My plan:
Indices futures broke last Friday's low overnight following Asian and European negative markets. ES/SPX are back into CHVA and at top previous balance area. Fib 50RT around 2050 would be next target. We may look at Fib 62 around 2030 in next few days. Of course, market could turn around any time as the over all up trend is live and well. My plan is not to add any positions this morning and watch how the market does. Since I will be out from Thursday until next Tuesday it's wise to stay light and manage my current positions.
Grains are down slightly but in range overall. It's awaiting for USDA WASDE and Crop Production at 12 noon. I am still in the holding mode. My main risk is in wheat but still manageable unless it crashes and hit stop limit.
My execution:
ES/SPX gaped down and couldn't pull back to close it. Turn around Tuesday didn't happen, rather sold off before closing. I didn't follow my plan of not adding positions. I put on several SPX and RUT put spreads. SPX was down 1.64% and filled me at 1850, 1830 and 1820 for April 2, 3 respectively in Fidelity and IB accounts. It looks like the down turn is not over yet since ES/SPX closed at low of the day.
USDA WESDE Report boosted the prices of the major grains. Wheat is back above $5.00. I get some room to breath.
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