Another FOMC session has
passed, the third straight where your Fed taking no action at all.
Ahead next week we have end-month / end-year for some big funds, then mid-term
elections the week to follow. Sprinkled in between there are the usual cast of
econ reports. No shortage of reasons for traders to knee-jerk price action both
directions, while the current trend remains decidedly up.
All valid trade signals yesterday were buy
signals off daily pivot points. Seldom is emini trading this simple / easy, but
once in awhile these conditions come along. The FOMC event offered nothing new,
no market surprises so therefore no major directional price breaks in response.
When all said & done, price action went right
back to session highs in the same manner it has done since this pole vault rally
began.
Daily chart view shows the ES (and therefore YM)
posting a straight-up ascent with no pause. Meanwhile, the ER (and NQ) lag
noticeably behind. Either trees grow to heaven these days, or the correction
when it comes will be equally steep. In any event, trading is quite simple right
now: buy the dips, period. We don't really need to know much more than that,
similar to entrenched sell offs when every lift to resistance gets sold. This
period in time is the perfect reverse of that.
Not much new to relate on the market front.
Expect tapes to remain propped at least thru next Tuesday, more likely past
election Tuesday to follow. Where this current rally may pause or end is
unknown. What we do know for sure is that buying dips is working like crazy, and
has worked real well for quite some time. As always, follow the chart signals in
your viable trading approach and let the trends begin & end where they may.
Summation
Not much new to relate on the market front.
Expect tapes to remain propped at least thru next Tuesday, more likely past
election Tuesday to follow. Where this current rally may pause or end is
unknown. What we do know for sure is that buying dips is working like crazy, and
has worked real well for quite some time. As always, follow the chart signals in
your viable trading approach and let the trends begin & end where they may.
Trade To Win
Austin P
www.CoiledMarkets.com
Austin Passamonte is a full-time professional trader who specializes in E-mini stock index futures, equity
options and commodity markets. Mr. Passamonte's trading approach uses proprietary chart patterns found on an
intraday basis. Austin trades privately in the Finger Lakes region of New York.
