Good Morning Traders~!
The SPs have traded two days low to high and further morning up will be Shorting opportunity. This may just be for a scalp though: The Nazdaq has had good residual upside momentum….a V spike reversal here is unlikely. The Russell, even though it appears to be lagging the other indexes, is filling out a broader weekly formation and is still closer to the lower end of its trading range. A possible scenario for tomorrow can be seen on the SP cash 30 minute – make third push up in the morning, and then consolidate in an A B C formation for the rest of the day. Let’s at least see if there is a nice three pushes up on the intraday chart off the opening.
Damage done to Copper and Crude – Copper will have a Buy Day but for a scalp only – A grail sale at the 120 minute EMA can provide resistance. Crude – look for two way trading as the market consolidates – any morning reaction up will also set up a grail sale for a retest down. Beans have a pinball sale…..and the Buy setup in Silver on Thursday led to an inside range day only. Silver and the EC both will have Breakout mode.
I am sure not many have been trading the meats, but HOGS appear to be getting oversold and there are daily Buy Divergences now on the 3/10 osc.
Bunds – did ten year yields really trade at 1%? Open mouth….insert foot……
OPTIONS EXPIRATION this Friday, though not a triples! Everyone have a great weekend!
Markets in BO Mode: