Friday’s Futures Setups
The major indices made fresh highs today, and the
market up seven days in a row. For the Nasdaq, this hasn’t happened since
February 2000. Productivity climbed in the second quarter, more than expected,
and U.S. jobless claims rose 15,000 to 413,000, more than expected. Factory
orders were also up more than expected.
Natural Gas closed well off a double bottom.
Bonds popped from the double bottom.
Gold broke the line to the upside, which does not indicate a pullback on this
30-min chart. Stochs are rolling over, but the stock market has been up now
seven consecutive days and I expect tomorrow we’ll have a pullback, and gold
could rise.
Corn has been strong — no doubt about it. This weekly shows possible resistance
at the line.
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.