Spooz Remain Below Resistance
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.
Once again, the June S&P
(
SPM2 |
Quote |
Chart |
News |
PowerRating) continues to hover below the 1180-ish resistance
level. This, combined with low VIX readings (see my stock commentary), suggests the index is prone to
correct. For the nimble (i.e., daytraders), you might want to continue to look for shorting
opportunities here.
The June Swiss Franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating) has formed its first pullback since
its recent breakout. This action suggests that this uptrend remains intact.
The 10-year Notes
(
TYM2 |
Quote |
Chart |
News |
PowerRating) appear to be reversing near their recent highs.
This action suggests that they are prone to resume their downtrend.
May beans
(
SK2 |
Quote |
Chart |
News |
PowerRating) tailed lower but reversed to close well. This action
suggests that they have the ability to rally out of a pullback.
Looking Ahead
The meats continue to slide. Once again, they could set up soon as
Bow Tie shorts.
Once again, the April crude complex remains in a strong uptrend and could set up soon on a
pullback.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!