Anyone scalping the FTSE Futures??

Feels like it has more of a bullish bias today but its not that convincing, IBM going to weigh on markets when US gets in. Have to see if they can look past it !
 
Good morning! The games continue with today being expiry day, notice how gold and other commodities are bouncing back nicely. I expected this at the start of the week. Gold sold off on Friday getting puts on board and with Monday’s sell-off they will have drawn in more amateurs into puts and all week they have been slowly bringing it back up. After Monday’s collapse, I was thinking they might take it back up to 1450 by the end of the week, however, that seems a bit far off for now, but you never know!

US markets played out very well yesterday. We hit the 154 level finally after near-tagging the area yesterday and then tagging it early yesterday before a decent bounce. I hadn’t covered my S&P swing short at that point as my key level had not been hit. It’s very easy to let emotions take hold of you and your trading when you concentrate on the intra-day price moves and see your shorts profits dwindling, however, if you take a step back and look at the bigger picture, you will be more relaxed and see what is really happening. I’d been mentioning all day about the 154.80 level and said providing they don’t recapture that level, markets would sell-off again and that is exactly what played out. I am currently in a state of uncertainty, my first target on the SPY has not yet been hit, the 152.90-153 area, however, as I have been saying, I do believe the 154 is a key area too and could see a bounce for a couple of days. The worst I expect for today is a close above 153.60 but it is possible for them to move the markets back up towards the 155.27 level. If markets see some early selling below the lows of yesterday I will take some profits on my S&P swing short and possibly even take it all off and then wait for the bounce and re-enter.

To be very clear, the charts are now telling us that markets are coming lower, towards my T1 and T2 targets in the coming days and weeks, so any decent bounces are shortable, providing there are no major news catalysts. As I’ve said, it is possible for a move back up to 156.48 and 157.52.



The DIA also closed down nicely yesterday and I’d mentioned the DIA was the one I was particularly interested in yesterday, and it closed below my key 145.32 level, but I do expect it to bounce off that level.

Swing shorts update:
As posted yesterday, I took partial profits on some trades yesterday as follows:

AMZN hit my T1 so I took half off
CVX already pierced my T1 and was half way to my T2 so I took half off yesterday.
S&P – I am still waiting for my 153 area but to be prudent, I will take some off if we sell-off tomorrow around the lows of yesterday, preferably on a pierce.
___
I've just picked up a swing long on the DAX at 7490. It's a scalp turned into a swing so I have a break-even stop in place already. Dax isn't looking particularly strong, but nor is it looking too weak, and I do believe it is due a bounce. SO this is more of a hedge, just in case the US markets do bounce before getting to my 153 level as I suspect they can. First small target is 7580 then will need to see how price reacts there to determine if it is likely to continue higher.
 
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SuddenDeath said:
Dax hit the buy pivot earlier
Click to expand...

yeah saw that good call SD, looks like were pushing on, my go long point is a little bit higher on my charts about 7529 on cash price

SD would you be bale to tell me where u picked that pivot on the dax from ? just for my info ?
 
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samirs said:
DAX moving up in to opex / auction.....may be good opportunity to sell the pop
Click to expand...

Samirs - I'd be very careful if you're looking to sell right now. Especially if you're looking to hold over the weekend.

Dax look for some early resistance at 7540-41
and then a lot of resis at 7550. And then a little more at 7560. but 7550 area is the big resis. I'll most likely take something off my long in those areas. And then 7606-10.

But hard to short DAX right now
 
CTAC said:
Samirs - I'd be very careful if you're looking to sell right now. Especially if you're looking to hold over the weekend.

Dax look for some early resistance at 7540-41
and then a lot of resis at 7550. And then a little more at 7560. but 7550 area is the big resis. I'll most likely take something off my long in those areas. And then 7606-10.

But hard to short DAX right now
Click to expand...

looks like he nailed it !
 
Talbs! said:
yeah saw that good call SD, looks like were pushing on, my go long point is a little bit higher on my charts about 7529 on cash price

SD would you be bale to tell me where u picked that pivot on the dax from ? just for my info ?
Click to expand...

As i pointed out earlier Dax not bullish until 29 breached , ok so a tiny one up to 30 then it backed off . If anyone is interested 7520 now the level to breach, or 7530 on the future !
 
Talbs! said:
As i pointed out earlier Dax not bullish until 29 breached , ok so a tiny one up to 30 then it backed off . If anyone is interested 7520 now the level to breach, or 7530 on the future !
Click to expand...

Hi Talbs,

Dow opened and fell 93 bounced back now. big disparity between DIA and SPY

VT (vanguard total stock market fund) is +0.7% so Dow down spike 93 is out of whack
 
SuddenDeath said:
Hi Talbs,

Dow opened and fell 93 bounced back now. big disparity between DIA and SPY

VT (vanguard total stock market fund) is +0.7% so Dow down spike 93 is out of whack
Click to expand...

Yes Dow well out but IBM is the weighing as its a huge weight of the dow, ive just bought some dow as it goes, !
 
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