Friday’s Futures Setups
The Standard & Poor’s 500
Index
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) had its biggest advance in almost a month.
Dec. S&P 500
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) futures rose 17.30
or 1.95%, to 902.50. The Dec. Nasdaq 100 futures
(
NDZ2 |
Quote |
Chart |
News |
PowerRating)
rallied nicely from a pullback from its recent high. NDZ2 closed at 1052 up
35.50 or 3.49%.
In the chart above, we see Dec. cotton
(
CTZ2 |
Quote |
Chart |
News |
PowerRating) rallying from a pullback from
the high. Last night we alerted traders to this potential play when CTZ2 tested
the 20-day simple moving average and closed above the 38.2% retracement zone. On
the
TradingMarkets.com Trend Matrix CTZ2 has Green Arrows for the
Intermediate and Long Term Trend. CTZ2 also has an up trending
ADX of 28. The trigger is a break above 48.50. Dec. cotton closed at
47.67 up .35.
Possible
short candidates:
| Contract |
|
|
|
| Dec. Live Cattle ( LCZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup | down | break below 71.72 |
| Dec. 10-year note ( TYZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
down |
break below 113 200 |
| Dec. 30-year bond ( USZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
down |
break below 111 ’30 |
Benchmark 10-year notes led
declines as a bigger-than-forecast increase in retail sales, excluding
automobiles, also pointed to faster growth. Demand for Treasuries fell as some
investors bought stocks and higher-yielding corporate bonds as a bet the
recovery will bolster companies’ earnings. The
Dec. 10-year note
(
TYZ2 |
Quote |
Chart |
News |
PowerRating) closed at 113
305, down -1 100 and the Dec. 30 year bond
(
USZ2 |
Quote |
Chart |
News |
PowerRating) dropped -1 ’27 to
111 ’07. USZ2 triggered a sell on a break below its 111′ 30 trigger. It closed
just above its 50% retracement zone. A break below this level could see USZ2
falling to the 110.10 area.
Possible
long candidates:
|
|
|
|
|
| March cocoa ( CCH3 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | up | break above 1836 |
| Jan soybeans ( SF3 | Quote | Chart | News | PowerRating) |
Pull-back from the high | up | break above 5.70 |
| Jan feeder cattle ( FCF3 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up |
break above 83.52 |
| Dec. cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up |
break above 48.50 |
| Dec. bean oil ( BOZ2 | Quote | Chart | News | PowerRating) |
Pull-back from the high |
up |
break above 22.79 |
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.