I’m at the NinjaTrader summit and will be rolling 18 with Stowe, Tanja and Salma so short ansd sweet Today. Gold’s the story. It’s down about a hundred bucks off Tuesday’s close and sitting on its overnight low. ES and NQ are both trading under Tuesday’s lows, and NQ’s the one that gave back more. Might be spicy with a 10yr auction at lunch.
The Plan
ES: ES is under Tuesday’s low at 7860 and stuck between that and the overnight low at 7832. Back over 7860 puts Tuesday’s value from 7872 to 7887 back in play. Lose 7832 and there’s air down to Friday’s VAH at 7790.
NQ: NQ gave back the whole overnight and is about 200 points under Tuesday’s low. Friday’s high at 31283 is the first reclaim line. Under the overnight low at 31206 you’re back in Friday’s value, 31163 and then 31060.
CL: Crude’s trading over all of Tuesday’s range. Tuesday’s high at 89.85 is the line. Over the overnight high at 90.61, Monday’s high at 91.31 and Friday’s POC at 91.44 are next.
GC: Gold dropped about a hundred bucks off Tuesday’s close and it’s sitting on the overnight low at 4097, with nothing on the profile under it. It has to reclaim 4152, Monday’s low and Friday’s VAL, before Tuesday’s value means anything.
The White Van Stuff
ES: Gamma is positive on ES, so the options book leans against moves inside the band. 7820 is today’s pivot and the expected low on the same print, and the first call stack overhead is 7854.
NQ: NQ is sitting right on the biggest put interest at 31254. If it holds, the calls from 31456 to 31582 are overhead. If it goes, the next real put stack is 31002.
CL: Gamma is negative on crude, so moves can stretch instead of getting absorbed. The put floor at 89.81 is right under price and the call ceiling is up at 92.90.
GC: The first call interest overhead is 4117. The 4063 put floor is the biggest put stack under price, and today’s biggest put strike is lower at 4008.
I am not a financial advisor, CTA, or portfolio manager. Nothing here is a recommendation to buy, sell, or hold anything. Futures trading is not suitable for everyone. You can lose more than your initial investment. Only trade with money you can afford to lose. Past performance does not guarantee future results.
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