Volume is building to the upside in the S&P with higher open interest. Unles unemployment is bullish, which it very well maybe, I would expect that upward trend to continue. It may mitigate a negative number as well.
From the TradeMaven Software, Volume Weighted Pivot, Support and Resistance for
6 Jun:
TradeMaven’s Inside Edge (TIE) 3-2-1 methodology uses 3 rules, 2 patterns, and 1 indicator. Rule #3: Don’t Fade Moves-Out-of-the-Middle (MoM’s.) MoM’s are “go with” trades that put money in your pocket. Any significant market move will start from the middle of a prior distribution. Fading (going against) this type of move is a recipe for disaster. Knowing a MoM is in progress helps you set expectations and market direction for the coming day. Understanding the correct market direction will keep you out of low probability trades and reduce your chances of getting chopped up.
The proprietary TIE Market Profile provides us with an excellent example in the eMini S&P. The short term trend moving higher has run out of gas. The MoM comes out of the distribution, accelerating to the downside. We call this “the end is the beginning.”
To learn more about MoM’s and the 3-2-1 Methodology, Join us, Tuesday June 10th at 3:30pm central time, for a Free Webinar on the TradeMaven Inside Edge.
Charles Cochran, a securities and futures industry veteran of 30 years, will explain trading like a professional utilizing TradeMaven’s 3-2-1 methodology.
To register, follow this link www.iiedge.com, and fill out the registration short-form. We will contact you with username, password and login instructions.
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What is Inside Edge?
A comprehensive trader’s education forum focused on e-Mini S&Ps and U.S. Treasury Bond Futures. TradeMaven’s Inside Edge features the necessary analytics and execution information in one place to speed up your decision process, keep you on the right side of the market, and eliminate so much of the noise that surrounds trading today. This unique forum is the brainchild of Charles Cochran – a trading pro who has spent the last 15 years fine-tuning a proven methodology that eliminates extraneous information and concentrates on the market activity that matters: the market activity that foretells the market's next move.
