Good Morning Traders!
Shortened trading week this week…..
SPs have an unfilled gap area basis the Pit session from Friday’s market. Good odds this gap will be closed this week.(2051.75 closes the gap to the previous swing high….2054.75 was the pit session low from Friday.) But in the meantime, a retest up towards Friday’s high can unfold. The DAX had a huge trend day UP on Friday…The first retracement to the 30/60 will be a grail buy. So the SPs may close their gap but overall downside is limited as long as the DAX has such good upside momentum. The previous daily swing high may be a magnet for the DAX.
Hogs have a pullback after an upside breakout from a good trading range. Cows are holding their gains after a killer move to all time highs. Sugar is winding down to a low volatility point with converging trendlines. Crude has resistance that will come into play at the down trending channel lines. (see chart below)
The EC can have a Z day or consolidation day (two way trading ) after Friday’s liquidation flush. Both GC and SI have Sell Short day setups after two days low to high.
Wishing all a good trading day….
Markets in BO Mode: