Overnight selloff has now reversed with equity futures rallying back this morning and I’m looking for this move to be extended towards yesterday’s highs. Will we trade back to new All-Time highs by the end of the session?
Jarboe Trading Journal
Equity futures continued its bullish run today as I outlined this morning. The ES is now nearing All-Time highs (as I type this update) for the March contract in the overnight session.
Will Crude Oil continue to reject these higher prices above 51.55? Will this market take another dip in the $49 range?
Equity futures had a wild ride with a major selloff running lower for most of the day. Take a look at the Bearish TAS Setup chart in E-mini S&P.
The commodity world commonly uses two terms when relating future price formation via a forward price curve, with respect to supply and demand. These terms, contango and normal backwardation, refer to the pattern of future prices over time.