Wait
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.
Tonight we have 4 indicators pointing higher combined with an oversold McClellan Oscillator on the Market Bias Page. Under normal circumstances, this would be very bullish for the market. However, in light of today’s action, you should wait for some follow through to upside before getting too bullish on the index futures.
December Corn [CZ9>CZ9], on the Pullbacks From Lows and Implosion 5 Lists, closed poorly today and looks poised to resume its strong downtrend. Look for shorting opportunity here.
November Orange Juice [OJX9>OJX9], mentioned last night and on the Pullbacks Off Lows List, closed poorly today and looks like it may have some additional downside left in it. Continue to look for a shorting opportunity here.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!