Live Trading System Signals on 11/18/2024

Copper, Soybeans, and Coffee were the highlights today, capturing some long trades in those markets.

The One Million MNS 105 was down -0.25% while the 250K Portfolio was down -$500 on the day. We are down -1.2% on the month and working on a bounce from the current drawdown.

The hypothetical results for the Stock Index Portfolio 18 was -$3,500 per E-mini and -$370.50 per Micro. The Viper trades were slightly better in the E-mini while the V-Reversal trades were slightly better in the Micros. The Stock Index Portfolio 18 had a 7k bounce last week off its worst case drawdown. We are looking for another bounce in this portfolio.

The trading patterns in the stock index futures have been less than routine and have been a challenge to trade. We are looking for some clarity here.

It was one of those days were the stock indexes rallied overnight and then rollled over before the open. It looked like we could have a continuation lower from Friday's move. The market opened above 20,500 and supported 20,501 intra-day. Before the election, we anticipated the market breaking through 20,000 but that level was supported in the Nasdaq 100 futures. Today, 20,500 was supported intra-day. Just when the market looked as if it would roll over, the Nasdaq rallied about 194 points in 42 minutes from 20,501 at 9:55 EST to 20,695 by 10:37 EST. The Nasdaq eventually moved to 20,724 to make a high, but then pulled back and moved sideways to lower the rest of the day. The way the market move generated very few buy signals and more initial short signals based on counter trend patterns. It was a stealth rally.

One of the patterns we see in the stock indexes are quick unexpected moves followed by extended sideways price movement with very little follow through or a second move. The Nasdaq was 100 points off its highs and 125 points off its lows at 4:35 pm EST.

The Advance Decline line did make it above 1000 but it did not stick and then closed at 455. The NYSE TICK moved between 636 and -839, which is narrow but pointing lower but the VIX was down to 15.58 which is bullish. The spontaneous and then sloppy price action was the mode of the day.