Tuesday’s Futures Setups
Stocks were higher Monday,
with the Dow +57 to 9177, the Nasdaq +21 to 1754,
and the SPX +6 to 1004. In Iran, a new oil field was discovered with reserves
estimated at 38 billion barrels. According to the U.S. Army Corps of Engineers,
Iraq should be producing three million barrels of oil per day within a year,
barring any sabotage. Greenspan speaks before Congress tomorrow and Wednesday,
and there are many earnings being reported this week, including Intel, IBM, and
Microsoft.
Long Candidates:
|
|
|
|
|
| Gold ( GCQ3 | Quote | Chart | News | PowerRating) |
double bottom, positive momentum divergence | up | above Monday’s close |
Gold
(
GCQ3 |
Quote |
Chart |
News |
PowerRating)
may rally, but it’s also got some overhead resistance in the form of a downtrend
line, so be aware of that.
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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.