Good morning everyone.
Please be sure to review the symbol lists, symbol scans, and trade setups for today which were posted after Wednesday's close.
Wednesday's close left traders in suspense - will prior resistance become new support and provide a launch pad for a move higher still?
Nasdaq futures closed just under the range high; S&P futures closed just above. On the 15 and in particular on the 45M chart, price ended the day leaving bull flags in their wake.
Or is this up swing, already 8 days in the making, ready to reverse on a failure at the test of the consolidation range high?
At the moment, price continues to point up on the cash indices, and directly ahead we have a test of the intraday range high in futures to help determine if follow through or failure is on deck for Thursday.
Later today we'll take a look at Gold and Oil since neither can manage to stay out of the headlines lately. Oh to be a headline writer these days!
Yesterday
Oil Below $40 a Barrel on OPEC Promises : NEW YORK (Reuters) - U.S. oil prices shed more than two dollars a barrel to end under $40 on Wednesday -- only a day after hitting a 21-year high -- as the prospect of more OPEC crude coming to the market eased supply security fears sparked by a wave of violence in Saudi Arabia
Oil Sinks, Blue-Chip Stocks Rise : NEW YORK (Reuters) - Oil prices fell sharply on Wednesday after hitting record highs the day before, lifting U.S. blue-chip stocks and also the dollar against the euro. U.S. technology shares slipped, however, as did bond prices and gold futures. U.S. blue chips gained as crude oil prices in New York fell below $40 a barrel, easing fears about economic growth and inflation.
Today
Tokyo Stocks Sharply Lower as Oil Rises : TOKYO (Reuters) - Japanese stocks reversed course and closed sharply lower on Thursday after crude oil prices rose back above $40 a barrel in Asian trade, renewing concerns about their impact on the global economy.
Clearly fear and greed are hard at work!
04.06.03 03:30 #