Intraday Trading TIpsToday we have several markets that may affect the intraday trading tips.  They are (all times are EDT):

  • 8:30 am Core Retail Sales
  • 8:30 am Retail Sales
  • 8:30 am Unemployment Claims

From the Gold trading tips yesterday, price is testing the congestion dot on the 720 minute chart and the ATR on the 1440 minute chart.   With the potential buying divergence on the 720 we may see a downward movement to the ATR on the 720 at 1249.3.

Crude Intraday Trading Tips

The 1440 shows an uptrend, as does the 720 and 180 minute charts.  However, the 45 minute chart is showing an ADX value of 69.54 so I would anticipate an ADX magenta peak at some point this morning with a retracement to the ATR, which is currently at 104.91.

Indices Intraday Trading Tips

On the mini S&P 500 (ES), The retracement is still working on both the 1440 and 720.  The 180 is showing congestion with an ATR at 1948.50 and a congestion dot at 1940.5.  The 45 minute is showing congestion with an ATR below price (opposite of 180) at 1943 and a congestion dot at 1948.  I did sell a spread at 1940 for $11 of risk thinking it will go down with an expiration at 4:15 pm today.  It could go back and test the ATR level at 1948.50 and then move down but I have capped my risk and it has the full day to work out.

On the NASDAQ (NQ e-mini) the ADX magenta peak is still working.  The 720 is showing price above the ATR, as it the 180 minute chart.  I believe the key today will be if the ATR holds price up on the 45 minute chart.

On the Dow (mini YM) the ADX magenta peak is still working back to the ATR and price is at the ATR on the 720 minute chart.  The 180 minute is testing the ATR above price at the moment and the 45 is showing congestion with the congestion dot at 16811 and the ATR at 16779.  I would watch the 45 minute chart today to see if the ATR is broken and then price can move down.