June Crude Appears Pivoting Out Of Pullback


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 .70 points lower and the Bond Market Futures are trading down 1 tick.

June Crude [CLM9>CLM9], on the Momentum 5 and Pullbacks From Highs Lists, closed well today and appears to be pivoting out of its pullback (a). Look for a buying opportunity here as the long term trend remains up.


Source: Omega Research.

The June Canadian Dollar [CDM9>CDM9], mentioned last Friday night as a Trend Knock Out (see archive), is still on both the Momentum 5 and Pullbacks From Highs Lists. Continue to look for a buying opportunity as the long term trend remains up.

Volatility Watch

As you know, historical volatility is based on the closing prices only. Notice that the June Japanese Yen [JYM9>JYM9] has had very little change on a closing basis over the past 5 days. This action (or lack thereof) keeps it on the Volatility Explosions-Multiple Days List. Continue to watch for a larger than normal move (in either direction) as volatility reverts back to its mean.

Best of luck with your trading on Tuesday!

Dave Landry

PS-Reminder: Protective stops on every trade!