Dora went on her favorite trip in her favorite rocket ship!!!Hey Guys!! So Dora decided to double up this last day and I feel Like its still very buulish.
I trade the futures so Whatever way it rolls im rolling with it, but Have to say looking very bullish right now!!
2 Hour Chart
Happy Trading!!
Futres
SPX threatening to Dump OvernightThe S&P500 is consolidating in a diamond pattern, and there's a decent chance OANDA:SPX500USD futures will pull us down lower during the Globex session. The NY close demonstrated selling pressure in the upper yellow zone on the chart; an area where sellers have profited from selling before. The VZO-PZO below the chart shows falling back into the diamond will likely cause a fail of the bullish trendline on the oscillator, and the TMF above is signaling lower with bearish divergence. If we continue to trade lower on tariff jitters, there's good reason to think the NY open will involve anther test of the vitally important 2700 area (lower yellow zone) on SPX. I expect an initial bounce on high volume, then a a back-test of the diamond consolidation. If price is unable to close an hourly candle back inside the diamond, expect 2700 to fail. Targeting 268 or as low as 267.5 on SPY, either tomorrow (Friday 7/6) or early next week.
Gold Futures - ComexWhile we close out trading for this week, there are many questions, such as with all the current uncertainty, why there isn't any considerable rally in the Gold market. Even Fridays price action has just taken the market back to the $1350 price level, nonetheless beneath the $1362 figure established earlier.
The answer is: there has been extensive short covering in the Gold and Silver markets. The bullion banks and commercials covered an enormous quantity of short positions in the precious metal market.
