Market Review
The market wants to believe that whoever wins the November election will be good for the economy and the people. The market wants to believe that soon, very soon, a vaccine will be delivered to the American people and all will be well once again. The market wants to believe that no matter what, it can/will always go up…
Sounds like the dreams of a child to me…but we are living it!
If you look at the picture below, you can easily see at 3:00 large volume came in to support the drop after Trump’s Tweet.
I’ve been saying in the AM TURN, PROS AND NUMBAHS, Big Picture: It’s all about the free money $1T or $2 t getting ready to be released once a decision can be made up in the “white house”…
Free, everybody wants free. Free money, Free energy, and Carbon-Free Emissions by 2030. And that might be what Trump is missing and could be his Achilles heel. Amazon, Google, and Walmart are all talking about a Carbon-Free Footprint. Biden is talking about gas-free cars by 2033. It’s coming from somewhere? My guess is San Fanfrisco…
Perhaps, it’s no longer about bringing back the old America?
It’s about bringing about the new America?
I’m just saying… (I’m a fan of the old America)
Yesterday was an S2L day and it did what S2L days do. Keep climbing for higher highs. We had one dip where volume came in and climaxed the move, the price went up during the SLOG.
Looking Forward Friday, October 9, 2020
Today is expected as an S3L day. “Do they want a little gravy with their gap?”; that’s what WB would say. Can it get higher? Are we closer to the free money? It’s a Friday, who wants to go home long?
I give you the best of the old school market technicians, JP Morgan, Herriman, Kearn, and Livermore. The traders of the 1930s. How they may have seen the market. I use the lens of Richard D. Wyckoff Principles and Procedures and through the eyes of WB’s hidden internal clock. The clock that controls all turns intraday every day
We had a good week this week. Our subscribers have been very lucky with the levels given: 4 points Monday, 66 points Tuesday, 0 points Wednesday, and 8 points Thursday. Total for the week 78 points, that would be $3,900 on 1 lot and $11,700 on 3 lots. That’s due to the volatility that crept back into the market. I’ll be the first to say, it does NOT happen every week. When it does it’s a beautiful thing!
I would love for you to join us. If you have not taken the time, now would be a great time for you to subscribe.
Economic Calendar
Closing Prices
In the Tradechat Room
MiM
Another day of a small MOC. As we head into the 2nd half of the month we should start to see the MOCs pick up into the fourth quarter.
Questions? Please email me: Marlin@mrtopstep.com
Get the skinny when we get it: Join the MiM.
Covid Corner:
Record high daily cases continue for the world as we await some vaccine rescue. The world is adding over 300K new cases a day, about 33% of that is the US at around 34K cases a day on the 7-day average. We are losing about 5K people a day worldwide, 740 in the US which is 14% of the total daily deaths.
To use our table, go to https://t2r4.com/cv19/views. Each column is sortable and if you click on a cell you will get a time-based chart of the state.
Wear your masks!
Stay home!
Take your Vitamin D!
Chart of the Day
GLOBEX
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3433.00 | Opening Print: 3428.50 |
| Low: 3405.50 | High 3438.75 |
| Volume: 156,000 | Low: 3418.75 |
| ES Settlement 3437.50 | |
| Total Volume 1.0 M |
S&P 500 RECAP – Trade Date 10/08/ 2020
#ES Money Maker Chart
S&P 500 Futures: The Highest Close In Over a Month
After a sideways to higher 27.50 handle overnight range on very low volume, rallying higher, the S&P 500 futures opened Thursday’s cash session at 3428.50, up 21.50 handles, and traded sideways throughout the morning with the high of 3436.00 printing at 9:45 CT and the daily low of 3418.75 trading at 10:45. The S&Ps rallied late in the morning to 3435.00 only to settle into an afternoon range with a low of 3428.00 at 1:00 and grind higher the rest of the session making a late day high of 3438.75 before settling at 3437.50, up 30.75 handles or +0.90.%
In terms of price action, the only real trade was buying the late morning low and holding on through the rest of the session. Total volume was very light with only 1 million contracts trading.
OUR VIEW:
Despite the ‘rangling’, I think there will be an agreement on the second round of stimulus very soon. Everyone was asking why the ES was up and rallied on the close and my feeling is the government is nearing a deal. There has to be compromise. Our view, we live in an ever-changing world where nothing stays the same for long. The ES traded down to 3331 on Tuesday afternoon and is making new highs on Globex of 3457 at 9:37 last night, up 144 handles in two days. Our lean is two-fold, you can sell the early rally and buy the pullback or you can just be patient and buy the dip. Yesterday’s low came in exactly at 9:30 CT.
Market Vitals Technical Analysis
Did you know that your premium membership gives you access to our Market Vitals? Click on the image below and get today’s key levels.
As always, please use protective buy and sell stops when trading futures and options.
Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Decisions to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
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