A Look at Today’s Trading in the S&P E-mini Futures

Another all-time intraday high (2073.00) was made in trading the S&P e-mini futures today.  Below, we look at trading the S&P e-mini futures today with two trades that occured in what was otherwise a pretty range-bound trading day.

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Trading the S&P E-Mini Futures Today

S&P TradingSmall trading in the S&P e-mini futures today on a fairly narrow range in the S&P e-mini futures.  An upthrust followed weakness about 40 minutes after the US session opened this morning.  Two or three points were possible as the market came back down and tested the overnight low. That test resulted in a spring that ran for 4-5 points.

Not a stellar day, but if you were in tune with the market and realized that there wasn’t much activity to drive the market beyond key support and resistance points, you could have done okay for trading the S&P e-mini on a small-range day.


Market Remains Bullish

The US Stock market remains bullish.  New all-time highs (2072.25) were put in on Friday in the S&P e-mini futures.

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Market Assessment

Friday’s trading did see some selling come into the market.  Although the Nasdaq sold off the most among the three indices, the selling overall was relatively modest.  I do not see heavy supply nor any change in behavior.

2014-11-23 ES DailyMonday may see some continuation of Friday’s selling.  If it does continue, look for the S&Ps to find support in the 2055 to 2050 area.  I would not expect to see it to go much lower than that if the pullback continues.  If it does, then lower support would come in around the 2045-40 level.

Overall, we remain bullish.  Market action has been strong since the mid-October lows put in by the shakeout.  We were expecting some sort of pullback to test the shakeout, but that never happened.  Instead, we have seen a classic V-spike reversal, which is generally very bullish.  Now, we are entering the Thanksgiving holiday week.  Thanksgiving typically sets a bullish tone to the market.  So until supply enters, look to buy weak pullbacks.

Tick vs Time Charts & Free Webinar

Free Webinar Info Used to Earn 16 Points!

The Free Webinar we held yesterday had much useful information about trading by price and volume, including tick vs time charts.  Fifteen different trade setups across five different markets were detailed in this 50-minute presentation.  This morning, one trader wrote to say,

I can’t believe how good the content is.  The info regarding tick vs time charts was pure gold.  I took a trade in the ES this morning based off what you taught yesterday and made 16 points profit!  Wow!

For those of you who registered and missed yesterday’s presentation, you can still access it at the link provided.  For those of you who didn’t register … well, OK, you can still sign-up and get the content.  Here is the link: Free Webinar Wyckoff Principles

Tick vs Time Charts

Several traders asked about why I use tick vs time charts in my intraday trading.  Pros understand the value of tick vs time charts; most novice traders don’t.  Tick charts build bars based off the number of trades that take place (called ticks).  You set the amount of trades or ticks for the bar (for example, 3000 ticks in the ES).  One thing this does is make the overnight data much more readable, especially when combined with the Weis Wave for volume. The chart shows an example.

Tick vs Time ChartsHere we see a standard, 5-minute bar chart of Crude oil and alongside this, a 750 tick chart.  The vertical red dashed line on both charts represents the beginning of the trading session. Note the 5-minute chart is drawn out with small price bars, lots of gaps and numerous spikes.  It’s difficult to read.  The tick chart, on the other hand, compresses the same data into a readable form.  At A, the 5-minute chart looks threatening.  We see large bars down and heavy volume.  It’s hard to justify a long trade here, but that is what was called for.  The tick chart shows this as a non-threatening pullback and, indeed, a nice Wyckoff Spring.  Note the volume and compare with the 5-minute chart.  See the difference between tick vs time charts?  It should be jumping out at you.

Major Sale & 30% Discount

In honor of Black Friday and to celebrate our new website, we have put all of our video tutorial on sale.  You can enjoy a 30% saving off the listed price by using the coupon NewWebsite30 at checkout.  The 30% discount may be applied to both trading courses and trading psychology courses.

Free Trading Webinar Today

Free Trading WebinarFree Trading Webinar on Wyckoff Principles today.  We will be looking at the S&P E-Minis, Euro Currency, Crude Oil, Gold, and the 10-Year Notes.  We start after the markets close at 4:30.  At the end, I’ll give you my take on what’s up near term for these markets. Free Trading Webinar As always, you will come away with relevant and useful information you can immediately apply to your own trading.  Here’s the link to register:

Free Trading Webinar Wyckoff Principles

Free Trading WebinarWe will cover several different price and volume trading principles that occur regularly in all freely traded markets.  In this Euro FX chart, for example, there were three excellent trades that set up well and produced excellent profits.  Can you identify the locations?

We will explain these and several others in the free trading webinar later today.

Free Trading Webinar Training Discount

As part of the free trading webinar, we will also be announcing a 30% off sale on our video training products.  This is the largest discount we will have this year.  The coupon needed for the sale will be announced in the webinar.

Trading Price & Volume

Trading price and volume—or any method, for that matter—is definitely difficult when the market sees volatility contract.  We have been seeing volatility contract in the S&Ps recently.

Trading Price and Volume in the S&Ps Today

Trading price and volumeTrading the S&Ps today had its challenges.  The Asian session had the best setup when the market failed to continue lower after penetrating the 2-day low (#1).  Note that price and volume were helpful here.  Price fell swiftly down into key support but with no supporting volume.  A nice setup.

All that came next was essentially choppiness—the hallmark characteristic of low volatility—into yesterday’s high.  Frankly, I was looking for an upthrust and missed getting short (at #2).  Fortunately, the oversold position and increased demand allowed for a day-saving trade (#3).

Trading Price and Volume For Tomorrow

We are in a fairly tight range framed by the high and low of the last three days.  Volume came in last Thursday causing the market to falter, and we are still trading within that day’s Trading price and volumerange. Watch for the breakout of this range.  As you do, keep an eye on the Naz.  Although the S&Ps and Dow closed strong today, the NQ was a bit off.  See how this market acts next.  It could give us an early clue as to the direction of the market’s next move.

Free Webinar on Trading Price and Volume Wednesday

We are holding a free webinar on trading price and volume on Wednesday.  Join us for a half hour or so and we will review Wyckoff principles in the S&Ps, Euro FX, Crude Oil and Gold.  We will look at what’s next in some of these markets, as well.  It will be fun and you should come a way having learned something useful for your trading—a half-hour well-spent.  Learn more here:

Free Trading Price and Volume Webinar