Crude’s Headache-Free Run Continues, $96-$98 Zone The Next Sticking Point
Ahoy there, Trader! ⚓️
It’s Phil…
Another glorious day on the markets. Technically it was a nothing day on the stock indexes, and most of the other indexes that did move were already moving overnight. The regular session? Meh, despite the moves that eventually happened.
Unsurprisingly, we are still grinding the range, and there is still no news, no tweets, no global thermonuclear war, no tic tac toe, and no Riker manoeuvres to spark some movement or life into these markets.
Is it a bad thing? Ah well, who cares as long as the premiums roll in.
SPX bull swing meandering upward on guaranteed premiums, Uncle Russ flipped bearish on a PLUS setup, crude running headache-free toward the $96-$98 zone, and BTC needing 67k to confirm the break. Right then, let’s get into the charts.
Market Snapshot
Overnight tape: stock indexes are all in the red as the grinding continues, and crude is the standout runner today, up over 4% and printing new highs.
- ES (SPX): 7,516.00 / -0.33% / bull swing meandering, guaranteed premiums, full read below
- YM (Uncle Dow): 52,262 / -0.40% / grinding sideways
- NQ (NazQuack): 29,092.50 / -0.25% / off the range highs, drifting
- RTY (Uncle Russ): 2,969.00 / -0.15% / flipped bearish PLUS (+3), full read below
- VIX: 17.57 / +5.59% / ticking up, still low
- GC (Gold): 4,097.90 / -0.90% / off the range highs
- CL (Crude): 90.04 / +4.12% / first target reached, $96-$98 next, full read below
- BTC: 65,642.47 / -0.67% / needs 67k for confidence, full read below
SPX: Bull Swing Meanders Upward, Guaranteed Premiums Roll In
SPX swings remain bullish but meandering upwards. Not a bad thing as the premiums roll in.
Nothing to do but wait, and at this point it is a guaranteed profit on the income options.
Bull swing meandering. Premiums rolling. Guaranteed profit.
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Uncle Russ: Switched To Bearish Swing, PLUS (+3) With PF 2.62
RUT switched from a bullish swing to a bearish swing, not too far from the upper range location we looked at. It just could not climb to 3,000.
We have a nice above-average score: PLUS (3 out of 4). These quality of setups have expected profit factors of PF 2.62, which the software lets you know for research and expectations.
Small target to the BB low and range low, so another 20 points. Should be done by Friday on this one with a little time decay.
PLUS (+3) short. PF 2.62. 20 points to Friday.
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Crude Oil: Headache-Free Run Continues, $96-$98 The Next Sticking Point
Crude oil continues to be headache free, pain free. Up and up and never coming down.
With the first target reached, the next sticking point is towards the $96-$98 zones.
First target done. $96-$98 next.
Bitcoin: Range Slightly Adjusted, 67k The Confidence Break To 70k
I have adjusted the range marked, only a slight adjustment, but I do have to reevaluate the breakout.
Still looking for a push above 67k to have some confidence in the move higher to 70k.
Below 65k and we may well see the range lows at 63k again soon’ish.
Above 67k for confidence. Below 65k back to 63k.
From The Desk: Two For Two Poppers And A Full Board
Over on the Premium Popper trades yesterday, two for two again, and the students who are following the process are nailing the setups very nicely indeed.
Interestingly, SPX fired bullish and grinded sideways with an eventual profit locked in, and RUT saw a bear breakout and another easy trend day, also locking in a nice profit.
One and done for both for me, as I was on training calls most of the morning into the early afternoon. In both trades I chose to transform the trade to lock in that profit and give me a nice profit tent, which SPX almost climbed into.
And again, the student traders are crushing it with some great results hitting the score board and the Wall of Wins channel of the community.
Two for two. Team crushing it. Board full.
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Meme of the Day:
Happy trading,
Phil
Less Brain, More Gain
…and may your trades be smoother than a cashmere codpiece
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