Watch For ….
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 .10 points higher and the Bond Market Futures are down 3 ticks.
Although the energies, May Crude Oil [CLK9>CLK9], May Heating Oil [HOK9>HOK9] and May Unleaded Gas [HUK9>HUK9] sold off today, they were able to recover from the worse levels of the day. Continue to watch these markets for buying opportunities as the bigger picture uptrend remains intact. Just wait for them to take out the prior 1-2 bar highs before attempting an entry.
For you bottom fishers, May Sugar [SBK9>SBK9], is approaching multi-year lows and appears to be testing a triple bottom.
June Gold [GCM9>GCM9], on the Pullbacks Off Lows List, appears to be stalling out after rallying off of its recent lows. Look for a possible shorting opportunity here, especially if it can take out today’s low (281.60).
Best of luck with your trading on Friday!
Dave Landry
Director of Research