Earnings Earnings Everywhere
Since Wed, 01/09, our models adopted a bullish bias which will be invalidated if the index registers a daily close below 2555. The near term target for this bullish bias is the 2630-2635 band. Market action around that level would further determine the next leg.
Below, you will find our models’ trading plans for today:
Trading Plans for WED, 01/16:
Medium-term/long-term Models: For today, Wednesday 01/16, our medium-term models indicate carrying the open long position until the stop is hit (currently at 2599.74 on the index level; entered at 2606). Models indicate tightening the trailing stop to 10-points at the open, and lowering the profit target to 2628 (from the original 2630).
Once the long is closed, models would stay flat for the day, wanting to see how the daily close plays out for further analyses.
Aggressive Intraday Models: For today, Wednesday 01/16, our aggressive intraday models indicate going long on the index crossing above 2618 and going short on a break below 2604 during regular session hours – with an 8-point trailing stop. Once a trade is opened and closed through a trailing stop, the models would stay flat for the rest of the session.
Due to the intraday nature of these models, they indicate closing any open trades at 3:50pm and remaining flat into the session close.
IMPORTANT RISK DISCLOSURES AND NOTICES – READ CAREFULLY:
(iii) Risk Warning: Investing, trading in S&P 500 Index – spot, futures, or options or in any other synthetic form – or its component stocks carries inherent risk of loss. Trading in leveraged instruments such as futures carries much higher risk of significant losses and you may lose more than you invested in them. Carefully consider your individual financial situation and investment objectives before investing in any financial instruments. If you are not a professional trader, consult a professional investment advisor before making your investment decisions.
(iv) Past performance: This article may contain references to past performance of hypothetical trades or past forecasts, which should NOT be taken as any representation or promise or guarantee of potential future profits. Past performance is not indicative of future performance.
(v) The author makes no representations whatsoever and assumes no responsibility as to the suitability, accuracy, completeness or validity of the information or the forecasts provided.
(vi) All opinions expressed herein are subject to change at any time, without any notice to anyone.