Friday’s Futures Setups


The Dec S&P 500
futures

(
SPZ2 |
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News |
PowerRating)
rallied to close at 854.50, up 13 or 1.54%, greatly influenced by
positive economic news: The US economy showed signs of strength for the first
time in two weeks as claims for unemployment benefits fell the most in two
months; orders for durable goods declined less than expected; and new home sales
increased. 

In a mixed market today in the
equities,
the
Nasdaq Composite

(
$COMPQ |
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News |
PowerRating)
ended in negative territory. Part of this
was due to some profit-taking after the strong morning and yesterday’s positive
gains. The fall in the Semiconductor Index
(
$SOX.X |
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News |
PowerRating)
also added to the
fall in the tech-heavy Nasdaq. The SOX was one of the leading sectors yesterday
but retreated today. In the early session of trading the Dec. Nasdaq 100
(
NDZ2 |
Quote |
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News |
PowerRating)
tried making a break above the 900 level, but retreated back to
close at 872 down 11.50 or 1.30%. For support and resistance zones on the NDZ2


click here
for Carolyn Boroden’s Futures Perspectives.


In the chart above, December Lean Hogs
(
LHZ2 |
Quote |
Chart |
News |
PowerRating)

have worked up above the 38 resistance line. The next path of resistance is at
the 50% retracement level of 39.68.
Stronger
cash hog prices and good retail demand are helping to fuel the gains in futures
prices. LHZ2 closed at 39.00 up .45 or 1.17%.


Possible
short candidates:



Contract


Setup


Direction


Trigger

Dec. cocoa
(
CCZ2 |
Quote |
Chart |
News |
PowerRating)

possible turtle soup plus
one sell


Down


break below 2000



Dec. 30-year bond
(
USZ2 |
Quote |
Chart |
News |
PowerRating)


possible turtle soup plus one sell


Down



break below 112^00


Sept 10-year note
(
TYZ2 |
Quote |
Chart |
News |
PowerRating)



possible turtle soup plus one sell

Down




break below 114

Dec. cotton
(
CTZ2 |
Quote |
Chart |
News |
PowerRating)

Pullback off of the
low

Down


break below
43

Dec. Nov. crude oil

(
CLX2 |
Quote |
Chart |
News |
PowerRating)



possible turtle soup plus one sell

Down


break below 29.00

Dec. gold
(
GCZ2 |
Quote |
Chart |
News |
PowerRating)



possible turtle soup plus one sell

Down


break below 325.00

Oct. heating oil

(
HOV2 |
Quote |
Chart |
News |
PowerRating)



possible turtle soup plus one sell

Down


break below .7800


Possible long candidates:








Contract


Setup


Direction


Trigger


Dec. wheat
(
WZ2 |
Quote |
Chart |
News |
PowerRating)

Pullback from high


Up



break above 4.06


Soybean Meal
(
SMZ2 |
Quote |
Chart |
News |
PowerRating)


Pullback from high


Up


break above 184

Dec. corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating)


Pullback from high


Up



break above 2.80

Nov. frozen orange juice
(
JOX2 |
Quote |
Chart |
News |
PowerRating)

Pullback from high



Up



break above 103

Oct. live cattle

(
LCV2 |
Quote |
Chart |
News |
PowerRating)

Bullish Flag Pattern

UP

break above 70.20

Oct. feeder cattle

(
FCV2 |
Quote |
Chart |
News |
PowerRating)

Saucer Pattern

UP

break up above 81.60

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.