Wednsday’s Futures Setups
The
Dow was down 144
to 8443, the Nasdaq fell
12
to 1364, and the S&P
dropped 14 to 887.62. Bonds
moved higher.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Sugar (SBH3) |
breakout | up | above Tuesday’s open |
The Yen (JYH3)
pulled back to the trendline from 12/5-1/7 and closed fairly well. It may ride
this trendline for a couple of days.
Soybean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) bounced off the hammer at its 200-day moving
average, but closed poorly. Look for another bounce at this level.
Sugar (SBH3]
took out the 12/3 high and made an inside day Tuesday. Looks
higher.
Bonds, both
(
USH3 |
Quote |
Chart |
News |
PowerRating) and
(
TYH3 |
Quote |
Chart |
News |
PowerRating), look like they may continue.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Feeder Cattle ( FCH3 | Quote | Chart | News | PowerRating) |
bear flag |
down | below Tuesday’s low |
| Live Cattle ( LCG3 | Quote | Chart | News | PowerRating) |
bear flag |
down | below Tuesday’s low |
| Bellies (PBG3) |
gap | down | rallies to 79.30, and below Tuesday’s low |
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
AB=CD | down | below .6500 |
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Tuesday’s low |
| Dollar (DXH3) |
persistent trend |
down | below Tuesday’s low |
The Dollar (DXH3)
continues to be weak. The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) still looks like it
may pull back here
Live Cattle (LCG3)
is trading in a bear flag after making a wide-range bar down below its 20-day moving average.
The .382 retracement is near 77.83, and the 50-day moving average is at 78.71.
Feeders are also in a bear flag.
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) may be making a double top. Also,
yesterday was a time point.
On the E-minis (ESH3)
here are the intraday
numbers for Wednesday:
Buy:
878.25
Sell:
903.25
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.