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The following is a sample of the daily research provided by TradeMaven Inside Edge mentor Charles Cochran:
Today’s market traded about as expected. The idea was to get short at 120-08/12 and 119-31 OB. Both levels were hit giving our clients a chance to sell the edge of the market. The Productivity new was higher than forecast as it usually is when the job market is contracting. The Treasury auction dynamics favored a lower market too and that is what happened. Our #2 and #3 support points did slow and then stop the selling at 119-07. One of those days when everything TIE touched worked. Tomorrow’s news is limited. Think the focus will be the 30Y auction tomorrow. That favors one more dip lower and if the dealers play their script one more time a recovery into auction time.
F1 Comments: Market did stop at the current bracket, 120-00+. It also found buyers below 119-08 today, which stopped the market in the top half of the bracket. Easy to trade higher and move into a higher trading range. Easy to break 119-00 and trade back to the bottom of the bracket at 118-00-. Color me “cornfused”. Market’s bias remains a bracket.
F2 Comments: Market has been a sale since rejection at 120-16/20. The market did move to 119-08 before recovering to close off the day’s low at 119-16. Can make a case for either side of the market early in tomorrow’s session. For the bears a Fed Governor’s late comments today about inflation puts in question the Fed’s willingness to cut rates further. For the bulls the Fed has said that they would cut rates again to make sure the US doesn’t enter a recession caused by the banks. Put this together and you have a trading range for the first part of tomorrow’s session. By the close I think the bulls will win given some help from the ES, which closed weak. W/some help from the ES, buy zone is 119-09/13 for now. Sell zone remains 119-27/31.
F3 Comments: Analysis was to sell strength. Multiple sell signals throughout the session.
Upcoming Reports:
Thursday
Jobless Claims 8:30 ET
Pending Home Sales Index 10:00 ET
Consumer Credit 3:00 ET
Friday:
Wholesale Trade 10:00 ET
From the TradeMaven Software, Volume Weighted Pivot Support and Resistance for Thurday, Feb 7th:
The following is a sample of the daily research provided by TradeMaven Inside Edge mentor Charles Cochran:
Today’s market traded about as expected. The idea was to get short at 120-08/12 and 119-31 OB. Both levels were hit giving our clients a chance to sell the edge of the market. The Productivity new was higher than forecast as it usually is when the job market is contracting. The Treasury auction dynamics favored a lower market too and that is what happened. Our #2 and #3 support points did slow and then stop the selling at 119-07. One of those days when everything TIE touched worked. Tomorrow’s news is limited. Think the focus will be the 30Y auction tomorrow. That favors one more dip lower and if the dealers play their script one more time a recovery into auction time.
F1 Comments: Market did stop at the current bracket, 120-00+. It also found buyers below 119-08 today, which stopped the market in the top half of the bracket. Easy to trade higher and move into a higher trading range. Easy to break 119-00 and trade back to the bottom of the bracket at 118-00-. Color me “cornfused”. Market’s bias remains a bracket.
F2 Comments: Market has been a sale since rejection at 120-16/20. The market did move to 119-08 before recovering to close off the day’s low at 119-16. Can make a case for either side of the market early in tomorrow’s session. For the bears a Fed Governor’s late comments today about inflation puts in question the Fed’s willingness to cut rates further. For the bulls the Fed has said that they would cut rates again to make sure the US doesn’t enter a recession caused by the banks. Put this together and you have a trading range for the first part of tomorrow’s session. By the close I think the bulls will win given some help from the ES, which closed weak. W/some help from the ES, buy zone is 119-09/13 for now. Sell zone remains 119-27/31.
F3 Comments: Analysis was to sell strength. Multiple sell signals throughout the session.Upcoming Reports:
Thursday
Jobless Claims 8:30 ET
Pending Home Sales Index 10:00 ET
Consumer Credit 3:00 ET
Friday:
Wholesale Trade 10:00 ET
From the TradeMaven Software, Volume Weighted Pivot Support and Resistance for Thurday, Feb 7th:
