Dollar Poised To Rally
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.
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At
the time this is being published, the Globex S&P futures
are trading up 1 point and the bond market is trading up 3
ticks.
The dollar
(
DXU0 |
Quote |
Chart |
News |
PowerRating) appears to be consolidating after its recent
rally and looks poised to make another leg higher.
Considering the
above, the September Swiss franc
(
SFU0 |
Quote |
Chart |
News |
PowerRating) looks poised to
break down from a double top. Look for possible shorting
opportunities here.
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The September
S&P futures
(
SPU0 |
Quote |
Chart |
News |
PowerRating) rallied earlier in the day, but
reversed to close poorly (a). This, combined with low VIX
readings, suggests that the index may be stalling and prone
to correct. For the nimble, look for a shorting opportunity
here.
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August lean hogs
(
LHQ0 |
Quote |
Chart |
News |
PowerRating) look poised to resume their meltdown. Look for a
shorting opportunity here.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!