June T-Bond Futures: Look To Go Long
Each evening we focus on the most interesting aspects of 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 before the markets open. Therefore, overnight events may impact the relevance of these observations.
At the time this is being published, the Globex S&P futures are trading 1.00 point higher and the T-bond futures are trading down one tick.
The June T-bond futures [USM9>USM9], on the Pullbacks Off Highs List, have formed a three-bar pullback (a) after rallying out of a double bottom. Look to go long, especially if the market can take out today’s high.
Source: Omega Research.
The June British pound [BPM9>BPM9], on the Pullbacks Off Lows List, formed an outside day down after bouncing off 10-day highs. Look for a shorting opportunity here as the longs may be trapped on the wrong side of the market.
June gold [GCM9>GCM9], on the Pullbacks Off Lows List, formed an outside day and closed poorly. Look for a shorting opportunity here.
May coffee [KCK9>KCK9], also on the Pullback Off Lows List, has made a three-bar pullback off major lows. Look for a shorting opportunity here.
Best of luck with your trading on Thursday!
Dave Landry
Director of Research
Reminder: Protective stops on every trade!