Thursday’s Futures Setups
The S&P futures have yet to break down and undercut the July
low. Daytraders could find a momentum short here if it decides to play catch up.
However, be careful, as we do have CVR III and VI buy signals in place for
tonight.
Possible
short candidates:
| Contract |
Setup |
Direction |
Trigger |
| Soybeans ( SX2 | Quote | Chart | News | PowerRating) |
Momentum |
down |
Trade below 522 |
| Soybean Meal ( SMZ2 | Quote | Chart | News | PowerRating) |
Momentum |
down | Trade below 164.50 |
| Bean Oil ( BOZ2 | Quote | Chart | News | PowerRating) |
Momentum |
down |
Trade below 19.25 |
| Canadian Dollar ( CDZ2 | Quote | Chart | News | PowerRating) |
Momentum continuation | down | Trade below .6242 |
Possible
long candidates:
| Contract |
Setup |
Direction |
Trigger |
| Pork Bellies ( PBG3 | Quote | Chart | News | PowerRating) |
Continuation out of pullback to 20-day MA |
up |
Trade above 76.40 |
| Lean Hogs ( LHZ2 | Quote | Chart | News | PowerRating) |
Continuation out of pullback to 20-day MA |
up |
Trade above 41.10 |
| Cocoa ( CCZ2 | Quote | Chart | News | PowerRating) |
Momentum continuation |
up |
Trade above 2319 |
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.