Tuesday’s Futures Setups
The Nigerian Labor Congress
called for a two-week strike to start this Thursday, which obviously threatens
to hurt oil production. Also, the Israeli
attack on a terrorist camp in Syria is a potential market mover.
Sugar is oversold and at the bottom of a channel.
Earlier I gave a couple of reasons crude could go
higher. Here’s a reason it could go lower.
On the E-minis, we’ve been up four straight days and
1039 is the 9/19 high. Throw in the stochs getting overbought and I’m thinking
sell,, not buy at this level.
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.