THE EVENING SESSION
TUESDAY 24TH OCTOBER 2023
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UK100 PREVIEW
Summary
Considering the data and outlook for SPX, R/R trade would likely be LONG, with 94% of moves finishing the session -20pts or above (futures currently trading at -9pts gives high probability of downside protection).
Any falls below 5:30pm lows would likely void any chance of significant moves upward.
SPX PREVIEW
Summary
Price action over the last 12 hours has changed outlook significantly. If we had got a proper relief rally last night, things would look very different.
Follow on the from gap UP yesterday, suggests upside and potential for a nice early bottom, as does 3 day price action filtered by the current consolidation in futures during our day market (+5 at time of writing), with a 100% positive distribution.
Aus200 futures rally, and likely 8am-5pm positive finish at time of writing (in absence of data releases tonight), also fall in favour of an upward move. Risk can be managed efficiently via Technical Indicators, stops around either time of day lows, or under average moves 5pm to low.
Remember, this information can form part of your trading edge, but is useless without discipline.
Stay Sharp, Stay Profitable.
Cheers Marto