After yesterday’s remarkable rebound, today’s daily market outlook in the Profit Compass focuses on the current technical posture of the indexes. Key levels and trading plans are provided with commentary aimed at keeping you on the right side of the trade.
Trading Psychology Tip of the Day
Conversations with a trader reveals opportunities to improve not only thought patterns by focusing on process over outcomes. This short section is one of the most popular aspects of the Daily Profit Compass. Take a look.
The Indexes: SPY, QQQ, and IWM
A massive rebound off key support yesterday brought price for all of the indexes to key resistance and fib levels. So now the challenge is follow through. In the Profit Compass I show that the overall posture of the technicals remains bearish with the key indicators remaining on the lower end of the range.
Additionally, I take a quick look at the measured move implied by the recent trading range in SPY. I think you will surprised by the targets.
Potential Catalysts for Today
* Non-farm payrolls of OPEC should announce something today on whether they’ve come to a production cutback agreement or not. Russian participation is said to be the key.
* Lael Brainard scheduled to speak at 12.15. She may have comments on job number
- Court filings are due out for Manafort and Cohen poses an event risk.
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