Monday’s Futures Setups
The Dow lost 90 to 8989, the Nasdaq
fell 9 to 1625, and the S&P 500
gave up 9
to 976. The
Michigan Consumer Sentiment Index for June came in at a reading of 89.7
compared to estimates of 87.2, and Personal Income in May rose 0.3%, as
expected. Bonds continued their weakness, and the dollar was up slightly.
Long Candidates:
None tonight.
Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) bounced back, and is
looking suspiciously like a bull flag at this point.
Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) bounced off the trendline on the weekly chart.
Sugar
(
SBV3 |
Quote |
Chart |
News |
PowerRating) traded back down to the weekly uptrend line.
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Short Candidates:
None tonight.
We triggered in the Yen
(
JYU3 |
Quote |
Chart |
News |
PowerRating), which
fell out of a triangle; manage your position here.
Please note that while there are strong trends, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading with
the main trend is always the highest probability trade.
Be advised that some futures contracts are prone to gaps.
Remember, use stops on all your trades.