Trading Plans for WED. 9/4/24 – Range Breakout to the Downside?
As of our published trading plans on Tue., 9/3/24: “With the close at 5319.31, models flipped to a bullish bias, and models indicate continuing this bullish bias while the index is above 5585 on a daily close basis. A daily close below 5575 will flip them to a bearish bias”. With the SPX close of 5528.93 our models have negated the bullish bias (for a 200+ points gain since flipping to the bullish bias) but, considering how far away the close is from the flip level of 5575, the models did NOT flip to a short but are flat and indicate waiting for a better entry for a positional short – with an open order to enter short at 5545 with a 10 point trailing stop.
As we also published on Tue., 9/3/24: “There is a risk of the “Buy the Rumor, Sell the News” settling in, if there is no upside momentum building within the next few sessions”. We reiterate carrying this view until otherwise stated as we see no major upside catalysts emerging until at least the FOMC meeting day.
Aggressive, Intraday Trading Plans:
For today, our aggressive intraday models indicate going long on a break above 5506 5529 5540 5550 5562 5578 5586
with an 8-point trailing stop, and going short on a break below 5583 5577 5559 5549 5528 5522 5514 5504 with an 8-point trailing stop.
Models indicate explicit long exits on a break below 5538 5561 5585, and explicit short exits on a break above 5584 5560 5523 5517 5515. Models also indicate instituting a break-even stop (which would trigger on a break above/below the entry level) once a position hits a 3-point profit level. Models indicate taking these signals from 10:01am EST.
By definition the intraday models do not hold any positions overnight – the models exit any open position at the close of the last bar (3:59pm bar or 4:00pm bar, depending on your platform’s bar timing convention), unless otherwise specified.
To avoid getting whipsawed, use at least a 5-minute closing or a higher time frame (a 1-minute if you know what you are doing) – depending on your risk tolerance and trading style – to determine the signals.
(WHAT IS THE CREDIBILITY and the PERFORMANCE OF OUR MODEL TRADING PLANS over the LAST WEEK, LAST MONTH, LAST YEAR? Please check our latest Results posting to see for yourself how our pre-published model trades have performed so far! Seeing is believing!)
NOTES – HOW TO INTERPRET/USE THESE TRADING PLANS:
(i) The trading levels identified are derived from our A.I. Powered Quant Models. Depending on the market conditions, these may or may not correspond to any specific indicator(s).
(ii) These trading plans may be used to trade in any instrument that tracks the S&P 500 Index (e.g., ETFs such as SPY, derivatives such as futures and options on futures, and SPX options), triggered by the price levels in the Index. The results of these indicated trades would vary widely depending on the timeframe you use (tick chart, 1 minute, or 5 minute, or 15 minute or 60 minute etc.), the quality of your broker’s execution, any slippages, your trading commissions and many other factors.
(iii) For the execution of our models trading plans, a “break above/below” is deemed to have occurred when the index closes above/below (if you are trading by bar close) a specified trading level.
(iv) For the trades to trigger, the breaks should occur during the regular session hours starting at 9:30am ET. By design, they carry only one open position at any given time.
(v) These are NOT trading recommendations for any individual(s) and may or may not be suitable to your own financial objectives and risk tolerance – USE these ONLY as educational tools to inform and educate your own trading decisions, at your own risk.
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