Never A Dull Moment - Market On Open, Monday 22 July 2024
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It Pays To Stay On Your Toes
by Alex King
On Friday morning, before the world’s IT systems closed down and when the sitting President was still a candidate for re-election, S&P500 E-mini futures were at 5600, or thereabouts. On Monday morning before the open (it’s 9am Eastern at the time of writing), after the world’s IT systems melted and now that the sitting President is no longer a candidate for re-election, S&P500 E-mini futures are at … 5600, or thereabouts.
No clearer way to say - securities prices are not driven by the news. I do not believe there is any way to have any kind of edge in securities markets by watching, reading or listening to the news. Speaking personally I sometimes watch, read or listen to the news, but this is by way of distraction from work rather than because I think it’s important for work.
The only thing you need to follow price is price. Well, maybe volume too. Can’t say it enough times.
As always, it pays to react to price, not to anticipate it; but in my view it helps to have a map with which to navigate and to know which way to turn as events unfold. The charts we post here in the daily Market On Open note, available to any paying subscriber, are in my view a useful way of orienting oneself and understanding likely reversal, support and resistance levels in both the short and long term.
If you'd like real-time real-money trade disclosure alerts and a live ask-us-anything webinar each week, sign up for our Inner Circle service - consider doing so in July before prices rise 1 August. You can join up here.
So Let’s Get To Work
As always in our market notes, we deal with long- and short-term charts covering the main US equity indices - that’s the S&P500, Nasdaq-100, Dow Jones-30, and the Russell 2000 - plus bonds, volatility, oil, and key sector ETFs. You can use these daily notes to help you navigate long-term investments, and/or to help you action short-term trading. Any paid-tier subscription here gets you these notes every trading day.