Tuesday’s Futures Trading Outlook
On one of the slowest days of the year,
the markets chopped back and forth and by the end of trading, the Dec. S&P
500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) managed to edge up 1.81 to close at 893.00. After
making the lows of the day (878.60), SPZ2 reversed and trended up to the
positive zone and stayed there until the close.
In the 15-minute chart above, SPZ2 has overhead resistance at the 895/899 level. Support is around 890.00.
News that tech stocks are overrated weighed on
the tech-heavy Nasdaq 100 today. The Dec. Nasdaq 100
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) dropped
14.00 to end at 915.00.
Possible
short candidates:
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Dec. cocoa |
possible turtle soup plus |
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Down
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Possible long candidates:
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Dec. wheat |
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Dec. corn |
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Nov. frozen orange juice |
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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.
Use stops on all your trades.