Quotes by TradingView
Friday, March 24, 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 24 MARCH: ASX falls 0.2pc; big four banks slide | Macquarie vies for big role in offshore wind | Block dives amid Hindenburg fraud claims |

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

    PEAK ASSET: ARVO WRAP 23 MARCH: ASX falls 0.7pc at close, nine sectors in the red | PNG hatches $4.5b plan for new LNG train, gas fields | Andrew Forrest sparks a merger and acquisition race for small miners |

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

    PEAK ASSET: MORNING WRAP 23 MARCH: Wall street fluctuates | The Fed overnight lifted rates as expected | After Neuren’s success, which other ASX health stocks are knocking on the US FDA door? |

    Fed’s on Tap. Big Ranges Expected

    Fed’s on Tap. Big Ranges Expected

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

    PEAK ASSET: ARVO WRAP 22 MARCH: ASX jumps 0.9pc | biggest daily gain in 2 months | BPH Energy resumes trading following PEP-11 controversy |

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

    PEAK ASSET: MORNING WRAP 22 MARCH: ASX to rise, equities rally in Europe, New York | ASX banking stocks outperforming American, European rivals | Is Australia’s lithium moat drying up? |

    2-Day Fed Meeting Starts Today (Back Up Send)

    2-Day Fed Meeting Starts Today (Back Up Send)

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

    PEAK ASSET: ARVO WRAP 21 MARCH: Shares add 0.8pc; banks rebound | Forrest in $760m takeover bid for BHP nickel supplier | Chimeric Therapeutics reveals positive pre-IND with US FDA |

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

    PEAK ASSET: MORNING WRAP 21 MARCH: ASX to rally | Dow, S&P 500 advance in broad rebound | Corella perfectly poised to supply high purity alumina to lithium-ion battery markets |

    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
    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: ARVO WRAP 24 MARCH: ASX falls 0.2pc; big four banks slide | Macquarie vies for big role in offshore wind | Block dives amid Hindenburg fraud claims |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: ARVO WRAP 23 MARCH: ASX falls 0.7pc at close, nine sectors in the red | PNG hatches $4.5b plan for new LNG train, gas fields | Andrew Forrest sparks a merger and acquisition race for small miners |

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

    PEAK ASSET: MORNING WRAP 23 MARCH: Wall street fluctuates | The Fed overnight lifted rates as expected | After Neuren’s success, which other ASX health stocks are knocking on the US FDA door? |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: ARVO WRAP 22 MARCH: ASX jumps 0.9pc | biggest daily gain in 2 months | BPH Energy resumes trading following PEP-11 controversy |

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

    PEAK ASSET: MORNING WRAP 22 MARCH: ASX to rise, equities rally in Europe, New York | ASX banking stocks outperforming American, European rivals | Is Australia’s lithium moat drying up? |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

  • Commentary
    • All
    • Market Recap
    • MrTopStep
    Fed’s on Tap. Big Ranges Expected

    Fed’s on Tap. Big Ranges Expected

    2-Day Fed Meeting Starts Today (Back Up Send)

    2-Day Fed Meeting Starts Today (Back Up Send)

    After March Triple Witching, Eyes Turn to Fed

    After March Triple Witching, Eyes Turn to Fed

    March Triple Witching on Tap, $2.9 Trillion Expiring Options

    March Triple Witching on Tap, $2.9 Trillion Expiring Options

    ECB Rate Hike in Focus as Credit Suisse Receives Funding

    ECB Rate Hike in Focus as Credit Suisse Receives Funding

    Contagion Fear Spreads Into Europe

    Contagion Fear Spreads Into Europe

    In-Line Inflation Numbers Has Market Undecided

    In-Line Inflation Numbers Has Market Undecided

    Silvergate Meets Silicon Bank

    Silvergate Meets Silicon Bank

    Market Crash in 60 Days? | A Trade-able Range Is Set

    Market Crash in 60 Days? | A Trade-able Range Is Set

  • Education
    • All
    • Economics
    • Trading Methods
    • Trading Psychology
    • Trading Room
    • Trading Rules
    • Webinars
    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

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

    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?

  • 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 24 MARCH: ASX falls 0.2pc; big four banks slide | Macquarie vies for big role in offshore wind | Block dives amid Hindenburg fraud claims |

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

    PEAK ASSET: ARVO WRAP 23 MARCH: ASX falls 0.7pc at close, nine sectors in the red | PNG hatches $4.5b plan for new LNG train, gas fields | Andrew Forrest sparks a merger and acquisition race for small miners |

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

    PEAK ASSET: MORNING WRAP 23 MARCH: Wall street fluctuates | The Fed overnight lifted rates as expected | After Neuren’s success, which other ASX health stocks are knocking on the US FDA door? |

    Fed’s on Tap. Big Ranges Expected

    Fed’s on Tap. Big Ranges Expected

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

    PEAK ASSET: ARVO WRAP 22 MARCH: ASX jumps 0.9pc | biggest daily gain in 2 months | BPH Energy resumes trading following PEP-11 controversy |

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

    PEAK ASSET: MORNING WRAP 22 MARCH: ASX to rise, equities rally in Europe, New York | ASX banking stocks outperforming American, European rivals | Is Australia’s lithium moat drying up? |

    2-Day Fed Meeting Starts Today (Back Up Send)

    2-Day Fed Meeting Starts Today (Back Up Send)

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

    PEAK ASSET: ARVO WRAP 21 MARCH: Shares add 0.8pc; banks rebound | Forrest in $760m takeover bid for BHP nickel supplier | Chimeric Therapeutics reveals positive pre-IND with US FDA |

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

    PEAK ASSET: MORNING WRAP 21 MARCH: ASX to rally | Dow, S&P 500 advance in broad rebound | Corella perfectly poised to supply high purity alumina to lithium-ion battery markets |

    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
    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: ARVO WRAP 24 MARCH: ASX falls 0.2pc; big four banks slide | Macquarie vies for big role in offshore wind | Block dives amid Hindenburg fraud claims |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: ARVO WRAP 23 MARCH: ASX falls 0.7pc at close, nine sectors in the red | PNG hatches $4.5b plan for new LNG train, gas fields | Andrew Forrest sparks a merger and acquisition race for small miners |

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

    PEAK ASSET: MORNING WRAP 23 MARCH: Wall street fluctuates | The Fed overnight lifted rates as expected | After Neuren’s success, which other ASX health stocks are knocking on the US FDA door? |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: ARVO WRAP 22 MARCH: ASX jumps 0.9pc | biggest daily gain in 2 months | BPH Energy resumes trading following PEP-11 controversy |

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

    PEAK ASSET: MORNING WRAP 22 MARCH: ASX to rise, equities rally in Europe, New York | ASX banking stocks outperforming American, European rivals | Is Australia’s lithium moat drying up? |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

  • Commentary
    • All
    • Market Recap
    • MrTopStep
    Fed’s on Tap. Big Ranges Expected

    Fed’s on Tap. Big Ranges Expected

    2-Day Fed Meeting Starts Today (Back Up Send)

    2-Day Fed Meeting Starts Today (Back Up Send)

    After March Triple Witching, Eyes Turn to Fed

    After March Triple Witching, Eyes Turn to Fed

    March Triple Witching on Tap, $2.9 Trillion Expiring Options

    March Triple Witching on Tap, $2.9 Trillion Expiring Options

    ECB Rate Hike in Focus as Credit Suisse Receives Funding

    ECB Rate Hike in Focus as Credit Suisse Receives Funding

    Contagion Fear Spreads Into Europe

    Contagion Fear Spreads Into Europe

    In-Line Inflation Numbers Has Market Undecided

    In-Line Inflation Numbers Has Market Undecided

    Silvergate Meets Silicon Bank

    Silvergate Meets Silicon Bank

    Market Crash in 60 Days? | A Trade-able Range Is Set

    Market Crash in 60 Days? | A Trade-able Range Is Set

  • Education
    • All
    • Economics
    • Trading Methods
    • Trading Psychology
    • Trading Room
    • Trading Rules
    • Webinars
    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

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

    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?

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

Danny’s View: Buy The Opening Dip? Here Are The Levels To Know

Danny Riley by Danny Riley
November 28, 2022
in Private
0 0
0
Danny’s View:  Buy The Opening Dip? Here Are The Levels To Know
15
SHARES
105
VIEWS
Share on FacebookShare on Twitter

The dollar and S&P open the week under pressure.

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

Don’t Forget: The Long-term performance of the S&P 500, some longer-term setups, and 5 red flags that showed up before the 2022 bear market. 

Our View

The ES and NQ are down as a US rail strike looms and amid widespread protests in China over the country’s zero-tolerance approach to Covid-19. The latter also weighed on with the Hang Seng Composite, which fell 4% at one point and ended lower by 1.6%. 

Crude oil prices fell again to a low of $73.60, its lowest price since December 2021. Credit Suisse shares fell further and its riskiest bonds sold off as the bank undertook a new capital raise. 

These are just a few of the things the markets face going into the final trading days of November and the first trading day of December. As if the headlines weren’t enough, we have the monthly jobs report on Friday and Powell speaks on Wednesday. 

Our Lean — Danny’s Take

I know a lot of people think the S&P is going to keep going up, but it’s been going up for the last eight weeks and the news seems to be shifting again. 

Seasonally, the ES has an average gain of 1.6% in December. At the same time, stocks have risen during the last five trading days of December and the first two days of January 75% of the time since 1945, according to CFRA — the so-called Santa Claus Rally. 

This year, that time period starts on Dec. 27. The average Santa Claus Rally has boosted the S&P 500 by 1.3% since 1969, according to the Stock Trader’s Almanac. 

All the above is true, but the ES is coming off an 8-week rally and as you can see, not all the news is good and there is going to be a high level of end-of-the-month rebalancing. Our Lean is we cannot rule out buying the open for a scalp, but we think today is a sell-the-rallies day. 

Support: 3990 to 4000, then 3975 to 3980. Resistance: 4025, 4050. (Charts below). 

MiM and Daily Recap

In the end, the markets made a push to the prior week’s high in the overnight session, but couldn’t continue higher on Friday’s short session. In terms of the ES’s overall tone, the NQ again acted as an anchor to the ES. In terms of the day’s overall trade, volume was low, as expected, at 564.8K contracts.

Technical Edge

  • NYSE Breadth: 57% Upside Volume
  • Advance/Decline: 64% Advance 
  • VIX: ~$20.50

The dollar is making new lows on this current decline, while bonds are up in the pre-market. Aside from booking some more profits in our short dollar position, this setup tends to bode well for equities, even though the S&P is coming into the session under pressure. 

I am interested in seeing how the market handles a lower open. Let’s take our time and let price lead the way. We don’t want to start the week on a negative note. 

S&P 500 — ES 

The ES is fading down to the 4000 area ahead of the open. I’d like to think this area acts as support, with the 50% retracement of last week’s range at 3993. For now, that’s where ES has bounced from.

If it takes out the Globex low, look for support in the 3975 to 3980 area. That’s where we have the 10-day moving average and the 61.8%. 

If we get that kind of dump to start the week, I imagine they at least give us a bounce to work with. 

On the upside, 4024 is clearly relevant, as it marks Friday’s low and the overnight high. A move above this area puts 4050 in play. 

The Bigger Picture: 

Bulls need active support to continue to hold. Currently, that’s in the 3975 to 3980 area. Below that and 3940 to 3950 may be called upon. 

On the upside, we have a 2x weekly high of ~4050. If we can rotate over this level — and the declining 200-day moving average — it puts 4135 to 4150 on the table. 

SPY — Daily

The SPY has a similar look. Bulls need the 10-day moving average to hold as support on the downside. 

On the upside, they need to clear $402.30-ish. Ultimately, we want to see a push above the 200-day moving average and a gap-fill at ~$408.50. 

A break of the 10-day that’s not repaired puts $390 and the 21-day back in play. 

SPY — Weekly

A prior doji week was met with a push higher last week, although not one that could really rotate over the high. 

On the downside, the SPY needs to hold the 21-week and 10-week moving averages, while a push up to the 50-week would be ideal. 

Go-To Watchlist

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

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

Open Positions — 

  1. TLT — Now ⅓ to ½ position here. Raise stops (B/E at minimum) and looking for $104.50 to $105 next. 
  2. CCRN — down to ⅓ or less. Exit at $36+ or consider holding for $37.50 to $38. Stop at $32.
  3. QQQ — Just down to runners. #cheers
  4. DIA — Just down to runners, if you want. #Cheers
  5. Gold — A traction-less trade thus far, although we were able to cut ½ the position above B/E and get our exit about 1760.
    1. Can be down to ⅓ or less or out completely. 
  6. UUP — Trimmed again on continued fade. Down to ⅓ to ½. Trim down to runner or exit the rest if we open below last week’s low. 
    1. For DXY, I would love to exit the rest at the 200-day moving average. (at 200-day now in the pre-market). 

Relative strength leaders →

  1. LNG 
  2. CAH 
  3. TJX 
  4. SBUX
  5. DE
  • CCRN
  • AMGN
  • GIS
  • REGN
  • CI
  • MCD
  • ENPH, FSLR — solar has strength 
  • VRTX
  • UNH
  • MRK
  • XLE — XOM, CVX, COP, BP, EOG, PXD (Weekly Charts)
  • SBUX

Economic Calendar

**Powell Speak on Wednesday afternoon**

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 analyses 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

Cabrera Capital Daily Game Plan

Next Post

Jason Sen: Stock markets

Related Posts

Danny’s View:  Starting Off The Week On The Ropes
Private

Danny’s View: Starting Off The Week On The Ropes

February 21, 2023
Danny’s View:  Opex Friday Comes With A Bang
Private

Danny’s View: Opex Friday Comes With A Bang

February 17, 2023
Private

Danny’s View: Bulls And Bears Both Have Catalysts In Their Favor

February 16, 2023
Next Post

Jason Sen: Stock markets

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

    3315 shares
    Share 1339 Tweet 824
  • Market On Close: Trend down day and the MOC capitulated but sector wise a bit bullish.

    721 shares
    Share 288 Tweet 180
  • 1920s Stock Market Chart

    585 shares
    Share 234 Tweet 146
  • Introduction to T-Theory – Magic-T

    490 shares
    Share 196 Tweet 123
  • S&P 500 projections: What the locals in the pit think

    348 shares
    Share 139 Tweet 87

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