Nasdaq Futures Break Out
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 unchanged and the bond market is trading down 2 ticks.
August crude oil
(
CLQ0 |
Quote |
Chart |
News |
PowerRating) appears to be finding support near the base of
its last breakout. This suggests that it might have one last
run to life-of-contract highs left in it. Look for a buying
opportunity here.
width=”470″ height=”320″>
August feeder
cattle
(
FCQ0 |
Quote |
Chart |
News |
PowerRating) closed well on Monday and looks poised to
rally out of a big-picture cup-and-handle formation.
For you breakout
players, the September Nasdaq 100 futures
(
NDU0 |
Quote |
Chart |
News |
PowerRating) broke
out of its recent trading range on Monday. Look for a buying
opportunity here — or, better yet, wait for the next
pullback (in case of a false breakout).
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!