March S&P Futures hit all-time highs
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 7.40 points lower and the bond market is trading up 5 ticks.
After hitting all-time highs just yesterday, the March S&P Futures [SPH0>SPH0] sold all the way off to below the 50-day moving average (a). This is not the type of action you would expect for a market just hitting new highs. Going forward, it’s important for us to stabilize around these levels.
We still have more indicators pointing higher than lower on the Market Bias Page. However, in light of today’s action (above), I wouldn’t try to be a hero and buy the index futures here. Remain nimble (i.e. consider day trades only) on the March index futures.
The March Swiss Franc [SFH0>SFH0] seems to be stalling out just shy of 20-day highs(a). Look for a possible false move above and subsequent sell off (a.k.a. Turtle Soup) tomorrow.
Best of luck with your trading on Wednesday!
PS-Reminder: Protective stops on every trade!