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Emini S&P 500: Breakout Mode On Politics

By Al BrooksStock MarketsDec 07, 2017 01:37PM ET
www.investing.com/analysis/emini-sp-500-breakout-mode-on-politics-200271452
Emini S&P 500: Breakout Mode On Politics
By Al Brooks   |  Dec 07, 2017 01:37PM ET
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Breakout Mode Before Budget Reconciliation, Tax-Reform Votes

I will update around 6:55 a.m.

Pre-Open Market Analysis


After Wednesday triggered a sell signal on the daily chart, yesterday was a bad follow-through day for the bears. The bears were hoping for a 3rd consecutive bear trend bar on the daily chart. If they got that, it would have increased the odds of at least 2 legs down. It did not. This therefore makes the Emini neutral going into tomorrow’s budget reconciliation vote and the upcoming vote on the Trump tax cuts. Today will likely continue yesterday’s trading range trading.

Overnight Emini Globex


The Emini is down 1 point in the Globex session. After 2 big bear days, the Emini was in a trading range yesterday. With tomorrow’s budget vote to continue to fund the government, the odds are that it will be mostly neutral again today. However, day traders will always be ready for a strong breakout up or down. They will trade the trading range until there is a breakout.

Yesterday’s Setups

5-Minute Emini S&P 500
5-Minute Emini S&P 500

Here are several reasonable stop entry setups from yesterday. I sometimes also show limit order entries and entries on the close of bars.

Emini S&P 500: Breakout Mode On Politics
 

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Emini S&P 500: Breakout Mode On Politics

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zeus man
zeus man Dec 07, 2017 7:57PM GMT
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