Soybeans Look To Go Up
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 .30 points lower and the Bond Market Futures are trading up 1 tick.
November Soybeans [SX9>SX9], on the Pullbacks Off Highs List, closed well (a) an appear poised to continue their uptrend. Look for a buying opportunity here.
Source: Omega Research.
December Corn [CZ9>CZ9], mentioned last night and on the Momentum 5 List, still looks like it has the potential to resume its uptrend. Continue to look for a buying opportunity here.
For you breakout players, September Crude [CLU9>CLU9], on the New 10 Day Highs List, broke out to life-of-contract highs today. Look for a buying opportunity here.
The September British Pound [BPU9>BPU9], on the Pullbacks Off Highs List, sold off earlier today but reversed to close well. Look for a buying opportunity here, especially if the dollar resumes its slide.
Best of luck with your trading on Tuesday!
Dave Landry
PS-Reminder: Protective stops on every trade!