The S&P 500 futures (ESZ19:CME) closed at 3131.50 Monday, 11 points above its opening print of 3120.00, after closing Friday at 3111.50. Its trading range (3116.50 – 3133.50) expanded with its closing at the high of the day. We covered our initial shorts at 3120.00. Overnight we have established another position, we stepped up the number of contracts (looking for a trade more than not) to 10, with an average entry of 3142.50; stop in at 3140 so I can get some sleep. Goldman and others have come out suggesting the upward market trends, although somewhat abated, should continue. We are not convinced, and with a “gap” appearing, we’ll take our chances. Look folks, if you are reading this on a regular basis, you see that we like to short tops and buy bottoms. We just don’t try to do it every day, and we realize there’s a world of commodities out there; they all have tops and bottoms. Remember also that we trade most often with a bias; I’m a macroeconomist at heart, give me the interest rate and currency futures first then the futures that in reality trade like currencies (coffee / soybeans). There is usually no need to trade ES, but on nights like this, you have to take your shot. chart courtesy of AMS Trading Group New Highs On Big MiM Sell After yesterday's early rally, the ES had stalled out in a 3 handle range for the rest of the morning, and well into the afternoon. Going into the final hour not much had changed. Volume was low and the MiM opened showing only $5 million to buy. Just before 2:30, the markets got a little boost from what looked like a minor short squeeze, and printed a new high at 3132.75, before retracing back to the main consolidation area of the day. When the final MiM reveal came out at $1.3 billion to sell MOC, the ES traded back down to 3129.00, and then turned around to close the session on a strong note. The futures went on to print 3133.25 on the 3:00 cash close, and 3132.50 on the 3:15 futures close, up +21 handles on the day. In terms of the days overall tone; the ES stayed strong all day. In terms of the days overall trade; volume was once again very low, with only 920k futures contracts traded, 148k of which came from the overnight Globex session. The Dollar For the wonderful Thanksgiving break we would have shorted additional Dollar contracts, but have otherwise stayed out of the markets. We’re going to be pretty boring this week, with tomorrow being our last post. chart courtesy of AMS Trading Group The Euro For the wonderful Thanksgiving break we would have shorted additional Dollar contracts, but have otherwise stayed out of the markets. We’re going to be pretty boring this week, with tomorrow being our last post. chart courtesy of AMS Trading Group Soybeans We’re starting to pick up some Soybean contracts. We’re long three January beans at 895 after patiently waiting for the somewhat inflated price to drop by more than 5%. We have additional orders below the market, and will continue buying. chart courtesy of AMS Trading Group Natural Gas No position yet, but getting closer. Dramatically cold weather is still expected, so sit on your hands. chart courtesy of AMS Trading Group OK, I’m still lazy (actually I’m busy with another project) and I’m not doing much of anything until after Thanksgiving. By the middle of December, we’ll have it all figured out, I hope. Keep emailing me at david@amstradinggroup.com and let me know what you want me to highlight and teach. In the interim, thanks for reading what we post, and enjoy your trading. December Comes Early; Russell 2000 Up 2.07% Chart courtesy of Scott Redler @RedDogT3 - Mixed markets around the World with a digestive feel after yesterday’s rally. $spx Holding 3117-3127 keeps the active bulls in control to attempt to take out 3133 for 3150+ at some point this week. (Lots is different stocks to manage and trade to keep busy). Our View I know I have said this before, but no matter where you are from or what market you’re trading, you need to include a copy of the ‘Stock Trader's Almanac’ into your trading play book. As I mentioned yesterday, small cap stocks are historically strong in the first two weeks of December, and yesterday the big portfolio managers went flying into the Russell 2000, which closed up over 2%. Here is a link to purchase the 2020 Stock Trader's Almanac, make sure it's in your Christmas stocking next month. https://www.stocktradersalmanac.com/ I am not going to do a big ‘view’ today. We all know Thanksgiving week is historically bullish. The idea was to get long into Monday and sell out on Friday, with Wednesday through Friday being the most bullish days of the week. I don’t know how any day this week will beat out yesterdays up move, but we shall see. Our view; unless there is some major movement on the China trade talks, volume should continue to decrease as the week rolls on. With that in mind, ‘thin to win’ will most likely prevail. We can't rule out selling a big gap up open, but that would be counter trending. Our lean is to buy the pullbacks/weakness using tight sell stops. If you have to get out a few times to get the long, that’s ok, just stay at it. Market Vitals Technical Analysis for Tuesday 11-26-2019 [gview file="http://mrtopstep.com/wp-content/uploads/2019/11/Market-Vitals-19.11.26.pdf"] 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.