Founder's Trading Journal Mid-Day Outlook – 6/8/2021 by AF Thornton Jul 8, 2021 0 Comment 24-Hr S&P 500 Index Futures - Daily Candles So far this looks like the same playbook as the last two sessions, just from a lower level. This time, however, we got the real liquidation break and we are cleaning up a lot of the mess underneath us. This could qualify as a test of the 3-month break-out, depending on how you draw it (see chart above). From all appearances, the WEM low and Algo trigger line are pulling us back up out of the hole, and there was support just above the 21-day line and last week’s low at 4277. RTH S&P 500 Futures - 5-Min Candles As has been the case mid-day lately, we are pushing the fib retracements to see how high we can get. The 5-day line, now significantly violated, could now be resistance which would also be the 50% retracement of the decline this morning. In my opinion, the easy money off the double-bottom has been made. But we will see what they can do with the afternoon drive. The short-term bottom looks even more solid with the Globex data in place, so you had a great long this morning. I am not quite ready to go for a swing long as yet, but I will see how we close. A.F. Thornton
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AF Thornton Website: https://tradingarchimedes.com A.F. "Arthur" Thornton is an expert in logic, risk/reward quantification, market fractals, pattern recognition and asset class behavioral analysis with 34 years devoted to developing algorithmic and quantitative trading systems. In addition to trading his own capital, Mr. Thornton designs custom algorithmic and quantitative trading systems for a small and exclusive group of exceptionally qualified traders.