Friday’s Futures Setups
After a somewhat
frightful lower-than-expected
GDP and CPI numbers, stocks were mixed and securities rose. The futures were positive in the early going, then
broke lower, only to regain a positive bias. Choppiness set in before the
close. The Dec. S&P 500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) dropped 4.30 to end at
885.40. On a daily chart, there is divergence between price and the stochastic,
which indicates that SPZ2 is overbought, and we could see weakness in the S&Ps.
Possible
short candidates:
| Contract |
|
|
|
|
Dec. bean oil |
Possible Turtle Soup Sell |
down |
break below 21.00 |
|
Dec. cotton |
|
|
break below 46.00 |
|
Dec. crude oil |
Head and Shoulders |
|
break below |
Possible
long candidates:
|
|
|
|
|
|
|
|
up |
Trade above 2082.69 |
|
Dec coffee |
|
up |
Trade above 70.00 |
|
Mar. sugar |
|
|
break above 7.2 |
|
Nov orange juice |
Breakout from ascending triangle |
up |
break above 97.00 |
|
Dec. Natural gas |
|
up |
break above 4.40 |
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.