#SPX #DailyReview #DailyOutlook:
The housing numbers came in slightly off but close to the expectations. Three things are happening in the market right now when it comes to the news:
1. Bad news, but News that is not that bad it's OK for the market to move bullish.
2. News that's coming in just OK, the market is taking that as a positive and still moving in a bullish direction. Even if the news is negative but close to expectations the market is taking it as a positive.
3. When we get positive news, that beat expectations, the market is overly reacting to the news and doing numbers that are way above expectations.
8:30am
USD
Building Permits
1.45M 1.47M
USD
Housing Starts
1.35M 1.36M
SPX we sold off on the news and the news was actually somewhat decent, but the initial reaction was to sell. My thought was that it would bounce off of a 15m+FVG to buy, but it traded down through it into the 1H+FVG and price pretty much sat there for the rest of the day. You can see my trading results in the comments below, but I took a couple of Ls, but ended up positive for the day as I took a bye to the upside. The main set up was to buy off of the 1H+FVG and take out the PDH from Wednesday and also trade into the PWHs but it just didn't happen and that's OK. I took partials and let the rest running but broke even.
(Yesterday’s setup) Still left from yesterday are the PWHs and now the PDH. We are stalling at the moment so it may be a better chance to buy from the LTF if we get any short term highs taken out with a FVG/OB combo.
The buy set up played out but, only partially played out because we didn't trade through the highs. We only tapped into them so the buy set ups are all still in play because we left the PDHs and PWHs still intact.
#1 Look for the buy setup details on the Weekly Outlook chart Sunday
#2 Look for the sell setup details on the Weekly Outlook chart Sunday
1H chart
The housing numbers came in slightly off but close to the expectations. Three things are happening in the market right now when it comes to the news:
1. Bad news, but News that is not that bad it's OK for the market to move bullish.
2. News that's coming in just OK, the market is taking that as a positive and still moving in a bullish direction. Even if the news is negative but close to expectations the market is taking it as a positive.
3. When we get positive news, that beat expectations, the market is overly reacting to the news and doing numbers that are way above expectations.
8:30am
USD
Building Permits
1.45M 1.47M
USD
Housing Starts
1.35M 1.36M
SPX we sold off on the news and the news was actually somewhat decent, but the initial reaction was to sell. My thought was that it would bounce off of a 15m+FVG to buy, but it traded down through it into the 1H+FVG and price pretty much sat there for the rest of the day. You can see my trading results in the comments below, but I took a couple of Ls, but ended up positive for the day as I took a bye to the upside. The main set up was to buy off of the 1H+FVG and take out the PDH from Wednesday and also trade into the PWHs but it just didn't happen and that's OK. I took partials and let the rest running but broke even.
(Yesterday’s setup) Still left from yesterday are the PWHs and now the PDH. We are stalling at the moment so it may be a better chance to buy from the LTF if we get any short term highs taken out with a FVG/OB combo.
The buy set up played out but, only partially played out because we didn't trade through the highs. We only tapped into them so the buy set ups are all still in play because we left the PDHs and PWHs still intact.
#1 Look for the buy setup details on the Weekly Outlook chart Sunday
#2 Look for the sell setup details on the Weekly Outlook chart Sunday
1H chart
