July Sugar At 14 -Year Lows
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.
The June S&P Index Futures [SPM9>SPM9] are just shy of a Turtle Soup + 1 sell set-up. Look for a shorting opportunity here as the market remains overbought. Just wait for some sort of confirmation to the downside (i.e. taking out Friday’s low) before entering.
Over the past few nights, I’ve mentioned that July Sugar [SBN9>SBN9] was trading at 14 year lows. Today, it gapped lower on the opening (a) but “hooked up†to recover and closed well (b). This might have trapped the last of the shorts on the wrong side of the market. Look for a buying opportunity here.
Source: Omega Research.
For you breakout players, the June Canadian Dollar [CDM9>CDM9], mentioned over the past few nights, broke to new highs and closed well today. Continue to look for a buying opportunity here.
Best of luck with your trading on Monday!
Dave Landry
Director of Research
PS-Reminder: Protective stops on every trade!