Tuesday’s Futures Setups
Stocks were mixed today,
with the Dow +32 to 9186, the Nasdaq -1
to 1714, and the SPX +2 to 982. Gold could reach $450 in a year, says Newmont
Mining’s President Wayne Murdy. This because of Chinese demand and a weak US
dollar. U.S. factory orders were up 1.7% in June, and bonds were up a second day
in a row.  Â
Long Candidates:
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| Gold ( GCZ3 | Quote | Chart | News | PowerRating) |
trendline support | up | above Monday’s high |
| Soybeans ( SU3 | Quote | Chart | News | PowerRating) |
increasing momentum | up | above Monday’s high |
Soybeans, on the 30 minute chart, look like they’re
bottoming. Look for a 1,2,3 here for entry.
Corn is in a similar situation. Below average rainfall is forecast for
August.
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.