SPZ9 May Rally
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 1.90 points higher and the bond market is trading up 1 tick.
The December S&P Futures [SPZ9>SPZ9], mentioned last night and on the Pullbacks Off Highs List, closed well and looks poised to rally out of a cup and handle formation. Continue to look for a buying opportunity here.
The December Dollar Index [DXZ9>DXZ9], on the Pullbacks of Highs List, closed well today and looks poised to rally out of a low-level cup and handle formation or if you prefer, an inverted head and shoulder formation. Look for shorting opportunities in inverse currencies (as the Dollar Index can be illiquid at times) such as the December Swiss Franc [SFZ9>SFZ9] or the British Pound [BPZ9>BPZ9].
December Silver [SIZ9>SIZ9], on the Pullbacks Off Lows List, looks poised to challenge its old lows. Look for a shorting opportunity here.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!