Nasdaq Higher But Stalling
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.
The June Nasdaq 100 futures
(
NDM1 |
Quote |
Chart |
News |
PowerRating) gapped higher (a) into a resistance
level but reversed to close poorly (b). This action suggests that its
longer-term downtrend remains intact. Look for a shorting opportunity here.
The dollar, mentioned recently, continues to hold up well. This suggests that
there may still be shorting opportunities in the inverse currencies. The June Japanese Yen
(
JYM1 |
Quote |
Chart |
News |
PowerRating) remains the most likely candidate to fall here.
July copper
(
HGN1 |
Quote |
Chart |
News |
PowerRating) formed a bearish outside day down on Wednesday. This
action suggests that its downtrend remains intact. Look for a shorting
opportunity here.
May cotton
(
CTK1 |
Quote |
Chart |
News |
PowerRating), mentioned
recently, appears to be resuming its downtrend. Continue to
look for a shorting opportunity here.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!