Friday’s Futures Setups
The U.S. Dollar continues to perform
well, because the U.S. may recover from the economic recession before the rest of the world. The March U.S.
Dollar
(
DXH2 |
Quote |
Chart |
News |
PowerRating) is proving its strength again by breaking out of a
flag pattern to the up-side and closing at its highs for the session. The March
U.S. Dollar closed at 120.590, up .540.
The March British pound
(
BPH2 |
Quote |
Chart |
News |
PowerRating) is
breaking down from a potential false rally. A potential false rally is when the
security is trying to pull up from support. The British pound looks to be
pulling back to test its support. We are watching for a break below the support
level, which is 140.40. The March British pound closed at 140.66 down .34.
The March Swiss franc
(
SFH2 |
Quote |
Chart |
News |
PowerRating) is
forming a similar pattern to the British pound, however it has broken below its
support line and may be moving to its next support level at around .58000. The
Swiss franc closed at .58110 down .00430.
The March Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) broke
down from a potential rally. The yen, which has been on a down-trend, is now at
a support level, but also may be poised to move lower. We will watch for a break below this
current level of .007436.
March Silver
(
SIH2 |
Quote |
Chart |
News |
PowerRating) let out a little
whimper today to try and get some attention. It opened higher, then immediately
got hit hard and fell down below its support level (424.00) to close down to
422.30. This is a key support area for silver.
March copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) broke up higher
and closed above its resistance level. Volume is increasing on the March
contract. Look for copper to move higher if it can stay above its support.
March lumber futures
(
LBH2 |
Quote |
Chart |
News |
PowerRating) have hit
a key support level, their 50% retracement line at around 270.00. We are
watching to see if this level will show strong support for lumber.
|
Contract
|
Setup
|
Direction
|
Trigger
|
April Live Hogs ( LHJ2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs |
|
break above 61.425 |
March Soybeans ( SH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs |
|
break above 432.098 |
March Soybean meal ( SMH2 | Quote | Chart | News | PowerRating) |
|
|
break above 150.44 |
March unleaded gas ( HUH2 | Quote | Chart | News | PowerRating) |
|
|
5% break below 55.00
|
March crude oil ( CLH2 | Quote | Chart | News | PowerRating) |
Head and Shoulders Top |
|
|
Please note that while
there are strong trends in some commodities, 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.