Trader's Daily Notebook: Oil Futures Rouse Dip Buyers

Thursday's E-Mini S&P 500 futures auction, while offering a couple of nice trades for buyers stalking the 2372 to 2374 support zone highlighted in the morning's Trader's Daily Notebook, didn't produce the follow-through buying bulls want to see. The fact that bids materialized in the mid 2370s is a positive development. But if Thursday's responsive demand fails to spur initiative (breakout) buying above the mid-2380s over the next few days, I suspect bears will have another shot at breaking beneath 2350. 

Daily S&P 500 Futures Volume Profile
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The recent decline in light crude oil futures has begun to trigger interest among potential dip buyers in the energy patch, as several readers have asked for thoughts on when and where to consider purchasing shares of the VanEck Vectors Oil Service ETF (OIH) . As you review the daily chart below, keep in mind I don't see any evidence oil stocks are about to surge back toward late-2016 highs. If you're stalking longs in the OIH, or any individual oil stock for that matter, I believe you've time to put your plan into action....454 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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