June S&P Futures Closed Well
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 .80 points higher and the Bond Market Futures are trading up 2 ticks.
The June S&P Futures [SPM9>SPM9], on the Pullbacks Off Highs List, closed well today (a) reversing Friday’s sell off. Look for a buying opportunity here.
Source: Omega Research.
On the Pullback From Lows and Implosion 5 Lists, July Cocoa [CCN9>CCN9] has pulled back from major lows. The fact that it closed poorly suggests that the longer term downtrend may resume. Look for a shorting opportunity here.
Volatility Watch
The June Swiss Franc [SFM9>SFM9] continues to be on all three Volatility Explosion Lists. Continue watching for a large 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!