Thoughts for Wednesday 3/29/23
Hourly bands are tightening.
Hello traders, Here is what we had yesterday night and the best trade was short in globex that produced 20+ points. RTH before 2 pm mainly stayed between 3994 and 4004 two of the levels we had. It did spike down after 2 pm EST to return back in that range and now we are above that. Over all 10 point range made very difficult to get +6 on most trades and we stayed out of the market mostly.
Econ Tomorrow:
10:00 EST Fed Barr Testimony
10:00 EST Pending Home Sales (MoM) (Feb)
10:30 EST Crude Oil Inventories
10:30 EST Cushing Crude Oil Inventories
13:00 EST 7-Year Note Auction
I suggest to not trade night session from 10 pm to 2 am chop. If action has to happen than it will happen before 10 pm or after 2 am EST. You can generally play short on top level provided for nightly range and long on lower level of nightly range after 2 am or 3 am. But get out of the way if it rips or drops thru levels and wait for new opportunity or flip. And of course never add to loser and better yet cut it and reset.
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