Friday’s Futures Setups
Soybeans look like they want to make good on the
Turtle Soup setup mentioned yesterday. A move above Thursday’s high
is the signal. Soybean oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) did a good job of shaking out the short
entries Thursday, making an inverted “V” intraday pattern. The close
took out the prior low, which looks bearish. Soybean meal
(
SMH2 |
Quote |
Chart |
News |
PowerRating), trading
in a descending triangle, looks to have support between 146.2 – 146.8. Today’s
bar has it breaking out of the triangle. Since you can make a case for both
directions here, this is a “play it the way it breaks” setup.
Copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) has formed a head-and-shoulders, with the neckline just
above the 50% retracement of the 11/8 – 11/30 move. Since the neckline is in the
.676 area, a break below is bearish.
After a four-day pullback
off highs, and a bounce off a confluence of Fib retracements, sugar
(
SBH2 |
Quote |
Chart |
News |
PowerRating) looks like it’s ready to resume its uptrend.
British pounds
(
BPH2 |
Quote |
Chart |
News |
PowerRating) look like they’re ready to trade sideways or pull
back here, having failed to close above the .707 Fib level at 1.4402.
Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) has support at 1285, near its 50% retracement, and after
today’s strong close, this Momentum
5 member looks bullish going into Friday.
Treasuries
(
USH2 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYH2 |
Quote |
Chart |
News |
PowerRating) look to continue their
slide as they fall out of their pullback
from lows.
With poor closes in its last five sessions, orange juice
(
OJF2 |
Quote |
Chart |
News |
PowerRating) still
looks ready to fall off its ledge.
Silver’s
(
SIH2 |
Quote |
Chart |
News |
PowerRating) rise looks suspect as it comes on decreasing volume.
|
|
Setup
|
Direction
|
Trigger |
| Soybeans (SH2) |
|
up
|
10-11 ticks above 12/12 low |
| 30-year bonds ( USH2 | Quote | Chart | News | PowerRating) |
|
down
|
below Thursday’s low |
| Japanese yen (JYF2) |
Volatility
|
down,
|
above/below Thursday’s high/low |
| Sugar ( SBH2 | Quote | Chart | News | PowerRating) |
|
up
|
above Thursday’s high |
| Orange Juice (OJF2) |
close
|
down
|
below Thursday’s low |
| 10-year notes ( TYH2 | Quote | Chart | News | PowerRating) |
|
down
|
below Thursday’s low |
| Copper ( HGH2 | Quote | Chart | News | PowerRating) |
Head
|
down
|
below neckline – .676 |
Use stops on all your
trades.