Monday’s Futures Setups
The
Dow gained 102
to 8017,
the Nasdaq rose 18 to 1349, and the S&P 500 gained 11 to 848. A large fire at an
ExxonMobil gas storage facility on Staten Island sent the market down after the
first 1/2 hour of trading. Officials deemed the fire to be an accident, not the
result of terrorism. Consumer prices rose a modest 0.3 percent in January; 0.4
was expected. Merrill Lynch raised its 2003 average price forecast on crude to
$28.50 per barrel, from $24.
Long
Candidates:
|
Contract |
Setup |
Direction |
Trigger |
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
new highs |
up | pullbacks to .6624, and above Friday’s high |
The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) made new highs again, closing in a doji a
second day. No resistance here, but it’s also overbought.
Bonds
(
USH3 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYH3 |
Quote |
Chart |
News |
PowerRating) pulled back,
and are still near the top of above large triangles.
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) definitely bounced. I hope some of you caught part of
that.
Short
Candidates:
|
Contract |
Setup |
Direction |
Trigger |
| Cocoa ( CCH3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | below Friday’s low |
Â
Not a lot here, I know, folks, but I just don’t see that
much.Â
Here are the intraday numbers for the E-minis (ESH3):
S2 820.58Â S1 833.91 Pivot: 843Â R1
856.41 R2
865.58
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.