Coach's PlaybookPosted by Team TopstepMarch 2, 2021
Taking Time Away From The Markets
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.
Crude oil found support at the 20-day moving average
Dow, S&P, Nasdaq, and Silver all closed lower Tuesday
Despite recent weakness, the S&P is still over-performing in a post-election year
“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 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.”
“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!
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