Day Trade Emini S&P 500 NASDAQ 100

5 min Nasdaq 100 Emini

Daily Nasdaq 100 Emini

Hi Traders,

How's it going? Everyone's expecting the uptrend to end with the slew of disappointing economic data released last week.. But, what did I tell you? Yes, the uptrend is still in tact! there is nothing from technical analysis to say that the uptrend is over. Just look at the Daily chart above.

Today's trade is relatively straight forward, there is a very obvious double bottom formed from the previous Friday.... This coupled with my MId-term MACD crossing the zero line is a very powerful signal for me to go long. I longed 1 contract at 1785.5 at 9:35 and another 2 contracts at 1792.5 at 10:15.... I was prepared to let it run.... however at 11:35 price started to weaken and I reckoned that it has ran too much over the past 2 hours... I finally got out at 1804 with $710 profits.

We are entering a precarious stage now, as everyone's expecting the uptrend to end, it might be a self-fulling prophecy... Before you jump to conclusions, read this:

From Briefing.com:
There is not yet much indication that the stock market will live up to its December reputation. The final month of the year has been the best, averaging a gain of 1.7% over the past fifty-five years, according to the Stock Trader's Almanac. The market was down last week, and stock futures point to a slightly lower open this morning.

There are no economic releases today. The big one this week is the employment release on Friday. It will also be a slow week for earnings reports and probably earnings guidance as it is just the first week of the final month of the quarter.
Market momentum has slowed and even though December has been a historically strong month, we remain cautious about the near term outlook.

As daytraders, all we have to do is react to the market, don't let uneccessary assumptions cloud your judgement in trading.

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