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Most users and readers that see or use Mr. Top Step’s Market Imbalance Meter — what we call the “MiM” — tend to use it near the open and the close. However, it can also be used for playing a month-end rotation.  Generally, the MiM is used for finding the overall market’s daily imbalance. That is, which way the orders are leaning as we near the close. Is the market “big to sell?” Will there be “a big flip to buy in the final 10 minutes?” The MiM was an important tool for traders just a few weeks ago. While Mr. Top Step’s Danny Riley called out the bottom in the ES within...

Chart courtesy of TradingView.com In looking at the weekly chart, I see five consecutive weeks of decline, followed by a doji-ish hold of the 50-week moving average.  That comes after three consecutive weeks of declining volume and a little bit of divergence on the Williams %R reading. Does that guarantee a bounce is coming?  Of course not.  While there are signs of a possible bounce, we need confirmation and that comes through rotation.  What I would love to see here is a rotation over last week’s high at $60.34. That gives us all of the observations above plus a weekly-up rotation. T...

As Danny Riley will note in this morning’s Opening Print, Wednesday’s price action was tough. Trading the S&P 500 or its futures contract was not an easy task. The latter shed 2.1% in the session, dropping more than 87 points.  The Dow didn’t fare much better. The futures contract dumped 675 points, falling 1.97% on the day. That followed Tuesday’s session, where the index fell 485 points and after it made new all-time highs on Monday.  The undercurrents in the market have been tough, with some groups performing well and some groups performing dreadfully (looking at you, growth stoc...

So many times people wonder why they should be subscribed to a trading or investing service. They want to know what the ROI is. Sometimes though, it’s hard to quantify. Education, real-time thoughts — those don’t exactly show up as a percentage-based return. Sometimes at Mr. Top Step though, we do get a concrete idea on returns.  Just look at what happened on Thursday May 6th.  The S&P 500 futures contract ended higher by roughly 34 points on the day, up 0.82%. But those in the Mr. Top Step chat room were able to snag almost all of that move in an hour. 

Chart courtesy of TradingView.com Investing in a bear market is tough — for traders and investors. While the overall market is not in a bear market, it’s clear that growth stocks are.  When we look at the dip in Etsy stock, we see it’s being thrust right down to the 200-day moving average. Given how well this company and its stock has done, one would expect this level to at least provide a bounce this morning.  Etsy is currently trading around $168 in pre-market trading, putting it right near the 200-day. If the stock closes lower on the day, we’re talking about its sixth straight ...