Friday’s Futures Setups
The
Dow was down
24 to 8699, the Nasdaq fell
14
to 1424, and the S&P
dropped 3 to 915.
UN weapons
inspectors found empty warheads in Iraq, and March crude was up .36 at 32.81,
while June gold shot up 7 to 359.90.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Coffee (KCH3) |
bull flag |
up | pullbacks to 66 |
| Yen ( JYH3 | Quote | Chart | News | PowerRating) |
pullback from high |
up | above Thursday’s high |
| Soybean Oil ( BOH3 | Quote | Chart | News | PowerRating) |
hammer | up | above Thursday’s high |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
persistent trend |
up | pullbacks to 1.05640, and above Thursday’s high |
| Lumber ( LBH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | above Thursday’s high |
| Sugar (SBH3) |
pullback from highs |
up | above Thursday’s high |
The Yen (JYH3)
still may challenge its highs here, after closing poorly yesterday.
The Euro (ECH3)
made another new high.
Coffee (KCH3)
triggered again, but is also at its 50-day moving average, as well as a 50%
retracement level. This one may be running out of steam.
Soybean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) made a hammer at its 200-day moving average,
and may bounce Friday.
Stops were sure cleaned out in Sugar (SBH3),
which still could pop here.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Live Cattle ( LCG3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | below Thursday’s close |
| Bellies (PBG3) |
gap | down | below Thursday’s low |
| Dollar (DXH3) |
persistent trend |
down | below Thursday’s low |
The Dollar (DXH3)
continues to be weak.
Cattle (LCG3)
made a wide-range bar down, below its 20-day moving average. A reaction rally
may ensue, but it looks as if near term, the trend may have changed.
On the E-minis (ESH3),
we had a nice rally from 915.25, just above the buy number for Thursday. Here are the intraday
numbers for Friday:Â
Buy: 909.75-910.75Â Â
902-903
Sell: 922-924
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.