Can Pigs Fly?, Will Spooz Slide?
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.
As you may know, it’s a bullish sign
when a bearish pattern fails. With that said, April lean hogs appears to be
putting in a head and shoulders top. If it can ignore this bearish sign and take
out its recent highs (circa 66), it may be headed back to its old highs.
Therefore, look for a buying opportunity here but only on follow through to the
upside.
The June Nasdaq 100 futures
(
NDM1 |
Quote |
Chart |
News |
PowerRating) look poised to resume their downtrend and test their old lows.Â
Ditto for the June S&P futures
(
SPM1 |
Quote |
Chart |
News |
PowerRating) futures which may be more attractive as a short as they are more
overbought.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
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