June Crude, More Major Highs
Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Futures and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.
At the time this is being published, the S&P Globex Futures are trading 2.00 points lower and the Bond Market Futures are trading up 11 ticks.
Once again, June Crude [CLM9>CLM9] continued to hit major highs today. This action lifted June Heating Oil [HOM9>HOM9] and June Unleaded Gas [HUM9>HUM9] to an interesting level. They are both right at major highs. Look for a buying opportunity on a breakout above these highs.
Today, June Bonds [USM9>USM9], on the Pullbacks Off Highs List, hit new 10 day lows but reversed and closed well. This suggests that the bigger picture double bottom is still in tact. Look for a buying opportunity here.
May Pork Bellies [PBK9>PBK9] stalled out at resistance and closed poorly. This makes them an interesting Turtle Soup Plus One sell candidate.
July Sugar [SBN9>SBN9], on the Pullbacks Off Lows List, is consolidating at lower levels. Look for a shorting opportunity here but remember, at under 5 cents, that there are not that many cents left in the contract!
Best of luck with your trading on Tuesday!
Dave Landry
Director of Research
PS-Reminder: Protective stops