>>This is a sample of the TRADEPLAN & QUICKSHEET which we prepare daily for those who are in our development PATHWAY or get the DAILY OUTLOOK
REVIEW & TRADEPLAN:
Has Uncle Jerome lost his magic touch? Or, has the market finally come to grips with the physics of where we are headed. Higher rates and reduced QE = sideways equities at best, lower at worst.
ES, NQ, and RTY all remain in downward auctions. They have migrated the 5D VPOC lower, so that now becomes the key point of interest should the auction attempt to head higher.
Crude took the news in stride and is busy trading higher on war fears. They are once again attempting up to the top of the bracket.
FOMC SOCs (Scene of the Crime): ES 4413, NQ 14475, RTY 2030.
Thursday will be the fallout of FOMC and Tesla earnings. Apple reporting after the close.
VIX Curve: “Inverted Curve” / We are fully inverted as of the close. The curve actually gained inversion by a few points by the close. Caution remains!!!!
- NEAR CURVE VIX9D-VIX: 5.48 (-4+ is complacent, >1 is fearful)
- LONG CURVE VIX9D-VIX1Y: 7.02 (-13+ is complacent, >0 is fearful)
Catalysts: Jobless claims before the open… AAPL earnings after the close
Keep the Opening Ranges of the year in view!
- Crude OR: 74.70
- ES OR: 4773
- NQ OR: 16383
- RTY OR: 2254
IDEAS from the QUICKSHEET:
- ES, RTY, YM: all in auction extreme. Watching for exhaustion lower to target longs back to the 5D.
- HO: is in extreme higher….make sure to look at the March contract, not February. Could consider this as a spread too, short HO / long CL
- EURO: in extreme lower