Chart of the Day
Mixed May, Historically Weak June Ahead
MrTopStep has a trading rule that says ‘The S&P never does what most people want it to do when they want it to do’ and that was how the first part of Friday’s trade started. After a big rip on the close Thursday, the ES traded up to 4217.50 on Globex Thursday night, pulled back and retested the high at 4217.25 at 7:03 am and opened Friday’s regular session at 4212.57. After the open, the ES traded up to 4214.00 and at 10:27 traded down to the low of the day at 4202.50. The ES slowly ground higher and traded up to 4215.50 around 12:45 and then traded back down to 4207.50 going into 2:30. The only thing that stood out was the total lack of volume, at 2:45 ET only 525,000 ESM21 traded. For the next 45 minutes, the ES traded in a 4-point range. The ES traded 4211 on the 3:50 reveal as the imbalance flipped from buy $90 million to sell $1.6 billion and at 3:59:59 the ES dropped 10 points down to 4201.00. On the 4:00 ca
SpyGate is now available free to members of IMPRO and MIM trading room. Join the MiM.
The annual inflation rate in the US soared to 4.2% in April of 2021 from 2.6% in March and well above market forecasts of 3.6%. It is the highest reading since September of 2008, amid a surge in demand as the economy reopens, soaring commodity prices, supply constraints. There is also a base effect weighing as the coronavirus pandemic dented economic activity bringing the inflation rate to 0.3% in April 2020. The biggest increases were recorded for gasoline (49.6% vs 22.5% in March), fuel oil (37.3% vs 20.2%) and used cars and trucks (21% vs 9.4%). Inflation also accelerated for shelter (2.1% vs 1.7%) and new vehicles (2% vs 1.5%) and rebounded for apparel (1.9% vs -2.5%), but slowed for medical care services (2.2% vs 2.7%) and food (2.4% vs 3.5%). Meanwhile, compared to March, prices rose 0.8%, the most since 2009 while monthly core consumer inflation increased 0.9%, the most since 1996. source
SpyGate is now available free to members of IMPRO and MIM trading room. Join the MiM.
The annual inflation rate in the US soared to 4.2% in April of 2021 from 2.6% in March and well above market forecasts of 3.6%. It is the highest reading since September of 2008, amid a surge in demand as the economy reopens, soaring commodity prices, supply constraints. There is also a base effect weighing as the coronavirus pandemic dented economic activity bringing the inflation rate to 0.3% in April 2020. The biggest increases were recorded for gasoline (49.6% vs 22.5% in March), fuel oil (37.3% vs 20.2%) and used cars and trucks (21% vs 9.4%). Inflation also accelerated for shelter (2.1% vs 1.7%) and new vehicles (2% vs 1.5%) and rebounded for apparel (1.9% vs -2.5%), but slowed for medical care services (2.2% vs 2.7%) and food (2.4% vs 3.5%). Meanwhile, compared to March, prices rose 0.8%, the most since 2009 while monthly core consumer inflation increased 0.9%, the most since 1996. source
SpyGate is now available free to members of IMPRO and MIM trading room. Join the MiM.
The annual inflation rate in the US soared to 4.2% in April of 2021 from 2.6% in March and well above market forecasts of 3.6%. It is the highest reading since September of 2008, amid a surge in demand as the economy reopens, soaring commodity prices, supply constraints. There is also a base effect weighing as the coronavirus pandemic dented economic activity bringing the inflation rate to 0.3% in April 2020. The biggest increases were recorded for gasoline (49.6% vs 22.5% in March), fuel oil (37.3% vs 20.2%) and used cars and trucks (21% vs 9.4%). Inflation also accelerated for shelter (2.1% vs 1.7%) and new vehicles (2% vs 1.5%) and rebounded for apparel (1.9% vs -2.5%), but slowed for medical care services (2.2% vs 2.7%) and food (2.4% vs 3.5%). Meanwhile, compared to March, prices rose 0.8%, the most since 2009 while monthly core consumer inflation increased 0.9%, the most since 1996. source
Disclaimer: For educational use only.
I’m not dispensing financial advice. We are having an intellectual conversation (you and I) on the topic of trading the Emini futures using the Lens of Wyckoff Principles and the Eyes of WB’s clock. The clock that controls all turns intraday, every day.
The jobs number from yesterday gave a push to get price back above Wednesday’s highs before the open. After the opening, price lifted 8 points. It was on a mission. And what was that mission? To take out a 30-point resting shelve of supply from 4135 up to 4165.
To get a better understanding of how yesterday’s trade played out let’s look at the Vesica Piscis of the move that started: