Tuesday’s Futures Setups
The Dow lost 3 to 8985, the Nasdaq
fell 2 to 1623, and the S&P 500
gave up 2
to 974. The Chicago
PMI for June came in at 52.5, just below the 53.0 estimate and the second
consecutive advance for the index.
Bonds were higher, and the
Dollar closed lower after its recent run.
Long Candidates:
Â
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| Wheat ( WU3 | Quote | Chart | News | PowerRating) |
bounce near median line of Andrew’s Pitchfork | up | 1,2,3 on 15-minute chart, or above Monday’s high |
Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) gapped up, in what looks
like a bull flag.
Feeders
(
FCQ3 |
Quote |
Chart |
News |
PowerRating) are near their 6/2 high;
this level will either provide resistance, or we’ll blow through it.
Not too interested in Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) until about 222 1/4, a 127%
extension area.
Sugar
(
SBV3 |
Quote |
Chart |
News |
PowerRating) could be bottoming here, and Orange Juice
(
OJU3 |
Quote |
Chart |
News |
PowerRating) may be making a double bottom with some positive momentum
divergence.  Â
Short Candidates:
None tonight.
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.