Friday’s Futures Setups
U.S. jobless claims rose
13,000 last week to 399,000, while factory orders were down .8% in
August, weaker than expected. Watch for the jobs number at 8:30 AM ET Friday
morning.
This is basically the same chart I put up last
night, a 60-minute chart of the E-minis showing the .618 retracement.
Here’s a daily of the mini with a pitchfork. I’m
guess I’m just thinking that we sell off on the jobs number tomorrow.
OK, one more.
This one shows a little more room to the upside. That median line directly above
today’s bar is at 1026.
This chart of Crude is interesting — we’re at a .618 retracement, and hitting
the median line of this pitchfork.
Basically the same thing here on heating oil.
The Canadian dollar is trying to break out, and it’s
not even highly overbought.
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.