Tomorrow is not only the last day of the month, but also the first trading day after Memorial Day, and a Tuesday. That's a historically bullish triple play. And the futures seem to be agreeing. Right now at 2:30 AM EDT all three (ES, NQ, and YM) are up by about two thirds of a percent, one of the highest overnight readings I've seen in quite some time. And equally important, this move brings ES above the top of a month long descending regression trend channel. That is a bullish setup.
Also, oil continues to move in tandem with the market and it is inching higher, back over $100, in the overnight.
The only dissenter is the VIX which put in a hammer last Friday to close at 15.98. However, I do not attach as much importance to this as I usually might, since last Friday's action was distorted by the upcoming holiday weekend. All said and done, I'm pretty confident we're going higher tomorrow.
Remembering on Thanksgiving Day
16 hours ago
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