Friday’s Futures Setups
In today’s trade there was
positive bias from the open to the end of
the session. The S&P 500 rose 19.61, or 2.2%, to 933.76, with Hewlett-Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) and
General Electric
(
GE |
Quote |
Chart |
News |
PowerRating)
contributing 15% of the advance. The Dec. Standard & Poor’s 500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating)
rose 17.30 or 1.88% to 935.50.
The Dec. Nasdaq 100
(
NDZ2 |
Quote |
Chart |
News |
PowerRating)
climbed 43.00, or 4%, to 1117.50, the highest since June 19.
Two stocks rose for every one that fell on the Nasdaq Stock Market. Some 2.05
billion shares traded on the exchange, 39% more than the three-month daily
average.
U.S. jobless claims were down 25,000 last
week to 376,000, the best showing in four months. The Conference Board said that
the U.S. index of leading indicators was unchanged at 111.4 in October. Both the
10-year note and 30-year bond were lower on today’s economic news. The
Dec. 10-year note
(
TYZ2 |
Quote |
Chart |
News |
PowerRating)
closed at 112 275 down -150 and the Dec.
30 year bond
(
USZ2 |
Quote |
Chart |
News |
PowerRating)
fell –‘29
to 110 ’04.
Possible
short candidates:
| Contract |
Setup |
Direction |
Trigger |
March cocoa ( CCH3 | Quote | Chart | News | PowerRating) |
Pull-back from the lows |
down |
break below 1723 |
Dec. dollar ( DXZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the lows |
down | break below 105.00 |
| Dec. soymeal ( SMZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the lows |
down |
break below 165.00 |
| Jan. crude oil ( CLF3 | Quote | Chart | News | PowerRating) |
Pull-back from the lows |
down |
break below 25.73 |
| March corn ( CH3 | Quote | Chart | News | PowerRating) |
Pull-back from the lows |
down |
break below 2.44 3/4 |
Possible
long candidates:
|
Contract |
Setup |
Direction |
Trigger |
| March sugar ( SBH3 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up | break above 7.50 |
| Dec. euro ( ECZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up | break above 1.00790 |
Dec. S&P 500 E-Mini ( ESZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up | break above 915 |
Dec. bean oil ( BOZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up | break above 22.79 |
| Dec. British pound ( BPZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the high | up | break up above 1.5887 |
Today on the S&P 500 E-Mini
(
ESZ2 |
Quote |
Chart |
News |
PowerRating), we broke above resistance on the
daily chart and closed right at the 84.1% line. This line was drawn from the Aug
high to the Oct low. A further move up, will have the ESZ2 challenging the 940
area then after that the 950 area.
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.