Friday’s Futures Setups
The indices took a rest
today, after the fine performance yesterday. All are now on the Momentum
5 list, and we may be hearing from them again shortly.
Under the OPEC agreement, Russia will slow down
exports, but it may continue to produce at the same rate. The market is still
waiting to hear from Norway, and the bias looks down at present, with crude
continuing to have problems breaking out from its 20-day moving average.
From last night, cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating) gave entry
from a pullback from high, and looks like it may continue from here.
If soy meal
(
SMH2 |
Quote |
Chart |
News |
PowerRating) makes a new low here,
it will be in a Turtle Soup setup, and primed for reversal. If you don’t get an
entry, look for lower prices. Soy meal is also on the Implosion
5 list.
Treasury bonds
(
USH2 |
Quote |
Chart |
News |
PowerRating) are set up as a Turtle
Soup Plus One, after making a 20-day low today. Trigger is just above the
11/27 low.
Japanese yen
(
JYZ1 |
Quote |
Chart |
News |
PowerRating) did not trigger its
Turtle Soup, and is now trading in a Turtle Soup Plus One. Trigger is 5-10 ticks
above yesterday’s low.
|
Contract
|
Setup
|
Direction
|
Trigger |
| Crude oil ( CLF2 | Quote | Chart | News | PowerRating) |
Pullback
|
down
|
below 18.54 |
| Copper (HGH2) |
Pullback
|
up
|
above .7050 |
| Cotton (CTH2) |
Pullback
|
up
|
above today’s high of 37.30 |
| Heating oil (HOF2) |
Turtle
|
up
|
just above 11/19 low |
| 30-year bonds ( USH2 | Quote | Chart | News | PowerRating) |
Turtle |
up |
just above 11/27 low |
| Soybean oil ( SMH2 | Quote | Chart | News | PowerRating) |
possible |
up |
5-10 ticks above11/28 low |
| Pork bellies (PBG2) |
Confluence
|
up
|
above 75.50 |
Always use stops in
your trading.