Gold finally gets interesting, and a move above 4440 trips the setup.
Ahoy there, Trader! ⚓️
It’s Phil…
After the boom day there came the grind day.
The house of cards has been granted a further 24-hour extension, pending review.
Gold however is looking interesting (finally), more on that below.
Right then, let’s get into the charts.
Market Snapshot
Given that the ES and Naz moves were born on the back of 3 or 4 stocks, as they are not continuing to pump then the indexes are not pumping. These moves are looking once again like a house of cards ready to topple, they just haven’t been told they can participate, so the rotation rally continues. AI wins, everything else loses… again!
Anyhoos, two going slightly up this time and the other two slightly down, just waiting for the house of cards to tumble.
- ES 7,839.00, +0.14%. Going up, generally speaking.
- NQ (NazQuack) 31,031.75. Going up, generally speaking.
- YM (Uncle Dow) 52,342, +0.17%. Going down, generally speaking.
- RTY (Uncle Russ) 2,909.5, −0.14%. Going down, generally speaking.
- Gold 4,359.7, −0.83%. Looking interesting (finally), full read below.
- BTC 86,200.99, −0.05%. Pumping and stalling, full read below.
SPX – The bear failure is, for the moment, holding.
SPX bear swings are holding nicely, and what’s interesting is that the bear failure is for the moment holding to the point where the bull MACD-v extreme is fizzing out with a very shallow V pattern. The lower BB is rising, so even a small bear move now has the chance to Tag n Turn as price volatility contracts.
Volatility contracting, lower BB rising, bears holding nicely.
RUT – Nudged a little higher, then meandered.
RUT nudged a little higher before also meandering sideways most of the day. This did flag up a low scored bear setup and a new V-entry waiting to trigger, which will improve the bear score.
It is nice to see them both in alignment again, no matter how temporary it may be.
Both in alignment again, however temporary.
Bitcoin – Pumping and stalling.
Bitcoin has resumed its traditional pose of standing very still, very loudly.
BTC is pumping and stalling in a similar way to what we saw back on 21 Aug after the prior rally. Let’s hope we don’t see another multi week grind before the next move.
Still bullish.
Gold – And that leaves us with gold…
Gold is interesting. Finally. Authorities confirm.
The August rally broke out of the multi month descending wedge type of pattern. That breakout move sits in the 50 to 61.8% zone, and developing a higher low or V-entry, a move above the 4440 level will trip this setup for me, and a potential move just past the 5000 level is expected.
Above 4440 trips it. Just past 5000 is expected.
Premium Poppers & Wall of Wins
1 and done for me.
It sat on its short strike all day, then remembered where it was going with minutes to spare.
Despite the sudden grind into a contraction day, the Premium Poppers, or should I say Popper, did well today. 1 and done for me, no opportunity to transform it, and similar to RUT the prior day it sat around its short strike for most of the day before an eventual max profit was seen just prior to the final bell.
Max profit was 100% of the credit received. The P&L is what is shown on screen for a 1 lot credit spread.
Once again the community took the same positions, all managed slightly differently for profit objectives, but overall a good day ranging from 50% to 100% of max profit.
Picking it up from Monday first,
- Scott K.: “I was going to be out most of the day, so took the 1st BO on SPX and transformed right away to lock in $3.46 profit with a chance at a bullseye. Closed in a different universe from my target, but that’s OK.”
And again from
- Scott K. on Tuesday: “Tuesday, SPX BO1 closed for 64% profit; and SPX BO3 closed for 44% profit.”
- Chris: “Took the bear LP. Had an order to convert, but it never triggered. Biting my fingernails towards the end of the day, but it dropped enough at the end for full value. Wish it would have converted as it would have been a direct hit.”
- SLP: “In @ 115, out @ 55 (SPX).”
- Vijay: “SPX PP winner.”
- Edward B.: “PP SPX. In @ 1.05 out at .5.”
- Jo R.: “Finally took a SPX trade, out with .50 profit.”
- Shakur: “SPX worked but it was messy.”
- Bill H.: “Yep, just took my 2nd 1/2 size on SPX. It’s finally cracking.” “I’ll look for a VWAP trade on SPX if it presents itself today.”
Well done Team AntiVestor.
Meme of the Day:
Happy trading,
Phil
Less Brain, More Gain
…and may your trades be smoother than a cashmere codpiece
p.s. There are 3 ways I can help you…
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