Wednesday’s Futures Setups
The Dec. S&P 500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating)
formed a double bottom on the intraday between yesterday’s and today’s action.
There was a nice rally up from the 905 level to the 915 level between the 1:30
PM EST area to just about the close. the action was pretty choppy most of the
day. SPZ2 closed at 914 up 7.09 and above support at 900.
The Nasdaq 100 futures for Dec.
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) were negative for a good portion of the trading session. By the end
however a mini rally was ushered in and the NDZ2 stayed above the support of
1040 before closing at 1051.50 up 9.00.
Crude oil fell to a four-month low
on expectations that a revised US resolution at the United Nations setting
arms-inspection terms for Iraq will delay any military action against the
Persian Gulf oil producer, according to Bloomberg.com.
The resolution may satisfy French and Russian demands that an attack be approved
by the UN Security Council, traders said. The US has threatened to use force
without UN consent to rid Iraq of weapons of mass destruction. Oil has fallen
14% since September as the slow pace of negotiations at the UN signaled that any
action against Iraq is still months away.
Crude oil for December
(
CLZ2 |
Quote |
Chart |
News |
PowerRating) delivery fell 81 cents, or 3%, to
$26.14 a barrel on the New York Mercantile Exchange, the lowest closing price
for a contract closest to delivery since July 9.
Possible
short candidates:
| Contract |
|
|
|
| Dec. euro ( ECZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Sell |
down |
break below .990 |
| Jan. feeder cattle ( FCF3 | Quote | Chart | News | PowerRating) |
|
|
break below 81.0 |
| Dec. lean hogs ( LHZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Sell |
|
break below |
| Feb. pork bellies ( PBG3 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Sell |
down |
break below 74 |
| Mar. sugar ( SBH3 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Sell |
down |
break below 7.0 |
Possible
long candidates:
|
|
|
|
|
|
Mar. cocoa |
|
up |
Trade above 2000 |
|
Dec coffee |
|
up |
Trade above 70.00 |
| Dec S&P 500 ( SPZ2 | Quote | Chart | News | PowerRating) |
Sideways channel |
up |
Trade above 900 |
| Dec. Nasdaq 100 ( NDZ2 | Quote | Chart | News | PowerRating) |
New 10-day high |
up |
Trade above 1040 |
| Dec. cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Sideways channel |
up |
Trade above 47.00 |
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.