Dollar Losing Value Ahead of FOMC Minutes: Wednesday's Market Forecast

Posted by TopstepTrader on October 11, 2017

Overnight, the big mover in futures markets was the Euro ($6EZ7), which gained 0.4% to push up towards the 1.19 handle. Between 1.19 and 1.1920, there is expected areas of resistance, so it will be important to look at how the Euro reacts ahead of the FOMC Minutes this afternoon at 1 PM CT. Following the FOMC decision last month, the U.S. Dollar significantly strengthened - falling from 1.2050 to 1.1950 against the Euro. Given that, it's interesting that prices have moved back towards that 1.19 level. Is the market setting up for a fall or shaking off the knee-jerk reaction?

Elsewhere in futures markets, Crude Oil ($CLX7) is trading right at $51, while the Emini S&P 500 ($ESZ7) is just below 2550. Gold, which has rallied in recent days, is down slightly to $1,292 per ounce. 

Danny Hodgman is filling in with all the levels that will be important in today's trading. 

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Topics: Market Updates

Traders Come Back: Tuesday's Market Forecast

Posted by TopstepTrader on October 10, 2017

With market participants back in the fray, markets are moving in early trade on Tuesday. Gold futures ($GCZ7) are nearly $10 higher, showing that there's some risk aversion going on out there. However, equity futures continue their march higher. The Emini S&P 500 ($ESZ7) gained nearly 5 points, while the Nasdaq ($NQZ7) leads the way - up 0.3% or 18 points. 

Crude Oil also shot higher overnight and is now trading above the $50 handle. Prices gained 1.9% to $50.50. 

With all this going on, John Hoagland has the levels that will be important in today's trading. 

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Topics: Market Updates

S&P Remains Bid, Gold Bounces: Monday Pre-Market Forecast

Posted by TopstepTrader on October 09, 2017

Overnight, futures prices were relatively flat. The biggest mover of the major futures contracts was Gold ($GCZ7), which gained 0.6% overnight. Crude Oil ($CLX7), which hit a rough patch in the last week, gained 0.3% overnight, while the Emini S&P 500 ($ESZ7) rose 0.2%. 

With today being a banking holiday in the United States, we could see small ranges or prices that drift listlessly. Here's how Senior Performance Coach John Hoagland is breaking down the opportunities and levels at the start of the week. 

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Topics: Market Updates

Want to Trade Better? Be Humble - Trader Behavior

Posted by TopstepTrader on October 07, 2017

Why are good traders humble? Experience, for one. After a while, good traders realize that the market is bigger than they are. Once you think you have the market pegged - that you have it all figured out - that's the beginning of the end. You can only last so long (see: Jesse Livermore).

Instead, it's the humble trader - the one that is confident in their position and view but knows beneath it all that the market will do what the market will do - who will succeed.

In this week's Trader Behavior video, Michael and Hoag talk why it's important to keep an open mind and be humble about your trading. Give it a watch and leave any feedback in the comments. 

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Topics: Market Updates, Trader Behavior

Planning for Better Trading - Coach's Playbook

Posted by TopstepTrader on October 06, 2017

You can't stumble into good trading. You have to plan for it. This is the basis behind TopstepTrader's Trading Combine® , where  you have a safe environment to learn and experiment - inside certain rules. But if you hope to be successful trading over the long run, you need a written plan: what are your goals; what's your personal loss limit; what is your motivation for trading? 

In this week's Coach's Playbook, our Performance Coaches talk about the essential components of a proper trading plan - and warn against some common pitfalls. Check it out - you'll be glad you did. 

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Topics: Market Updates, Performance Coaching, Coach's Playbook

Markets are Moving: Friday's Market Forecast

Posted by TopstepTrader on October 06, 2017

Though volatility as measured by the VIX is not moving higher, volatility for day traders is certainly there. That means there are opportunities. 

As we walk in today, Crude Oil ($CLX7) is down nearly 3%. And Gold ($GCZ7) is lower by 0.7%. Equity futures are more stable, with Emini S&P 500 ($ESZ7) down just 0.15%. Obviously, this morning, the markets have focused on the fact that the U.S. economy reportedly shed 33,000 jobs last month - compared with expectations for job growth of 90,000. 

Coach Danny Hodgman takes today's market forecast to preview these markets and levels that matter. Check it out. 

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Topics: Market Updates

Another Day, More Equity Futures Highs: Thursday's Market Forecast

Posted by TopstepTrader on October 05, 2017

It's a common story - equity futures are in the midst of hitting fresh all-time highs this morning. That has Gold ($GCZ7) selling off and is making its way into the U.S. Treasury Bond this morning - down 4 ticks after being bid just 15 minutes ago. Markets are moving, presenting a lot of opportunities for traders. 

Today, the one and only Danny Hodgman fills in for John Hoagland on the Market Forecast to run through the markets that matter - Crude Oil ($CLX7), Emini S&P 500 ($ESZ7), and Gold. Here's what he's looking at.

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Topics: Market Updates

Gold Bounces, Direction Uncertain Ahead of Yellen: Wednesday's Market Forecast

Posted by TopstepTrader on October 04, 2017

The ADP Employment Report was released this morning, suggesting that the U.S. private sector added 135,000 jobs in September. The number was exactly as expected, so had very little more than a knee-jerk reaction across futures products. 

As for specific products, Crude Oil ($CLX7), Gold ($GCZ7) and the Emini S&P 500 ($ESZ7) are all within recent ranges. Of these, Gold is the biggest mover - bouncing 0.3% after recent losses. The December futures contract is trading just below $1,280 per ounce. 

Here's how Senior Performance Coach John Hoagland is looking at market levels this morning. Plus, stay tuned to the end for a special guest appearance. 

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Topics: Market Updates

S&P, Russell Open at New Highs: Tuesday's Market Forecast

Posted by TopstepTrader on October 03, 2017

Anyone who has tried to pick a top in equity market futures over the past year has had a tough go at it. Yesterday, the Emini S&P 500 ($ESZ7) and Russell 2000 ($RTYZ7) closed at fresh all-time highs, while the Nasdaq ($NQZ7) hit highs, but closed below them. Early on Tuesday, markets were again pointed higher, with S&P futures gaining 2.5. 

Meanwhile, commodity markets have struggled with Gold ($GCZ7) falling precipitously from its yearly highs, with no bottom in sight. Crude Oil ($CLX7) has also recently come under pressure and may be set to challenge support at $50 shortly. 

With markets moving, here's what John Hoagland is looking at in his daily market forecast video. 

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Topics: Market Updates

Crude Sell-Off Accelerates: Monday's Market Forecast

Posted by TopstepTrader on October 02, 2017

Futures markets at active early Monday - with the news out of Spain catalyzing price action across the board. Crude Oil ($CLX7) is the large mover, falling more than 2.5% from the overnight session and in early U.S. trading. Gold futures ($GCZ7) have also fallen 0.5% - continuing a slide that started in early September. Finally, the Emini S&P 500 ($ESZ7) is trading up slightly, but largely unchanged ahead of the open. 

In today's video, Senior Performance Coach John Hoagland runs through all these levels and the areas of importance for traders. 

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Topics: Market Updates

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