MORNING SESSION
TUESDAY 24TH OCTOBER 2023
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Monday 23rd October 2023 Data Review
XJO Change: -62pts
AUS200 Futures Day Change: +8pts
Current AUS 200 Overnight Futures Pricing: -15pts
S&P500 Change: +5pts
UK100 Change: -27pts
AUS200 RECAP
If i had to pick a theme for the last week ON AUS200 it would be - ‘Take profit when you can’, with the last 10 days open / close moves being 12, 0, 11, -5, -14, -4, -17, -10, -4. Again yesterday if you were diciplined, opportunity to take profit on another lackluster, <30pts range day.
20pts rally from just before 10:30am into an 11am selloff gave opportunity to lock in some gains if you were long, with 10:30am lows holding until late in the day.
Similar with the suggested short trade at market close. Opportunity to lock in almost 50pts in profit, before rally back. Still ended lower as has done historically.
UK100 OVERNIGHT RECAP
Dragged down by the sharp SPX selloff. Not much to say here.
SPX OVERNIGHT RECAP
Per yesterday’s Stack, several conflicting scenarios which in my experience, usually result in everybody excitedly jumping on the bus in one direction, then scrambling to get off and hop on the next. Also marks the 17th straight positive Monday in a row (interesting 10 out of the last 12 Tuesday’s following have subsequently fallen).
Suggested potential sharp falls from open which occurred, followed by a potential reversal, which ended up bottoming effectively around 8pm AEST. Note the European open move (5pm Candle) for future reference when S&P gaps up on open. 100% occurrence of a move DOWN, minimum 30pts to day low..
AUS200 MORNING OUTLOOK - TUESDAY 24TH OCTOBER
HISTORICAL PARAMETRES
Average Expected XJO Change: 9pts
Average Expected Futures Change: +17pts
Average Expected AUS200 Change 10am-4pm: +12pts
Average Expected Range: 65pts
Summary
Rinse and repeat from yesterday. Potential falls early but have to be thinking long more likely at open. Moves following 2 day of XJO falls and negative o/n futures pricing are strongly bullish (highlighted), while even the top 2 falls rose 15 & 38pts from open, before falling which should give some cushioning.
SPX500 3 DAY PRICE ACTION PARAMETRES
Summary
Absent any falls during our session today, past setups have rallied higher, bottoming early evening.
More this evening.
Remember, this information can form part of your trading edge, but is useless without discipline.
Stay Sharp, Stay Profitable.
Marto
DISCLAIMER: All content and information shared here is general in nature. I am NOT a licensed financial advisor and do not hold an AFSL. Historical trends do NOT guarantee the direction of future moves and should not be used as a sole basis for trading.