Friday’s Futures Setups
The
Dow rose 51
to 8369, the Nasdaq
gained 29
to 1388, and the S&P 9 to 887.34. We have several CVR buy signals
tonight, which indicate a reversal in progress.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| E-minis ( ESH3 | Quote | Chart | News | PowerRating) |
oversold + CVR buys |
up | pullbacks to 869 and above Thursday’s high |
| Nasdaq minis ( NQH3 | Quote | Chart | News | PowerRating) |
oversold + CVR buys |
up | pullbacks to 1011.50 and above Thursday’s high |
| Cocoa ( CCH3 | Quote | Chart | News | PowerRating) |
break out of consolidation |
up | above Thursday’s high |
|
Lumber
|
wide range bar |
up | above Thursday’s high |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) and the Nasdaq minis
(
NQH3 |
Quote |
Chart |
News |
PowerRating) look like
they will be in rally mode Friday. In addition to being oversold, we have
several CVR buy signals setting up tonight.Â
Gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating) rallied nicely, but Silver
(
SIH3 |
Quote |
Chart |
News |
PowerRating) conveniently
took out stops and headed lower.
Lumber
(
LBH3 |
Quote |
Chart |
News |
PowerRating) made a nice wide-range bar up, and may continue.
There is a down trendline around 249, though.
Soybean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) is still bouncing off its 200-day MA. It’s a
pullback from lows at this point. I’ve been looking for another test of that
200.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Thursday’s low |
| Corn ( CH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Thursday’s low |
| Wheat ( WH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Thursday’s low |
| Dollar (DXH3) |
persistent trend |
down | below Thursday’s low |
Bonds
(
USH3 |
Quote |
Chart |
News |
PowerRating) and Notes
(
TYH3 |
Quote |
Chart |
News |
PowerRating) may pullback Friday with a
stock market rally.
Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) and Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) have rallied off their lows, and
may re-test that area.Â
The Dollar (DXH3)
continues to be weak. As I mentioned previously, the AB=CD is around 95; we
broke the century mark today.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) closed near a .618 retracement and at
a trendline drawn from the 4/2/02 high and the 9/16/02 high.Â
Still watching Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) for a potential double top. Copper
closed worse today than yesterday.
On the E-minis (ESH3)
here are the intraday
numbers for Thursday:
Buy: 869
Sell: 887
Pivot: 882.75Â Â R1 890Â Â S1 875.75
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.