- Technically the MKT is "on the fence" with the potential to go in either direction or nowhere. Pick your points and have no expectations, as the likelihood of this MKT trading sideways is high.
- On the SELL side BREAKOUT, FADE and REVERSAL strategies are valid, however profit and position risk management should be aggressive and anticipated. The pivotal nature of the session does have the potential to be the starting point for a new move. However, the probability of any trend action is more likely to just be the MKT defining its new consolidation extreme.
- On the BUY side BREAKOUT, FADE and REVERSAL strategies are valid, however profit and position risk management should be aggressive and anticipated. The MKT is "on the fence" and does have the potential to be the beginning of a new trend move. The probability of a new trend move is low. However, any price trend action is more likely to just be the MKT defining its new consolidation extremes.
Today's PRICE MAP Performance for YM
Wrap Up
- With the R Level at the minor level below the DP, there is a "support band" from the DP to the R Level from which traders should look to get long the market. The market is expected to respected the DP; however, a corrective sell off down to the R Level is still an opportunity for traders to get long the DOW FUTURES. The market STATE for the YM was NEUTRAL DIGESTION so traders should look to momentum indicators for a "tell" on the market. At 9:30 am CT, the market tested the R Level while putting in a BULLISH DIVERGENCE signal in the RSI. This was our confirmation to get long the market from our optimal entry point. The market respected our key inflection point at the R and rallied up to the DIR, giving traders an opportunity to realize profits.
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