Spooz Rally Over?
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 December S&P futures
(
SPZ1 |
Quote |
Chart |
News |
PowerRating)
appear to be stalling out in their sharp rally from lows. This, combined with
several Market Bias sell signals and other timing models that I follow,Â
suggests the longer-term downtrend remains intact. One last point, if you
haven’t already done so, read tonight’s column
from Carolyn Boroden. She seems to agree with me. Therefore, based on the
above, look for a shorting opportunity here.
December gold
(
GCZ1 |
Quote |
Chart |
News |
PowerRating), mentioned
Wednesday, continues to hold up
fairly well at high levels. Continue to watch for a breakout to the upside here.Â
The December British Pound
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) is also
holding up well at high levels. Watch for a breakout here too.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
Â