SPU9 Closed Well
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 .20 points higher and the Bond Market Futures are trading up 2 ticks.
The September S&P futures [SPU9>SPU9], on the Pullbacks Off Highs List, closed well and appear poised to rally out of its oversold condition. Look for a buying opportunity here.
Source: Omega Research.
For you breakout players, December Copper [HGZ9>HGZ9], on the Momentum 5 List, hit 6-week highs today. Look for a buying opportunity here.
December Gold [GCZ9>GCZ9], mentioned last night, appears poised to challenge its old lows (around 253). Continue to look for a shorting opportunity here.
December Silver [SIZ9>SIZ9], like gold, also looks weak. Look for shorting opportunity here too.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!