Friday’s Futures Setups
Going into
Friday, we have CVR
I
and 3
buy signals,
indicating
a bullish bias
for the indices.
The Dollar
(
DXZ2 |
Quote |
Chart |
News |
PowerRating) pulled back to its 20-MA and looks like
it’s about to rally from its first pullback.
February Pork Bellies (PBG3)
look ready to resume their uptrend after a four-day pullback from
highs.
Long
Candidates:
|
Contract |
Setup |
Direction |
Trigger |
| E-Minis (ESZ2) |
CVR I, 3 Buy |
up | above Thursday’s high |
| Nasdaq E-minis (NQZ2) |
CVR I, 3 Buy |
up | above Thursday’s high |
| S&Ps (SPZ2) |
CVR I, 3 Buy |
up | above Thursday’s high |
| US Dollar [DXZ2|DXZ2] |
Pullback to 20-MA |
up | above Thursday’s high |
| Pork Bellies (PBG3) |
Pullback From Highs |
up | above Thursday’s high |
December Gold
(
GCZ2 |
Quote |
Chart |
News |
PowerRating) and Silver
(
SIZ2 |
Quote |
Chart |
News |
PowerRating) have
been strong and are hitting 11/13 resistance here.
Short
Candidates:
| Contract |
Setup |
Direction |
Trigger |
| March Corn ( CH3 | Quote | Chart | News | PowerRating) |
Below Support |
down | below Thursday’s low |
| March Wheat ( WH3 | Quote | Chart | News | PowerRating) |
Below |
down |
below Thursday’s low |
|
Canadian Dollar (CDZ2) |
Top of Channel |
down | below Thursday’s low |
The Canadian
dollar (CDZ2)
looks like
it turned down after touching the top of a channel.
The
grains are in fairly persistent downtrends. March Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) and Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) both fell below recent support.
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.
Remember,
use stops on all your trades.