The Nasdaq was down overnight and rallied during the day but not until the order imbalances were released at 3:50 pm EST and the day trade margins were removed and any 0 DTE calls expiring today without full initial margin were liquidated. There was significant resistance at 21,980 in the Nasdaq 100 futures. We had a long V-Reversal NQ trade working towards our profit target. The market surged through that resistance level at the very end of the day at 3:50 pm EST, and the V-Reversal NQ was the highlight of the day hitting profit targets above the 22,000 level.
Most of the day could be described as "slow noise" as opposed to the fast noise we have been seeing. Texas Instruments also reported after the bell.
In 2024, the S&P never even had a 10% pullback. We are due for one, but we are close enough to the all-time highs now for the Nasdaq to make another all-time high before a pullback. The Nasdaq 100 futures are 450 points away from the continuous contract high. The Nasdaq 100, 24 hour session futures, as well as the S&P 500, 24 hour session futures, on daily bars, have made higher lows, every day since the January 13th low. Sometimes, instead of taking out the previous session lows, since it is "due", it sometimes surges higher instead.
The One Million MNS 87 + 2 NQ ON + 3 MBT was down -0.425% while the 250K Portfolio was down -$850.00 in live trading. The stock indexes were the highlights and profitable while Gold, Copper, and Coffee were the more challenging markets. Bitcoin futures became very wild during the day after some comments from President Trump at the World Economic Forum in Davos about crypto.
Last Friday was one of our better trading days with clarity before the weekend. Sometimes we get into cycles where the Friday trade is the best trade of the week. Overall, the price movement has been sloppy most of the time for the last several months and the net gains in the stock indexes have been in the overnight session. We are looking for some volume based moves intra-day. We get two sets of economic reports and 9:45 am and 10:00 am EST tomorrow.
The Stock Index Portfolio 24 hypothetical results were +$2,802.50 per E-mini and 1/10th of that per Micro. This provided a bounce for this portfolio as we look forward to some potential follow through tomorrow in the last session of the week.
The Top 50 Select Portfolio hypothetical results were +$400.
The 50K Portfolio hypothetical results were +$3,300. This was the top portfolio of the day with the best gains in V-Reversal E-mini Nasdaq.
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