SPZ9 Chart
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 .70 points lower.
The December S&P Futures [SPZ9>SPZ9], on the Pullbacks Off Highs List, have formed a big picture cup and handle. Look for a buying opportunity here.
December Coffee [KCZ9>KCZ9], on the Turtle Soup Plus One Sell List, gapped higher and rallied to new highs today but reversed to close poorly. Look for a shorting opportunity here.
For you breakout players (or more appropriately breakdown players), December Corn [CZ9>CZ9], broke to new lows on an expansion of range today as volatility (finally!) began to revert to its mean. Look for a shorting opportunity here.
January Soybeans [SF0>SF0], like corn, broke to new lows as volatility began to revert to its mean. Look for a shorting opportunity here.
BTW, the first installment of the Larry Connors/Mark Boucher Stock Market and Mutual Fund Timing Course is now live. I got a peek at the second installment today (to be published Friday) and there is some really great information in there. Make sure you sign up for their course. It’s free to members!
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!