Fake-Out In Nasdaq 100 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.
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At
the time this is being published, the S&P Globex futures
are trading 1.90 points higher and the bond market is
trading down 5 ticks.
Heads up: Friday’s
employment report will likely increase the volatility in
both bond and index futures.
The September
Nasdaq 100 futures
(
NDU0 |
Quote |
Chart |
News |
PowerRating) sold off earlier on Thursday
and took out the bottom of their recent range (a). However,
they reversed to close well (b). This action may have
trapped shorts on the wrong side of the market. Look for a
buying opportunity here.
width=”470″ height=”320″>
August lean hogs
(
LHQ0 |
Quote |
Chart |
News |
PowerRating), mentioned Wednesday night, rallied nicely on
Thursday and still look like they have potential to move out
of their recent consolidation. Continue to look for buying
opportunities here.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!