Bounce Play In Index Futures?
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.
July cotton
(
CTN2 |
Quote |
Chart |
News |
PowerRating) looks like it has the potential to resume its
rollover out of a an inverted cup-and-handle-like formation.
There are several buy signals that are beginning to trigger in the indices.
This, combined with the oversold nature of the stock market, suggests that the
index futures are due for a bounce.
Follow Up/Looking Ahead
The Dollar, mentioned recently, continued to sell off hard. If you took any
trades in the inverse currencies, you might want to lock in a piece.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!