Four Indicators Pointing Higher
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.
At the time this is being published , the S&P Globex Futures are trading 1.00 point higher and the Bond Market Futures are trading down 1 tick.
Tonight, we have 4 indicators on the Market Bias Page pointing higher. As you know, whenever we have 3 or more indicators pointing in one direction it suggests a strong market bias.
Tonight, there are two double top “themes†from the Momentum 5 List. June Crude [CLM9>CLM9] and the June Canadian Dollar [CDM9>CDM9] are both right at major resistance. Look for buying opportunities should either of these markets break through this resistance.
May Coffee [KCK9>KCK9], on the Pullback From Lows List and mentioned last night, still looks like an interesting candidate for shorting as it pulls back from major lows off of major lows. Look for a shorting opportunity here.
Source: Omega Research.
Best of luck with your trading on Friday!
Dave Landry
Director of Research
PS-Reminder: Protective stops on every trade!