so after a good earnings response from Netflix. 

Our Lean: I think there’s potential for there to be a late-day squeeze. Off the open, there will likely be some excitement in tech, (NFLX, GOOGL, etc.) but that will likely resolve into “sideways to lower” action for the indices. 

Later in the session, look for an options squeeze higher — you know, the good old-fashioned “FRY-day” price action of Opex. 

MiM and Daily Recap

The ES sold off down to 3906.75 on Globex and opened Thursday’s regular session at 3922.25. After the open, the ES traded up to 3933.75, sold off down to 3915.50, and rallied back up to a lower high at 3928.25. From there, it dropped back down to a new daily low at 3913 and then rallied back up to the 3928.50 level at 10:18. This is a great example of CHOP. 

After the pop, the ES sold off down to new lows at 3904.50 at 10:58, traded back up to the 3920 level and dropped back down to a new low at 3901.75. As the futures were making new lows I posted this in the MrTopStep chat “3900 gotta go well.”

The ES held the 3900 level, reclaimed the Globex low near 3907, and then ran to 3940 at 2:45 before fading into the close. It traded ~3926 at 3:50 as the MIM reveal showed more than $2 billion for sale and traded 3916.75 at the 4:00 cash close. At 5:00, the ES settled at 3920.25.

In the end, things just kinda piled up on the index markets. In terms of the ES’s overall price action, it was weak. In terms of the ES’s overall trade, volume was steady at 1.83 million contracts traded.

Technical Edge

  • NYSE Breadth: 30% Upside Volume
  • Advance/Decline: 40% Advance 
  • VIX: ~$20.50

S&P 500 — ES

Great hold of the 3900 to 3910 zone. Now back above 3920, let’s see if we can get 3940 to 3950. 

That’s Wednesday’s low, Thursday’s high, and the 10-day and 50-day moving averages. A move like that begins with a rotation through the Globex high of 3933. 

On the downside, a break of 3912 — the Globex low and the 50% retrace — opens the door down to: 3900, 3891, and 3883.

That’s Thursday’s low, last week’s low, and the 61.8% retrace. 

SPY

If the SPY can regain $391 — and thus go daily up, while reclaiming the 10-day and 50-day moving averages — $393.75 to $395 is in play next. 

On the downside, a break of $387.25 puts $386.25 in play. Below that puts $384.50 in play.  

QQQ

Over $277.50 is bullish and puts $280+ back in play. Sub-$273.75 is bearish and puts $269 to $270 in play. 

Careful of a “look above and fail” — aka the QQQ poking above $227.38 and then reversing. 

GE

GE has been a beast. I’m a buyer if we test the 10-day moving average today. Stop at $74-ish. First target would be $78.50 to $79-ish. 

Open Positions 

A note: After talking to some members, I want to make the setups a bit more clear. We are a trade-ideas service, but want to make entries & exits simpler to understand. We will be sending more updates, a few educational pieces and looking for a way to make our setups more clear in how we are managing them. 

  • Numbered are the trades that are open. 
  • Bold are the trades with recent updates. 
  • Italics show means the trade is closed.

— Any positions that get down to ¼ or less (AKA runners) are removed from the list below and left up to you to manage. My only suggestion would be, B/E or better stops. 

From this latest round, that includes TLT, DE and FSLR. 

  1. COP — Long from $119, the 2x weekly-up. $124 to $127 could be a reasonable trim spot. Trimmed ¼ at the 50-day. We got our first trim & some messaged to say they got a second near yesterday’s HOD. (I didn’t).
    1. If you didn’t get out with a B/E stop, then stay disciplined with your original stop. Mine was $116. 
    2. Tricky action so far. Feel free to cut down the position at any point while in the black or in the green. $116 stop proves prudent. $123.50+ and can cut down more. 
  2. TJX — I am long from $81.40. But yesterday was an inside day, so traders who are not long but want to be can always wait for an inside-and-up rotation over $82.10.
    1. Targeting $83 as my first trim. $79 stop. 
  3. MRK — Long from $108.75 — first target: $111 to $112.50. Stop at $106.75 to $107.
  4. NKE — Long from $124-ish — I really don’t want to see this break $123. I am long calls (Feb. 130s) and will be out if the decline by 60%. $126.50 to $127 is first area for trim.
    1. If bulls have any control of the market, NKE should be one that bounce. 

Go-To Watchlist

*Feel free to build your own trades off these relative strength leaders*

Relative strength leaders →

  1. SBUX
  2. TJX, ULTA, NKE
  3. CAT
  4. BA & Airlines — AAL, DAL, UAL
  5. GE
  • CAH
  • SMCI
  • MRK — weekly
  • FSLR 
  • XLE — XOM, CVX, COP, BP, EOG, PXD — (Weekly Charts)

Economic Calendar

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.
Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.
Remember: Not all setups will trigger. Not all setups will be profitable. Not all setups should be taken. These are simply the setups that I have put together for years on my own and what I watch as part of my own “game plan” coming into each day. Good luck!
Previous Post

Danny’s View: OPEX Day – Can The Market Muster Up A “Fry-Day”?

Next Post

Danny’s View: Can The Bulls Follow Through On Friday’s Gains?

Related Posts

Danny’s View:  Do We Have A Major Turn Coming?
Commentary

Danny’s View: Do We Have A Major Turn Coming?

February 6, 2023
Danny’s View:  Blowout Jobs Report Has S&P On Its Heels
Commentary

Danny’s View: Blowout Jobs Report Has S&P On Its Heels

February 3, 2023
From the Desk of Wyckoff Trader:
Analysis

From the Desk of Wyckoff Trader:

February 3, 2023
Next Post
Danny’s View:  Can The Bulls Follow Through On Friday’s Gains?

Danny's View: Can The Bulls Follow Through On Friday's Gains?

Search

No Result
View All Result

MrTopStep Live Stream

Popular Posts

  • NYSE Holidays 2020 Stock Market Schedule

    NYSE Stock Market Holidays 2022 | Stock Market Calendar

    3307 shares
    Share 1335 Tweet 822
  • Market On Close: Trend down day and the MOC capitulated but sector wise a bit bullish.

    650 shares
    Share 260 Tweet 163
  • 1920s Stock Market Chart

    545 shares
    Share 218 Tweet 136
  • Introduction to T-Theory – Magic-T

    478 shares
    Share 191 Tweet 120
  • S&P 500 projections: What the locals in the pit think

    345 shares
    Share 138 Tweet 86

The information in these Market Commentaries do not constitute a solicitation of the purchase or sale of any futures or options contracts.

Connect

Facebook Twitter Youtube

Office Hours

Monday-Friday: 7:30 AM- 4:00 PM
Order online 24/7

Ph: (207) 358-8545‬

email: info@mrtopstep.com

We Accept

© 2020 - MrTopStep All Rights Reserved.

No Result
View All Result
  • News
  • Products
    • Chatroom Login
    • Wyckoff Trader
    • MIM
    • Polaris Trading Group
    • IM Pro Trading Chat Room
  • Stocks
  • Charts
  • Commentary
  • Education
  • NYSE Holidays
  • Video

© 2020 - MrTopStep All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In