ASX 200 futures down before a US public holiday?1?
There are few things ASX 200 futures traders like more than a US public holiday, often delivering big gains when Wall Street is away. Yet, when we look at futures before the Juneteenth public holiday, SPI sits in negative territory, down 0.24%, giving back some of the solid gains of the previous session when the contract broke back above the 50DMA with ease.
One look at commodity prices suggests the ASX 200 materials sector may enjoy strong tailwinds today with iron ore and energy markets rallying strongly overnight. And there’s been no shortage of willing buyers in the Aussie banks recently, casting doubt on whether the pullback overnight will stick.
Buying the open targeting a push towards the June high of 7885 is an option for those keen to take on the long trade. A stop below Tuesday’s low of 7736 would offer protection. Should the trade move in your favour, consider lifting your stop to entry level to provide a free hit on upside.
DS
One look at commodity prices suggests the ASX 200 materials sector may enjoy strong tailwinds today with iron ore and energy markets rallying strongly overnight. And there’s been no shortage of willing buyers in the Aussie banks recently, casting doubt on whether the pullback overnight will stick.
Buying the open targeting a push towards the June high of 7885 is an option for those keen to take on the long trade. A stop below Tuesday’s low of 7736 would offer protection. Should the trade move in your favour, consider lifting your stop to entry level to provide a free hit on upside.
DS
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