Aggressive Intraday Models Entered Long – Mon 08/06
Based on the S&P 500 Index Models’ outlook, forecast, and trading plans for Monday, 08/06- published Monday morning, before the regular open – here are the current positions of the models. (click here to read/verify the full report and the quoted trading plans’ details)
Medium-term/long-term Models
Published Trading Plan: “For Monday, the medium term models indicate NOT opening of any new trades. The models indicate waiting to see the close on Monday before determining any next trading opportunity. ”
==> Market Action: As published, the models are staying flat for the day and not opening any positions.
Aggressive, Short-term, Intraday Models
Published Trading Plan: “Aggressive intraday models indicate using the 2846-2834 as the pivot band to place trades off of.
Above 2846, models would go long with tight trailing stop (about 6 points) and below 2834, models would go short with a tight trailing stop (about 6 points)“.
Above 2846, models would go long with tight trailing stop (about 6 points) and below 2834, models would go short with a tight trailing stop (about 6 points)“.
==> Market Action:
Today, Monday, as of 11:45am EDT, the index broke above 2846, triggering a long position at 2846.25, with a 6-point trailing stop.
As of 1:15pm EDT, the index reached a high of 2853.29, setting the 6-point trailing stop’s trigger at 2847.29. The models would now ride the long if the market keeps going up, or sell the position at 2847.25 if the market drops, locking in a profit of about 1.25 points.
Today, Monday, as of 11:45am EDT, the index broke above 2846, triggering a long position at 2846.25, with a 6-point trailing stop.
As of 1:15pm EDT, the index reached a high of 2853.29, setting the 6-point trailing stop’s trigger at 2847.29. The models would now ride the long if the market keeps going up, or sell the position at 2847.25 if the market drops, locking in a profit of about 1.25 points.
(click here to read on the conceptual workings of a trailing-stop)