Good Morning Traders! Were the markets really open on Monday? One of the lightest volume days of the year as Europe was still on holiday….plenty of NR7s on the trade sheet as a result.
SPs and the DOW are up against short term resistance levels but many shares have had good upside momentum and a steady creeper mode has set the tone for the upward rally. With an NR7 in the Sps on Monday, keep an open mind – the market can still move in either direction. See how the DAX opens up after its holiday break – the tone can set the early tone for the SPs on Tuesday morning. The levels marked off on the chart above are the most watched levels – dead smack in the middle of a broad range for now…but steady creeper trend after upside breakout from the coil.
Bonds and tens – due for another consolidation day (Buy Day scalp only) – forming 120 minute bear flag
AD – cleanest pattern on the currencies (Buy Day)
Copper – breakout mode NR7/ID etc Metals sloppy in general
CL – three bar triangle as well – on extended run to the upside still
NG – Buy Day
C and S – Buy Day (but already well up off Monday’s lows so don’t chase).
have a good trading day!