Don’t Ignore These Six. . .
Six down signals in stock index futures on the Market
Bias Indicators Page
suggested
December Nasdaq 100 futures
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PowerRating), S&P futures
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Dow futures
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PowerRating) could decline and we saw a continuation of
yesterday’s sell off as traders liquidated positions before the Thanksgiving
holiday.
T-bonds
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PowerRating) made it eight-for-nine — down
days, in a shortened trading session. This
Implosion-5 List market got started on the down side — making good on an Off The Blocks
short — and sank more than a point and a half on a surprising reduction in
the number of initial jobless claims and on stronger consumer confidence.
T-bonds settled around the 104-mark after retracing half of their morning
decline.
Both economic reports — and T-bonds reaction to the reports — suggest
the economy is rebounding more strongly than anticipated. The vigorous
selling is saying bond traders are beginning to discount an economic
turnaround by the second half of 2002 and a discontinuation of the Fed’s
interest-rate-easing monetary policy.
Euro FX futures
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PowerRating) sank to new three-month lows after
German business confidence hit an eight-year low and after consumer spending
in France dipped twice as much as expected. Last night’s Futures
Setups observed that “Swiss francs
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back from their recent low, and held at the confluence of the touching of
its overhead gap at .6074, the 20-day moving average, and the 61.8%
retracement of its most recent swing. The three factors provide resistance
for this Pullback
From Lows setup.” The Swiss unit is triggered out of its
pullback setup but also retraced off lows.
Also from Wednesday’s Futures Setups,
silver
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Implosion-5 List, fell out of its descending triangle to make good on an Off The Blocks
short.
In last night’s Futures
Market Recap, I pointed out factors that suggest Russia will continue to
increase its production until oil drops below $16 a barrel, hampering any
output cutback deal with OPEC.
January crude oil
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is leaving an outside bar at its recent high and
fell to a session low of 18.80.