Watch The Stock Index Futures With Tomorrow’s FOMC Meeting Minutes

Happy Tuesday everyone! Listen, some of you didn’t go ahead and get your videos last night. Not to fear though, I just want to show you a neat little trick for those of you that didn’t already know how to do this. For all of you that got to our inbox last night and let us know it wasn’t working that’s great, thanks so much! But I also want to let you know, just go to the front page of our website, go up here to where it says free tools. Then go down here where it says free daily videos, that will give you these all important videos even if the email gets blocked up in server cyberspace. As we go ahead and look this was last night’s video. You do not want to miss this video here, ‘Three Key Charts To Watch Going Forward’ so make sure you watch last night’s video.

Reviewing The Stock Index Futures Before FOMC

Going into today, in addition to all the things I mentioned yesterday we saw this throughout the morning. Even though there was a quick drop in the market this morning, this is the weekly chart on the Russell but I want you to see the daily charts on the NASDAQ, the DOW, and the S&P. All of these were holding up above resistance levels this morning and so no matter how sexy it looked to go ahead and take those shorts in the stock index futures which we did, you had to go ahead and remain very cautious because this market, and that’s exactly what we did. We managed our risk appropriately and did a very good job with that because we knew that we had the stock index futures on the other three outside of the Russell holding up. The whole point, the whole theme in fact this was as of 10:30 Central this morning you see it was still doing this right up until the end of the morning session there we said look, gotta go ahead and get the break down. Gotta get that movement before we can go ahead and start trying to fire off shorts again. Well, sure enough going into the afternoon session that’s exactly what ended up happening there. So we waited until the market started to push down and boy did it ever if you take a look here you’ll see that the NASDAQ started to go ahead and come off and get a little bit more red.

Look at the DOW and the S&P. They really started to go ahead and take it on the chin and now we are right back to this all important level that I’ve shared with you many times now with the DOW. This big thick blue line, here we are right back there again. We start breaking down below there and this Russell starts breaking down, look out below. As we’ve said, there’s lots of opportunity to the downside as you saw with my discussions about the $VIX, Gold and the Stock Index Futures. This is the daily version of the Russell but lets go back to that weekly version there and really analyze that again. Look at that, we’re sitting on the edge of the abyss here. If we could break down below that could lead to some more great shorting. My colleague Brian and I are sitting together this afternoon putting out short side trades looking to get fills there and going into the morning session that’s exactly what we’re going to be focusing on again. Let’s see if we can get this push down through here. Let’s see on the if on the DOW we can get the push down through here.

Stock Index Futures, this has been an incredible, incredible period of time. Really exciting to see the interactions between the different stock index futures in relation to the Russell. As we go ahead and we continue to drive that theme home right now the importance of these other Stock Index Futures in relation to the Russell we want to make sure you watch last night’s videos. For those of you that didn’t get it make sure you watch that as an add on to this.

How The Euro Will Shape Up With The FOMC

Another thing I want you to focus on going into tomorrow is the Euro and the FOMC. We’ve got FOMC meeting minutes tomorrow and the Janet Yellen speaking, multiple FOMC people. We’ve got lots of different types of news releases that can move this market and more. Right now we have the Euro, it has been sitting here for six days. Six days right at this 1.37 level. Gang, typically when you see that kind of activity it usually ends up leading to some wide range rapid activity and roughly 100 ticks or more off of those ranges. We’re going to be watching very closely for a break down below the 1.36-70 or break out back above these distribution bars to see if we’re going to push back towards the 1.38. Looking for those back at the 1.36 or 1.38 fairly soon off of this 6 day consolidation right at the 1.37. You can add that as a fourth market and a chart that’s important to watch going into Wednesday with all the impending news that’s getting ready to be released.

Great stuff, no matter how you slice it. These Stock Index Futures here, a lot of stuff we’ve been talking is coming to fruition. And we give you a couple of key markets to watch in the last two days as well. You guys have a fantastic night, looking forward to seeing you in the Live Trading Room tomorrow morning or here in tomorrow night’s videos to talk about all the great action. Take care everyone, have a great evening!

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