Wednesday saw mixed and moderate results for the major indices. It also showed mostly mixed and moderate edges for overnight traders. Below is a look at the Odds Sheet as it stood near the close.
There were two index securities that had their Averages showing up in green. These were IWM and NQ. ES is what I trade, and it is the security whose Odds I pay closest attention to. It showed no edge. Price Action was slightly bearish while internals and Seasonality were just above breakeven, making the Averages both very close to breakeven. The EdgeFinder was blank, and offering no strong evidence. So I sat out.
Futures had a rough night with more news of war out of the Ukraine. Europe stocks were hit and the US market gapped down at the open today. ES opened 8.50 points below Wednesday’s close. So while I have not had a trade in a while, I was glad to avoid that.
Have a great night trading, and rest easy!
Overnight Edges was recently named one of the Top Trading Rooms by Dean Handley in Futures Truth Magazine! Check out the full article here.
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