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Coach's Playbook Posted by Team Topstep March 2, 2021

Taking Time Away From The Markets

Step Away

On a day where stocks ultimately closed lower, there was still plenty of opportunity to catch a few moves in the index futures markets by trading inside the overnight ranges. The swings were wide, but the overall daily ranges remained reasonably tight, with the S&P and Dow opening near the overnight highs and closing relatively close to the overnight lows. If range trading isn’t your thing, it’s never a bad idea to take a step away from the markets to evaluate your trading.


  1. Crude oil found support at the 20-day moving average
  2. Dow, S&P, Nasdaq, and Silver all closed lower Tuesday
  3. Despite recent weakness, the S&P is still over-performing in a post-election year

Recap Video

Our Favorite Headlines

China Proposes A Regional Ban On Bitcoin Mining

FRNT Financial

“Yesterday, several outlets reported that the government of the Chinese region of Inner Mongolia is planning to shut down crypto mining as part of broader efforts to meet energy efficiency standards. The move isn’t expected to have a significant impact on mining, which is increasingly distributed around the globe.”


CBOE files for approval to list the first US bitcoin ETF

Isabelle Lee – Business Insider

“CBOE Global Markets has filed a request with the US Securities and Exchange Commission seeking approval to list shares of asset manager VanEck’s bitcoin exchange-traded fund, in the latest attempt to launch a bitcoin ETF in the US.”


U.S. Benchmarks Surge To Start The Month, But The Road Ahead Isn’t Clear Just Yet

Blue Line Futures

“After yesterday’s rebound, China’s top bank regulator threw cold water over the rally by warning of a bubble in foreign markets, like the U.S. and Europe. The comments dragged global equity markets lower through the night, and the S&P lost as much as 1% before snapping back.”

Economic Calendar for Wednesday March 3

  • MBA Morgage Applications – 6:00 AM CT
  • ADP Employment Report – 7:15 AM CT
  • PMI Composite Final – 8:45 AM CT
  • ISM Services Index – 9:00 AM CT
  • EIA Petroleum Status report – 9:30 AM CT
  • Beige Book – 1:00 PM CT

The Coach’s Playbook

Take some time away from the markets. We all need it!

For more trading news and information ahead of the opening bell, subscribe to the Daily Market Forecast with John Hoagland and Dan Hodman each morning at 8:00 AM CT.

Trade Well!