Tuesday’s Futures Setups
Stocks were lower Monday,
with the Dow -91 to 9096, the Nasdaq -27 to 1681,
and the SPX -15 to 978. Bonds continued their weakness, with the 10-year notes
closing at the highest yields all year.
Long Candidates:
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| British Pound ( BPU3 | Quote | Chart | News | PowerRating) |
oversold | up | above Monday’s high |
| Corn ( CU3 | Quote | Chart | News | PowerRating) |
increasing momentum | up | above Monday’s high |
Short Candidates:
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| Wheat ( WU3 | Quote | Chart | News | PowerRating) |
shooting star at trendline | down | rallies to 338 and below Monday’s low |
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.