Spoo Bounce Part 3
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 VIX continued to implode on Monday. Further, the advance/decline numbers
improved. This, with a McCllelan Oscillator, which remains oversold,
suggests that we may have some bounce left in the March S&P
(
SPH1 |
Quote |
Chart |
News |
PowerRating) and
Nasdaq 100
(
NDH1 |
Quote |
Chart |
News |
PowerRating) futures. See my Stock Outlook for more details
here.
March feeder cattle
(
FCH1 |
Quote |
Chart |
News |
PowerRating) look like they have the potential to rally
out of a low-level cup and handle. Just don’t overstay your welcome here as the
longer-term trend still remains down.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!