June Crude Oil Is A Shallow 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 2.20 points lower and the Bond Market Futures are trading up 2 ticks.
June Crude Oil [CLM9>CLM9], on the Momentum 5 and Pullbacks From Highs Lists, is a shallow pullback and appears to have pivoted back in the direction of its longer term uptrend. Look for a buying opportunity here.
Source: Omega Research.
July Coccoa [CCN9>CCN9] gapped to major new lows today but “hooked up†to close well. This may have the last of the shorts trapped on the wrong side of the market. Look for a buying opportunity here.
Volatility Watch
The June Swiss Franc [SFM9>SFM9] remains are on the Volatility Explosion — Low Multiple Days List. Continue to watch for a large move (in either direction) as volatility reverts back to its mean.
Best of luck with your trading on Wednesday!
Dave Landry
PS-Reminder: Protective stops on every trade!