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Technical evidence indicates major price movement starting

From Futures Magazine today:

“Last Friday, January 15, 2016, the SPX broke below its Aug. 24, 2015 low, which is equivalent to a major sell signal if price closes the month below that level.

Last week, The Dow Jones Industrial Average slumped 511 points, or 3.1%, to 15,866, while the S&P 500 slid 64 points, or 3.4%, to 1,856.34, led by the financials, technology and energy sectors. The Nasdaq Composite tumbled 190 points, or 4.1%, to 4,424.35.”

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The S&P 500 Futures and the Chinese Paper Tiger

Check out this morning’s piece from Mr. TopStep.  Some good thinking to consider regardless of what market you trade:

“As futures traders we try to get in and get out, but when the markets are this volatile and moving this much, it’s imperative that you define your risk and use stops. These are the types of markets that when you’re wrong it’s best just to get out and start over. A few days ago someone on Twitter talked about adding to a losing position. I understand the idea of averaging up or down, but I also understand that when there are 30 to 50 handle range days, adding to losers can blow up an account in minutes. That is why we continue to think as a scalper, get in, get out, don’t fall in love with your position.”

Have a great day,


Click here for the full piece: