So this time the market gapped up, lol by like 22 points so that's pretty big. My assumption here is that the market fills the upper gap RSI and/or MFI go overbought and it cycles back down before next Wed's tariff announcements.
PCE gets announced Wed so not shorting anything before then even if MFI and RSI get overbought.
Will post a comment when I see it go overbought, no time to post during the day.
BTW: For people who don't understand what I'm talking about, futures gaps almost always fill, it's not the same as daily indices. If you don't believe me, just go look for opens gaps in the past.
Also, I prefer 3hr charts on US index futures, has worked well in the past.
PCE gets announced Wed so not shorting anything before then even if MFI and RSI get overbought.
Will post a comment when I see it go overbought, no time to post during the day.
BTW: For people who don't understand what I'm talking about, futures gaps almost always fill, it's not the same as daily indices. If you don't believe me, just go look for opens gaps in the past.
Also, I prefer 3hr charts on US index futures, has worked well in the past.
Note
You can also see that it's testing resistance right now. If it breaks through, the upper gap fill is a gimme.Trade closed: target reached
Got a sinus infection so closed out all my positions and probably not trading until next weekUpper gap is basically closed
Note
I don;t recommend chasing the market tomorrow, more than likely a whipsaw day. Just put your PCE bets in at the end of teh day
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.