Economic reports kick off the action
Today marks the end of
this week, month and quarter. A few key economic reports will kick
off the pre-market action, then prices are subject to whims of big-money funds
with a strong preference for lofty levels into the closing bell.
Yesterday, S&P 500 futures made some real sweet
swing moves. By my count there were three different swings greater than +4pts
from entry signals and one swing greater than +3pts from valid entry signal.
That gave Thursday an easy +15pt cumulative potential, if not a bit more. Didn’t
cover a lot of range, wasn’t really a trend session but it did make all the
right moves.
Russell 2000 futures were a bit stingier than the
ES. This one lagged upside versus ES off the opening bell, then lagged downside
comparable to ES in the afternoon. Pretty muted action in the ER, clearly
subject to the blatant “pinning” action due to window dressing antics.
ES (+$50 per index point)
ER
(+$100 per index point)
Summation
Today is all about finishing well for the funds. Sideways to higher is the
likely outcome. Sessions following end-quarter events have patterned some wide,
volatile swings recently. We should expect next Monday to likely follow suit.
Today may be muted, but anything is possible at any time in any financial
market.
Trade To Win
Austin P
(Online video clip tutorials…
open access)
Austin Passamonte
is a full-time professional trader who specializes in E-mini stock index
futures, equity options and commodity markets.
Mr. Passamonte’s trading approach uses proprietary chart patterns found on an
intraday basis. Austin trades privately in the Finger Lakes region of New
York.