Five Indicators Point Higher!
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 higher and the Bond Market Futures are trading up 3 ticks.
Tonight we have 5 indicators pointing higher on the Market Bias Page, the most I’ve seen in quite some time. This, combined with the fact that the Nasdaq 100 [NDZ9>NDZ9] is on the Pullbacks Off Highs List and the Dow Jones [DJZ9>DJZ9] and S&P [SPZ9>SPZ9] are on the Turtle Soup Plus One Buy List, suggests we will have an up day in the index futures. Look for buying opportunities here.
The December Canadian Dollar [CDZ9>CDZ9], on the Pullbacks Off Highs List, has been fairly strong lately in spite of weakness in our own currency. Look for a buying opportunity here.
The December British Pound [BPZ9>BPZ9], mentioned last night and up nicely today, appears to have resumed its uptrend. Continue to look for a buying opportunity here.
March Sugar [SBH09>SBH0], mentioned recently and on the Pullbacks Off Highs List, still looks like it is headed higher. Continue to look for a buying opportunity here.
Volatility Watch
December Gold [GCZ9>GCZ9] remains on the Volatility Explosions — Multiple Days List. Continue to watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!