MODELS BOOKED PROFITS AND OPENED ANOTHER PROFITABLE POSITION
You read in our forecast published last night (click here for the full report): “For Friday, the aggressive/intraday models indicate letting the currently open short ride or let hit by the trailing stop of 6 points (currently anchored at 2756). If that is hit, no long bias is indicated until above 2765. Stay flat until another opportunity to go short on a break below 2760.”
(i) “For Friday, the aggressive/intraday models indicate letting the currently open short ride or let hit by the trailing stop of 6 points (currently anchored at 2756).”
The stop was hit in the overnight futures markets (around the equivalent of 2760 level on the e-mini futures contract ES) around 0130am EDT and the models booked the profits on the short.
(ii) “If that is hit, no long bias is indicated until above 2765. “
The index did NOT hit 2765 so far in the regular session (or, its equivalent of, roughly, 2769 on the e-mini) – the session registered a high of 2764.17 on the index so far (as of now, 11:13am EDT, SPX at 2759.80) – JUST WITHIN one point from the key level used by our models but not breaching it, yet!
So, the followers of the model should NOT have entered into any false/losing long (buy) positions.
(iii) “Stay flat until another opportunity to go short on a break below 2760.”
The index crossed below 2760 a few times in the session (as of now, 11:13am EDT, SPX at 2759.80) and the intraday aggressive models are now short (sold), with a stop-loss at 2766 (index level).
Happy Trading/Investing!