Friday’s Futures Setups
The
Dow fell 45
to 8240, the Nasdaq
was flat at 1396, and the S&P 500 slipped 4 to 876. After a two-day rally, the
indices showed mixed trading. After two days of losses, oil futures inched
higher, and 10-year notes improved slightly. April gold fell to close at 324.90.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Canadian Dollar ( CDM3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | above Thursday’s high |
| Cotton ( CTK3 | Quote | Chart | News | PowerRating) |
bull flag |
up | above Thursday’s high |
| Soybeans ( SK3 | Quote | Chart | News | PowerRating) |
near highs |
up | pullbacks to 583 3/4, and above Thursday’s high |
The Canadian Dollar
(
CDM3 |
Quote |
Chart |
News |
PowerRating)
may be trying to rally from a pullback from highs, and the 3/27 and 3/7 highs
are the next resistance.
Cotton
(
CTK3 |
Quote |
Chart |
News |
PowerRating) has pulled back three days after a sharp two-day
rally. It’s trading above its rising 50-day moving average, so further rally is
possible.
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) may pull back, but if this is the start of a large
move, we’ll have lots of time to get long.
Soybeans
(
SK3 |
Quote |
Chart |
News |
PowerRating) took out the 9/11/02 high of 588, and then pulled
back. A dip to the 2/27 highs may be a good long entry.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Copper ( HGK3 | Quote | Chart | News | PowerRating) |
bear flag |
down | rallies to 71.40 and below Thursday’s low |
Copper
(
HGK3 |
Quote |
Chart |
News |
PowerRating) is trading
in a bear flag under a trendline, with the next support at the 12/31 lows.
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.