October Sugar Broke Out
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 .10 points lower and the Bond Market Futures are trading down 1 tick.
October Sugar [SBV9>SBV9] broke out of a triangle today and is just shy of its 3 month highs. Look for a buying opportunity here.
Source: Omega Research.
On the Momentum 5 List, both August Crude [CLQ9>CLQ9] and August Heating Oil [HOQ9>HOQ9] reversed yesterday’s sell off and closed well today. Look for a buying opportunity here.
Volatility Watch
July Coffee [KCN9>KCN9] is now on the Volatility Explosions-Multiple Days List. As I mentioned last night, surprises normally happen in the direction of the trend. Therefore, look for a shorting opportunity here as the trend remains down.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!