It has been a long time since you heard this expression here- check out the Nasdaq 100 futures now

As the US futures continue claw back lost ground this analyst is reminded of a subject matter that has been mentioned here many, many times in the past. So, today is also a Tuesday and as such and in view of the rebound gains right now, does that mean today is what is known in the trade as Contra-trend Tuesday? Longer term account holders will remember this saying and it is unique to the markets and describes price action that in years gone back would see a counter-trend often play out on a Tuesday following significant, opposing moves on the preceding Friday and Monday. Well, looking at the rebound gains across the US equity futures right now, this comes back into the memory bank. We shall just have to see as the markets play out for the rest of the day and then again tomorrow. If it is a contra-trend Tuesday then expect whatever gains we see (if indeed there any by the close tonight) are countered by a reversion to the trend on Wednesday. Incidentally and importantly, it is tomorrow when those punitive trade tariffs are due to kick in. Meantime, the Nasdaq 100, which c closed last night at 17,430, is currently priced to reopen around 17,890