Brexit Aftermath Market Update and Big Stock Scan June 24

Jun 24, 2016: 1:45 PM CST

Well that was surprising.

I’ll leave the explanations for you to read elsewhere as we focus on our standard mid-day market update.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

The U.K. exited the E.U. and so did a lot of money from people’s investment accounts.

So far the S&P 500 collapsed from above 2,110 to the current 2,040 level.

Take a moment to view this morning’s quick update on other markets and their bull/bear reactions.

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Quick Quad Market Chart of First Brexit Reactions

Jun 24, 2016: 12:06 PM CST

If you’re like me, you’re surprised by the U.K. “Brexit” vote.

Don’t worry – you’re not alone. All markets were very surprised by it as well.

To underscore this point and frame the reaction, let’s quickly view the “Quad-Market” Charts:

We cover five markets in our Weekly Intermarket Reports for members.

I’m highlighting our “Quad Market” Grid above for quick reference.

In the hours following the US Stock Market open, we’re seeing perfectly logical reactions to an unexpected outcome.

Mainly the US Stock Market plunged overnight and is now down over 3% along with Crude Oil which plunged more than 5%.

Our two current “Risk-Off” or defensive (protective) markets are Gold (surging roughly 5%) and the US Dollar Index which broke out over 2%.

The 10-Year US Treasury Note (not pictured above) bounced over 1%.

If you’re just an equity-only trader, it can be helpful to broaden your perspective to what’s going on in other markets, especially those with high positive correlations to your own.

The dust will settle and volatility will decline, but for now watch these markets and the new key levels in play. Continue Reading…

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Even with the Brexit our Emini Fibonacci Levels Hold June 24

Jun 24, 2016: 11:50 AM CST

I think we can safely say most of us didn’t see THAT happening.

By a narrow margin and defying expectations (even those of the stock market which rallied strongly yesterday), the citizens of the United Kingdom voted to leave the European Union.

While this post doesn’t address the politics or economics of the situation, it does address the @ES levels.

You might be surprised that despite the chaos, the levels held both at the open and a morning resistance high.

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

I think it’s safe to say that the outcome sent the market into temporary chaos from which we’re bouncing now.

However, our levels (so far) are holding successfully.

The market gapped down from the 2,110 high to the 2,034 @ES pivot level and then shot straight up to the 2,064 reference pivot (the 50% Fibonacci).

From there a spike reversal took us back down toward the low.

Should price break out of the grid, we’ll simply create a new grid for your reference.

For now, in the rapid trading environment, we’re focusing on 2,034, 2,063, and 2,051.

Here’s a reference guide of how to use and trade from these morning updates.

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How to Use Our Daily Emini Fibonacci Planning Posts

Jun 23, 2016: 5:56 PM CST

Each morning I post a quick Fibonacci Target Grid for your reference.

We use this chart to plan our trades as price moves “toward” or “away from” our planning levels.

Here’s a reference guide on how you can use these levels and incorporate them into your trading.

In addition to Fibonacci Levels, we’re incorporating other key reference points to give you the best analysis for planning your short-term swing or intraday trades in the market.

Each evening and on weekends, I provide detailed analysis to members about the higher timeframe trends, Daily Chart key reference levels, and of course an updated version of this 30-min @ES Emini Reference Grid.

I post a quick chart in the morning so members can receive real-time updates and for everyone to see these levels (without as much details or descriptions).

You get the benefit of having important reference levels available to you as your plan your trades. Continue Reading…

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All is Saved Bullish Market Update and Stock Scan June 23

Jun 23, 2016: 2:47 PM CST

We’re all saved!  The United Kingdom is expected to remain within the European Union, and stock prices surged on the news.

As long as this doesn’t change, we’re updating our charts and strategies accordingly (to the bullish side).

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

This morning I highlighted the breakout into the “Open Air” pocket on the @ES futures.

We’re seeing the same breakout beyond 2,100 (‘Round Number’ Reference Level) for the cash S&P 500 Index.

Continue following the news and stock prices into the evening as actual results are reported.

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