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SP 500 September Futures Daily Chart

SP 500 September Futures Daily Chart

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Rough week for bully.

Stocks need to find a footing right here, or continue heading lower, conceivably much lower, next week.


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  1. With the worst of the news now behind us. Its likley that we take a strong wave up before crashing even lower. If you are trading futures through the overnight, need to watch margins because volitility will likely be high. I like to keep a 100 point cushion for the unexpected, which cuts down on the profits, but keeps your ass from getting stopped out. These are really crazy times. The short is on, but could get squeezed this week without more bad news on the immediate horizon. Treading lightly but holding a short for longer trend which is clearly headed down.
    AvidTrader


  2.  Thanks for your thoughts AvidTrader! 


  3. Today was the beginning of the squeeze. Honestly I got nipped a bit and road the thing up about half way through, but not enough to fully recover. Need to religiously follow your own advise and stick with the plan. But I did catch the end of day short down to make up for a bunch. Chart School is right on the money. Expect a short squeeze to 1070 (actual S&P, sept. futures 1065) and then back down. If earnings dissappoints then this plan is off the table, hard to imagine with all the staff reductions boosting profits, but after last week’s rough news "a bear in the box" could cause cardiac arrest.