What the TnT setup is showing, and why it waits until Monday.
Ahoy there, Trader! ⚓️
It’s Phil…
Just when you think the bulls are locked away and the bears have been released, everything flips over and it’s yoyo badoing! moves, and SPX is right back where it was. Inside the tight fucking range it was in prior to FOMC.
Living through these see saw price moves is exceptionally frustrating, and I say that fully aware that the system performance is actually delivering, despite my personal biases and frustrations.
Can I just get 2 to 3 up days and then 2 to 3 down days, like normal? This up a day, down a day business is grinding my axe.
Oh well. As long as the premiums keep rolling in.
And on that note, this is a lite one today. Bags are packed and it’s time to hit the road. Smokey and the Bandit. Bonnie and Clyde. Although realistically I am more inclined towards Bert and Ernie.
Short and sweet this morning. Here’s where we finish the month.
Market Snapshot
Everything flipped, and it flipped hard. Green across the board on the dailies, with NazQuack doing most of the heavy lifting.
And after all that, SPX is sat back inside the same range it has been living in all week.
- ES (SPX): 7,477.00 / +1.93% / straight back inside the range, full read below
- YM (Uncle Dow): 52,415 / +1.31% / recovering, still short of the highs
- NQ (NazQuack): 28,327.75 / +3.92% / the day’s big mover by a distance
- RTY (Uncle Russ): 2,955.40 / +1.82% / back up into its range with the rest
SPX: Back In The Grind, And The Setup Can Wait
SPX swings are back in the grind again.
The TnT swings are showing a good quality setup with a v-entry pattern confirmed.
And it can wait until next week. Bags are packed.
Back in the grind. The setup keeps until Monday.
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Month End: The Grind Paid Anyway
Once again I look at the P&L for the day, and the week, and the month, and it is a completely disjointed polar opposite. Which is something I spoke about at length on a couple of the group calls on Wednesday.
That is the bit worth sitting with over a long weekend. The tape has been irritating all month. My own read of it has been irritating all month. And none of that stopped the month being a good one.
The month has been awesome despite the conditions. The data and the system are reaping the rewards.
I should probably reflect on that. And so I shall, from somewhere that is not this desk, with Mrs N. Maybe a little Friday nibble via mobile while she is looking the other way.
The month has been awesome despite the conditions.
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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