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.
Once again, June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) still looks like it has the
potential to continue its rally out of a Running Cup and Handle.
Tonight (Friday) we have a repeat TRIN Reversal buy signal and a repeat CVR I
buy signal. This action suggests that the June index futures could be set up for
a bounce. Use caution though, since you are fighting a downtrend.
Follow Up/Looking Ahead
The meats could set up soon if they continue to bounce.
The energies got creamed on Friday. We could see Bow Tie shorts here soon.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
Â