Index Futures In Weak Postion
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
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
The December Nasdaq 100 futures
(
NDZ0 |
Quote |
Chart |
News |
PowerRating) has stalled out in the area of
its recent highs (a). This suggests that its downtrend remains intact. Look for
a shorting opportunity here.face=”Arial, Helvetica”>
The December S&P futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating), like the Nasdaq, are
in a weak position. This, combined with numerous sell signals on the Market
Bias Page, suggests that there may be a shorting opportunity here.
For you breakout players, January soybeans
(
SF1 |
Quote |
Chart |
News |
PowerRating),
mentioned Tuesday night, is just shy of taking out its recent highs. Continue
to look for a buying opportunity here.
Looking Ahead
The meats
(less bellies), mentioned recently, continue to hit life-of-contract highs. If
they pull back over the next few days, they may set up as buys.Â
Crude
and unleaded gas, after probing lower, recovered to close well. These contracts
may set up as shorts over the next few days if they can continue to pullback
from lows.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!