Thursday’s Futures Setups
The Dow rallied 102 to 9142, the Nasdaq
gained 38 to 1678, and the S&P 500
rose 11 to 993. The indices closed near their highs in a strong second day of
the third quarter. Factory orders rose a better-than-expected .4% in May. The
Nikkei made a nine-month high, with the Yen closing at .7493.
Long Candidates:
None tonight.
Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) closed in a doji,
signifying indecision.
Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) has now made a swing point after yesterday’s big bar. We’re
still above our entry price. Wheat
(
WU3 |
Quote |
Chart |
News |
PowerRating) basically marked time today.
Short Candidates:
|
|
|
|
|
| Crude ( CLQ3 | Quote | Chart | News | PowerRating) |
hitting trendline | down | below Wednesday’s low |
Both Crude Oil
(
CLQ3 |
Quote |
Chart |
News |
PowerRating)
and Unleaded
(
HUQ3 |
Quote |
Chart |
News |
PowerRating) are bumping up against uptrend lines here, which
could prove to be resistance.
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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.