The opening price on the E-mini S&P today was (1791.25). At 11:50 a.m. US/Eastern time, the market double bottomed at (1788). At 4:05 p.m. US/Eastern time the high price of the day (1796) was hit. Each month, the New York Fed conducts a monthly survey of manufacturers in New York State. Representatives from a variety of industries participate. About 175 manufacturing executives respond to the questionnaire, which is sent out on the first of each month. The questionnaire covers an assortment of indicators from the previous month. Respondents are also asked for their views about the likely direction of these same indicators six months ahead. In the month of November, the conditions have turned slightly negative in the New York manufacturing region. The General Business Conditions Index dropped to minus 2.21 from 1.52 in October. New orders are at minus 5.53, unfilled orders are at minus 17.11, shipments are at minus 0.53, and employees are at zero this month. These lacking numbers are pointing to further declines. This is the first time since May that the Empire State index is in the minus column, which indicates a flattening in growth, not a reversal.
Today the E-mini S&P opened at (1766.50). At 10 a.m. US/Eastern time The da’ys high was reached at (1770). The day’s low was reached about five minutes after opening at 9:35 a.m. US/Eastern time of (1764). The International Council of Shopping Centers publishes a weekly report of comparable store sales at major retail chains. This report accounts for about 10 percent of total retail sales. The report this week states there was a 1.2 percent jump in week-to-week same-store sales for a 2.3 percent year-on-year pace which is up 4 tenths in the week. This was most likely the result of colder weather and lower gas prices in the November 9 week.
On March 7, Day Trade to win’s John Paul took some time to answer questions about one of his favorite markets, the Euro Currency (6E). The Atlas Line produced around four long order signals in the morning between 9:30 a.m. and 11:00 a.m. These order signals were excellent for confirming scalp trades.
As soon as price dropped below the Atlas Line, a short order was produced. Again, this was an excellent trade – price fell allowing for massive points. Not to be outdone, the Atlas Line recognized a pullback trade as price started to climb again. Pullback trades are taught in the live webinar directly by John Paul. Using the Atlas Line, there is no need to second guess yourself – take charge of your trading!
See how to make money on the E-Mini S&P during unexpected market behavior influenced by news events.
A week or so ago, President Obama announced a tax cut extension. This announcement was made beyond the normal day trading session, in the evening. As soon as the public was informed, the E-Mini S&P price rallied during the overnight session. By the time the normal morning / day session began, price was coming back to reality. Traders using DayTradeToWin’s Atlas Line were able to make profit despite the drop in price. Many traders went with Long trades because of positive news. This is not something that is recommended – price should be the only determining factor when deciding how to enter and exit. Additionally, use the ATR (Average True Range) NinjaTrader indicator to decide how to exit the market (and what kind of profit to take). Remember, positive news doesn’t mean “GO LONG.” On a similar note, negative news doesn’t mean “GO SHORT.”