Signals Pointing To Additional Upside Movement?
A powerful rally had broader index futures hit
record trading capacity and turned off the reservoir of red, for now.
Savvy bargain hunters and short covering were the two reasons why the markets
rocketed higher today.
Traders were looking for potential shorting
opportunities out of the gate when pre-market futures gave signs of another down
day. The Standard & Poors 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) opened and fell immediately to its
-1.28 Volatility Band (777) before reversing riding up without looking back.
The September S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) ended at 844.50 up 47.70 or
5.99% for the day.
There are positive signs of more upward
movement in the S&Ps. For positive indicators look at the TradingMarkets.com
Market Bias Indicators
Click Here
The September Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) were being held back by the Semiconductor sector
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) in
the first part of trading, but by the session end the NDU2 had put in a solid
gain of 49 or 5.43% to close at 951.
Today on the Chicago Board of Trade (CBOT) the
grain and soybean futures moved higher amid uncertain weather forecasts. With
only three trading days completed for the week, it has been a roller
coaster ride, especially for soybeans which posted huge gains Monday and then
gave most of them back Tuesday. Today soybeans for November
(
SX2 |
Quote |
Chart |
News |
PowerRating)
rose 8 cents or 1.49% to $5.43 a bushel. Wheat for September delivery
(
WU2 |
Quote |
Chart |
News |
PowerRating) rose 3 1/4 cents to $3.36 a bushel; December corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating)
rose 8 cents to $2.59 1/4 a bushel.
August gold futures
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) sagged through support at the 100-day
moving average losing $1.19 to $311.39 a troy ounce on the Comex division of the
New York Mercantile Exchange. September silver
(
SIU2 |
Quote |
Chart |
News |
PowerRating) dipped 2.29
cents to $4.86 and September copper
(
HGU2 |
Quote |
Chart |
News |
PowerRating) lost .25 to 69.65 a
pound.
Crude-oil futures rose Wednesday as traders were encouraged by surprise large
draws in US petroleum inventories. September crude oil
(
CLU2 |
Quote |
Chart |
News |
PowerRating)
gained 56 cents or 2.13% to $26.87 on the New York Mercantile Exchange;
September unleaded gasoline
(
HUU2 |
Quote |
Chart |
News |
PowerRating) rose 1.62 cents to 78.20 cents a
gallon, Sept. heating oil
(
HOU2 |
Quote |
Chart |
News |
PowerRating) rose 1.20 or 2.25% to 68.29 cents a
gallon and September natural gas
(
NGU2 |
Quote |
Chart |
News |
PowerRating) rose 0.15 cent to $3.04 per
million British thermal units.
Earlier in the day, the Department of Energy
reported that crude stocks fell by 3.7 million barrels for the same one-week
period ended July 19.