Trading System Signals on July 15, 2024

Today was a counter trend type of day. The V-Reversal COMB 24 NQ captured 100 points on the E-mini Nasdaq, entering a short trade after the Nasdaq reversed from its highs on the day around 11:23 am EST.

Overall, the price action was wild and the VIX closed at 13.12. The hypothetical results for the One Million MNS 130 was down today -$4,237.50 while the 250K Portfolio was down -$847.55. The Stock Index Portfolio hypothetical results were up +$440 on the day.

After a strong start on the month, the One Million MNS 130 has been down 3 days in a row. We are waiting for a 25-30K drawdown to start based on a drawdown entry alert either on an end of day or intra-day timeframe. At the close today, the drawdown for the last three days is -$16K or -1.6% based on hypothetical signals.

The speed of the reversals are interesting as the Nasdaq futures reversed quickly off a low of 20,506.25, at 3:53 pm EST, to support the 20,500 level. It rallied about 125 points by 4:35 pm EST.

The very shallow and rapid dip buying persists.

Bitcoin popped today and the Bitcoin breakout strategy we talked about last week called a trading systems signal of about 2500 points.