Stocks, Upside Bias Tomorrow
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 1.30 points higher and the Bond Market Futures are trading up 3 ticks.
Tonight we have three indicators pointing higher on the Market Bias Page. This combined with the fact that we are extremely oversold suggests that we will have an upside bias for the stock market tomorrow. Look for buying opportunities in the September S&P [SPU9>SPU9], NASDAQ [NDU9>NDU9] and Dow Jones [DJU9>DJU9] futures.
September Silver [SIU9>SIU9], mentioned last night and on the Pullbacks Off Highs List, appears to be pivoting out of a pullback (a). Continue to look for a buying opportunity here.
Source: Omega Research.
Volatility Watch
December Gold [GCZ9>GCZ9] remains on the Volatility Explosion — Multiple Days List. Continue to watch for a larger-than-normal move as volatility reverts to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!