| | | | | Today’s TBUZ TV
I've been playing the market pretty cautiously lately. I think we could see some good opportunities today. Again, this is a trader's market.
"Success is where preparation and opportunity meet." - Bobby Unser
This Week at DTI
Wednesday
- 10am ET - Academy (Learn More)
- 12pm ET - Flash TBA
- 8pm ET - Midweek Market Update (Register)
Thursday
- 10:30am ET - Academy (Learn More)
- 12pm ET - Flash TBA
- 3pm ET - Flash TBA
Friday
- 12pm ET - Flash TBA
- 3pm ET - Weekly Wrap-Up (Register) Market Review - Chuck Crow
5534.25 was the open of July 2024 for the ES Futures, and 5534.00 was the low on Tuesday. The YM Futures opened July at 39560, and is still trading above 41000. The NQ futures are trading below 19970, which is where it opened in July. Likewise the Russell 2000 traded below 2068.4 where it opened July. 1. DG On Monday, DG rallied to precisely 85.08 which was the high back in October. They report earnings on Thursday, and could see a bounce. However, the broader market is still falling, and is not very helpful. The low for DG on Tuesday was 77.24. They opened the year at 76.30 and hit the low of the year in January at 66.43. DG opened March at 73.57. The low side does have some merit, but the real punch still appears to be to the topside. That 85.08 resistance was confirmed on Monday. If the broader market can somehow bounce, then DG is properly situated to take advantage of the move.
2. The Broader MarketSince posting an all time high at 6166.50 on February 19, the ES Futures have had 14 trading days, with Wednesday being number 15. Of those 14 days only 4 have been positive. Of those 4, two have been in March, and two were in February. The market is in a downward push, and looking for support. Tuesday’s low at 5534.00 could be that support, if only because the alternative is grim. If we look for numbers below 5534.00, the closest one is likely the September 2024 low at 5394.00. Wednesday will tell us a lot about the state of the market. If the bleeding stops, then the buying may follow. It could still be early in this correction though. The low at 5534.00 is 6.98% below the open of the year at 5949.25. If this is a true market correction, then we should have at least another 3% to go to reach 10%. 10% down from 5949.25 would be 5354.25. In other words, if the market dips down again, it still has further to go. If we are in the midst of a market correction, then that dip should be expected. If that is the case, then a top side break in DG is likely to be short lived. Eventually the buyers would step aside, and let the market fall.
News and Probabilities for the Week
I'll be watching the CPI report that comes out Wednesday morning and any news we see coming out of Washington DC.
Probabilities are mixed. This is a trader's market.
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
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