SPH0, Maybe A Buy
Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Futures and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.
At the time this is being published, the S&P Globex Futures are trading 1.80 points higher and the bond market is trading down 1 tick.
The March S&P Futures [SPH0>SPH0], on the Pullbacks off Highs List, sold off earlier today but reversed to close well (a). This, combined with an oversold McCllean Oscillator suggests they are poised to resume their uptrend. Look for buying opportunity here.
The March Yen [JYH0>JYH0], mentioned recently, still looks poised to resume its uptrend. Continue to look for a buying opportunity here.
March Cotton [CTH0>CTH0], on the Pullbacks Off Lows List, closed poorly and looks poised to resume its downtrend. Look for a shorting opportunity here.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!