Dip buying continues: Market Pulse

S&P Futures took a bit of a dive in yesterday’s session but bulls have stepped back up in overnight trading pushing price off of session lows. The big news that traders will be watching for this week is Friday’s job reports, I am expecting to see this price action stagnate somewhat ahead of that event. In light of recent price action, I am eyeing support, below yesterday’s low of day, down in the 2601 to 2588 territory for possible long interest.

Gold Futures are rejecting off of every single market POP. Daytraders will be looking at this price action as an opportunity to short the rallies up into intra-day resistance until we are able to determine who is going to step up for control of the next move.

Crude Oil Futures are consolidating against the 20 day moving average at 57.04. I am not of the opinion that bulls are yet done with this move, but I am looking for a break above or below the current formation as confirmation of near-term control. From and intra-day standpoint, I will be considering retests of 57 for possible long interest.

Stocks on Watch

FTR is setting up for a possible breakout after this morning’s open. Price has cleared 9.27 resistance in yesterday’s session and is continuing to climb here in pre-market trading. I see upide potentil over that initial resistance hurdle back up into the 12.00 area.