The close today looked like a buy signal for a gap up trade. We had many strategies signal long trades with no follow through during the day, with the market pulling back at the close. Often times when we see a good day-trade signal without any follow through, we may see the continuation at night.
After Friday's selloff and the gap down Sunday night, the market seems poised to break through the overhead resistance (when everyone is asleep). The Overnight NQ strategy we have discussed frequently is in a drawdown since the market hasn't gone up as much at night. The market was quiet and feels like a potential stealth bull run is next and the Overnight NQ may step in here.
The One Million MNS was down -0.6% trading Micros today while the 250K Portfolio was down -$1,200. We are only trading the Nasdaq and Bitcoin setups since the Gold setups were not done and missed a big move in Gold. This ended up giving us a better portfolio for the short term (NQ and GC Only). We started this near a worse case drawdown and we are sitting near that level after today, looking for a bounce here.
The hypothetical portfolio results were:
Stock Index Portfolio 24 = -$7,167.50 per E-mini and 1/10th per Micro.
Top 50 Select = -$7,080.00
50K Portfolio = -$3,405.00
Two System Portfolio = -$530.00
Five System Portfolio = -$1,255.00
Trying to find some positive trades in the toughest market in over a decade and maybe 30 years from my perspective.
Zig Zag 2023 was the trading strategy of the day taking some more incremental turning points.
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