My Opinions Are a Chocolate Teapot. The Setups Will Tell Me What To Do.

I’m getting a head start on Thursday’s letter and briefings, as by the time you’re reading this I will be lost in the local zoo like an extra on Jumanji.

Or at least that’s the plan.

Thinking about the markets for a minute, I will once again officially hang up my opinions next to my spurs, as they are both as useful as a chocolate teapot.

Or at least when it comes to the inside bars phenomenon. I’m going to have to create a script for it and put it to the test once and for all.

Development to-do list, item 47: finish items 1 to 46.

(Tut! More things on my development to do list!)

Anyway, the charts…

“Our Top Trader Uses This 9:50 AM Secret to Target $500 Per Day Regardless Of Which Direction The Market Moves” –

Market Snapshot

Markets only go up, don’t-cha-know!?!

Still flirting with the prior ranges from over the last few months on S&P and Naz, Uncle Russ developing a new zone, and Uncle Dow back at the deciding range highs. Gold back to range lows.

The VIX soufflé, collapsing to order.

VIX, chef’s kiss, deflating nicely and back pushing towards 17.

Crude oil stalling where we thought.

Which just leaves Bitcoin to have the rug pulled and the arse fall out of the market with a bear drop. Drop bear? Isn’t that an Ozzie thing? Anyway, a bear move. Hard and fast is what I’m expecting, should it “…go…”

• SPX 7,619.38, up 98.45 (1.31%). At the prior range low. Full read below.

• ES 7,642.25, up 87.25 (1.15%). Flirting with the prior range.

• NazQuack (NQ) 28,444.25, up 609.00 (2.19%). Flirting with the prior range.

• Uncle Russ (RTY) 2,854.8, up 22.4 (0.79%). Developing a new zone.

• Uncle Dow (YM) 52,633, up 259 (0.49%). Back at the deciding range highs.

• Gold 3,994.3, down 46.2 (1.14%). Back to range lows.

• Crude (CL) 86.42, down 0.02 (0.02%). Stalling where we thought. Full read below.

• Bitcoin 74,065.03, up 367.16 (0.50%). In bear mode. Full read below.

• VIX 17.48, down 1.97 (10.13%).

SPX – Support again, or a great place to sell the rally.

Over on the SPX charts in more detail, you can see the old range levels, prior support, potentially becoming support again, or a great place to sell the rally. The setups and rules will let me know what to do when it’s developing.

MACD-v is in a bull extreme, or at least briefly, which often suggests we have a strong bull move and it may well continue. A move to the prior range highs from the current level at the prior range low… we’ll see.

On the inside bars, the observation comes from watching the markets daily for the last 26 years of full time trading. I’ve seen that IB outcome happen more often than not, and we still have 1 day for the expectation to come good.

But as I keep saying, that’s the expectation, but price has to also confirm. The intraday price moves once again broke above the IB high and stayed above it all day. There’s nothing to do but go long.

Below 7600 for the bear assessment.

Crude Oil – Still behaving nicely.

Crude is still behaving nicely and stalling at the hold zone commented on previously, the $88-$90 level.

Back below $85 and we could see the drop to $80 in a blink.

Stalling where we thought.

Bitcoin – Resisting the drop for the moment.

Public advisory: Bitcoin holders, dab Vegemite behind the ears and look up.

BTC, in bear mode and resisting the drop for the moment. A good push below 73,000 might just tip things over for the push to 63,000, with 65,000 and 63,000 as targets 1 and 2.

A bear move, hard and fast.

Premium Poppers – Another painless day.

Over on the Premium Poppers, another painless day with a clear, clean move higher from a first breakout setup. Very similar to Monday’s moves as it goes, just a coincidence in observations as opposed to something we can monitor.

My rolling action line (the blue line, new tools coming soon) is holding as support most of the day.

Once again, well done team. Most folks might have taken the day off for remembrance.

Wall of Wins

• Don E.: “Closed SPX LP for 50% – slow day I think because of Veteran’s Day in US.”

• ehvpsd: “I also closed a LP SPX for 50%. Nice one..”

• James D.: “SPX PP filled – waiting on the RUT PP

• ” … “And RUT filled! :-)”

• Me: “awesome work team”

“Aire Guitar” time!

Meme of the Day:

Trade well,

T2 Markets

p.s. Want full access to the SPX Income System (includes 7+ mechanical income strategies)? Join our team now!

Want to trade ‘OPM’ ?

Don’t risk your own capital.... Get funded to trade 0DTE and other options strategies...

Click HERE to discover your funding options