Friday’s Futures Setups
The
Dow gained 272 to 7823, the Nasdaq
rose 62 to 1340, and the S&P 500 added 28 to 832. For the second day
in a row, an oversold condition is being worked off, with plenty of short
covering happening today. Volume was good — the highest this year. The U.S. said
it will wait until next week to push for another UN resolution. May crude oil
was down $1.68 at $34.67; June gold was down $10.70 at $336.80, the lowest close
in three months.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Wheat ( WK3 | Quote | Chart | News | PowerRating) |
bounce off Fib level |
up | above Thursday’s high |
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
wide range bar |
up |
above Thursday’s high |
| Feeder Cattle ( FCJ3 | Quote | Chart | News | PowerRating) |
wide range bar |
up |
above Thursday’s high |
| Pork Bellies ( PBH3 | Quote | Chart | News | PowerRating) |
wide range bar |
up | above Thursday’s high |
| Live Cattle ( LCJ3 | Quote | Chart | News | PowerRating) |
wide range bar |
up | above Thursday’s high |
Wheat
(
WK3 |
Quote |
Chart |
News |
PowerRating) bounced off a Fib level yesterday and continued today.
Bean Oil
(
BOK3 |
Quote |
Chart |
News |
PowerRating) closed at the top of a channel. Still watching corn.
Cocoa
(
CCK3 |
Quote |
Chart |
News |
PowerRating) made an inside day and is getting closer to
resolving its consolidation. As I said before, play the direction of the move.
We got faked yesterday, so be careful.
Coffee
(
KCK3 |
Quote |
Chart |
News |
PowerRating) bounced, but didn’t close particularly well.
The meats have turned and could continue.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Bonds ( USH3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | rallies to 115 ’30; below Thur low |
| 10 yr notes ( TYH3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | rallies to 116.265; below Thur low |
| Euro | wide range bar |
down |
rallies to 1.0894 |
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | rallies to .6785 |
The Canadian dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) could pull back
more here, as could the euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating). Bonds
(
USH3 |
Quote |
Chart |
News |
PowerRating) and
Notes
(
TYH3 |
Quote |
Chart |
News |
PowerRating) made wide range bars and look weak also.
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. Be
advised that some futures contracts are prone to gaps.
Remember,
use stops on all your trades.