Reminder: last night, we had six buy signals on the Market Bias Page. As a general rule, whenever 3 or more signals are pointing in the same direction it normally suggests a strong index futures bias. One word of caution for tomorrow though, most of the signals on the Market Bias Page are from yesterday and we may have already seen the majority of the move. Therefore, wait for follow though to the upside….
Strong Upside Bias For Index Futures
Tonight, we have six buy signals on the Market Bias Page. This is the most signals pointing in one direction that I have seen in a long time. As you know, there are no guarantees in trading, but when you see this many signals, it pays to take heed….
Lack of Pertinent Set-ups
As this is being published, the S&P Globex Futures are down slightly and the Bond market is up 6 ticks.
There are a lack of pertinent set-ups tonight and only a few markets that look interesting to me.
Obviously, the focus tomorrow will be on the June S&P (SPM9) and June Dow Jones (DJM9)index futures.
New 10 Day Highs List grew
As this is being published, the S&P Globex Futures are down 1 point and the Bond market is trading down 5 ticks.
Today, our New 10 Day Highs List grew as many commodities broke out to new highs.
Know The Sector Before You Trade The Stock
Trading can’t occur in a vacuum–you need to appreciate the big picture to know if you’ve got an edge. Analyzing sectors can give you a better understanding of the larger market context you’re operating in and help you focus on higher-probability individual stocks.
Market Bias signals are pointing lower for Monday
There are only a few markets that look interesting to me tonight.
As would be expected after a day like today, the Market Bias signals are pointing lower for Monday. Look for shorting opportunities on the June Dow Jones futures (DJM9) and the June S&P futures (SPM9).
On the Pullback Off Lows List, May Silver (SIK9) appears to be consolidating at lower levers. Watch for a resumption of the downtrend for a possible shorting opportunity.
Only a few markets look interesting….
At the time this is being published, the Globex S&P Futures are up 1.5 points and the Bond market is up 2 ticks.
There are only a few markets that look interesting to me tonight.
June Dow Jones Futures [DJM9>DJM9] and June S&P Futures [SPM9>SPM9], on both the New 10 Day Highs List and the Momentum 5 List, broke out of their recent high level consolidations today to close at all time highs and near the highs for the day. Don’t fight the tape, look to play them on the long side. One word of caution, tomorrow could be volatile as it is options expiration.
Cup-and-Handle Trading Techniques For Swing Traders
The cup-and-handle is a reversal pattern that frequently precedes big rallies. Here, we show you how this pattern is formed, as well as how to enter trades and limit your risk in these situations.