Tuesday’s Futures Setups
The
Dow gained 23
to 8300, the Nasdaq
rose 6 to 1389, and the S&P 500 edged up 1 to 880. The indices gapped up
strongly on the news that Marines had entered Baghdad, but the rally fizzled
throughout the day. Crude oil and gold both fell. OPEC is meeting on April 24 to discuss the possibility of cutting oil production.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Bonds ( USM3 | Quote | Chart | News | PowerRating) |
bullish bar |
up | dips to 110-04 and above Monday’s high |
| Cotton ( CTK3 | Quote | Chart | News | PowerRating) |
bull | up | above Monday’s high |
| Soybeans ( SK3 | Quote | Chart | News | PowerRating) |
breakout | up | pullbacks to 595, and above Monday’s high |
Bonds
(
USM3 |
Quote |
Chart |
News |
PowerRating) look like they may reverse for a couple of days.
Cotton
(
CTK3 |
Quote |
Chart |
News |
PowerRating) has pulled back four days; it’s trading above its rising 50-day moving average, so further rally is
possible.
Looking to buy Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) on the next pullback. Wheat
(
WK3 |
Quote |
Chart |
News |
PowerRating) is trying to break above a consolidation near its lows.Â
Soybeans
(
SK3 |
Quote |
Chart |
News |
PowerRating) broke out of a long base.Â
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| E-mini ( ESM3 | Quote | Chart | News | PowerRating) |
reversal day |
down | rallies to 886, then 895 |
Â
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.