1. In today’s (Thursday, June 16) Williams edge live meeting it was noted that the September S&P was expected to advance to approximately $2055 (and as high as $2058/$59) before reversing and selling off to a later to $2042. Our partial profit exit was at $2048/$47.
2. Subsequently the market tested the $2055 level and reversed, selling off to $2048/$47 as expected. However, the market then advanced to new recent highs, resulting in a loss on our remaining short position. This was unusual behavior and indicated different forces at work in today’s session.
3. Later in the session it was noted that new long entries could be taken at $2063 (Pro trading room) for continued advance to $2071 expected today/early tomorrow. This same trade was given in our live messenger window 2:14 post starting at $2065.50.
4. Subsequently, today’s session advanced and completed the $2071 upside profit target, successfully completing the trade. Today was an excellent example of an incorrect initial read on the market later corrected once the market position was well understood. Will message any further entry or indication in the September S&P.