Market Review
PREVIOUS DAY — THURSDAY JANUARY 16, 2020
On January 16 price opened at 3305 4/8, 18 handles up from settle.
Thurday was an S4H day. The end of the cycle. We had three doors open to us and the Normal proved to be the winning door. A constant grind up. Here is a snippet from the IMPRO chat on January 16, 2020.
By now, as a trader, it should have been no surprise that price would end up higher. All the weak hands were shaken out the day before and as I stated in the Market Recap Video, a big program trade came in on the buy-side at the 3:50 marker.
The day put in a high 3318 and settled at 3316 4/8 handle.
Please review Market Recap Video for further detail.
LOOKING FORWARD — FRIDAY JANUARY 17, 2020
Great moves are usually followed by good moves. Expect more of the same. Trump’s impeachment is losing traction. The market is gaining traction. So, so great for the opposing party. Unless…they find another shoe to drop! (Jan-7)
Overnight Globex / PEON markets are just on a constant drift higher. As I write this, Globex is trading 3322 handle. It’s a new cycle and the end of the week. All the news that was to be news has been released. Phase One has been signed on the dotted line and the impeachment ceremonies in the Senate started yesterday.
The big question on most trader’s mind is, how much higher can this go and who wants to go home long on a Friday? Most of the wars out of the country have been subdued and the war inside the country regarding the impeachment with Trump as the whipping boy will start in full swing next week.
I’m growing a beard to support 4 more years with the same party and it’s starting to get itchy.
I don’t profess nor do I claim to have the secret to trading. You’ll never see me on a private jet hocking my latest 1, 2, 3 pattern that will give you riches untold. I don’t even have a 1, 2, 3 pattern.
What I do have is a proven track record of delivering my subscribers a 3,933 plus point net since August 18, 2018. On average we print about 130 points each 30 days. Below is Monday’s 12 point trade.
I just provide levels you can trust every day intended to trade for 2 to 4 points with a 2 to 4 point stop. You get four potential longs and four potential shorts each trading day. Below is Tuesday’s 20 point trade.
I’m a trader first. Old School market educator second. And levels you can trust supplier third.
I provide a market recap video of the day before discussing one old school market principle the 1930’s traders may have played and an email with a PDF file chocked full of charts to view.
I use a Hidden clock, my mentor, WB, showed me and the Fundamental Rules of the Market Richard D. Wyckoff forged in stone when trading first began.
Using the Wyckoff Wave allows you to possibly put on a larger size and using the timing of WB’s internal clock (that clock that controls all turns intraday every day) allows you to hold trades longer giving you more potential profit and a lean on the next turn (direction) and duration. I’m the last of my kind – and there’s only one of me left!
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Closing Prices
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In the Tradechat Rooms
The MiM
Another Bull stampede on the close with a stealth MIM that again didn’t fully bloom until the 3:50 PM ET lockup where it was revealed to be a 2.7B buy. That finished off the day and the bears.
HFT Alert
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Economic Calendar
| Globex | Day Session |
| High 3308.00 Low 3293.75 Volume 203,000 | Opening Print 3305.00 High 3318.00 Low 3302.75 ES Settlement 3316.50 Total Volume 1.3M |
#ES Chope & Rock
The S&P 500 futures (ESH20:CME) made a low on Globex during Wednesday night’s Globex session at 3293.75, made a high at 3308.00 and opened Thursday’s regular session at 3305.00. After the open, the ES down ticked, rallied up to the 3208 level and from 8:40 am CT to 12:40 traded in a 4 to 5 handle range after which it made a new high at 3310.50.
At 2:30 the ES traded 3310.50 as the final 2:50 cash imbalance showed 2.7B to buy, a big buy, we traded 3615.50 on the 3:00 cash close and settled the day at 3316.50 on the 3:15 futures close, up 23 handles (0.7% ) on the day.
In terms of the ES’s overall tone, it was all about the mid-day ‘back and fill’ and the MOC buyers that have been showing up almost every day this year. In terms of the day’s overall trade, 1.3 million ES traded with 210,000 coming from Globex making the total day session volume 1.09 million contracts traded.
I generally write a larger ES recap but with the exception of the late day rip, it was an extremely quiet, choppy session.
Chart of the Day
Our View
From the December 3rd 3014.50 low to present the ES has rallied 303.5 handles. In 30 trading sessions, the ES has an average gain of 10.1 handles a day. Traders can say what they like but I personally do not think I have ever seen anything like this before. I have to be honest, I sold the early highs and got long near the lows and got chopped up badly during the mid-day back and fill. While our lean yesterday was to sell the early rallies and buy the pullback I should have listened to myself about not fighting city hall. Every time the ES dropped I tried to sell it and every time it popped I tried to buy it. I clearly broke every trading rule in the book and the funny thing was that I said right after the open that I was going to trade less and pick my spots better but I didn’t do that and I got taught a lesson. Its 6:45 pm and the ES recently traded up to 3322.50. Our lean is to take a step back today and get my feet back on the ground. I’m sorry but it seems like it’s much harder to trade it than it is to call it!
Market Vitals Technical Analysis
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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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