Friday’s Futures Setups
In the midst of the early weakness, the March and May contracts at all three
wheat markets captured new contract lows. May Wheat
(
WK2 |
Quote |
Chart |
News |
PowerRating) dropped
in early trading and broke below both its S1 and S2 Pivot points. May wheat
didn’t recover from the tumble and traded in a sideways pattern for most of the
session. May wheat closed at 276.000 just below the S2 Pivot point, a 3.500 loss
on the session. Corn prices dipped Thursday on reports that U.S. corn sales to
China had been canceled — reflecting uncertainties about the market and recent
Chinese regulatory changes.
May wheat
(
WH2 |
Quote |
Chart |
News |
PowerRating) has been featured in the nightly report for the
past two sessions in the Pull Back Off the Lows list.
March S&P 500 futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating) are forming a double bottom pattern on
the daily chart. A close above 113.79 is the initial resistance with
secondary resistance at 1120.00
April gold
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) is trading in a sideways channel between 290.00
and 300.00. Initial support is at 295.00.
May frozen orange juice
(
JOK2 |
Quote |
Chart |
News |
PowerRating)
is on the
TradingMarkets.com Momentum List. Support is at 90 and resistance is at 92.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP |
break above 120.00 |
| March 30 YR Treasury ( USH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 104 |
| March 10 YR Treasury ( TYH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 107 |
| April copper ( HGJ2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 72.00 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 4.60 |
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.Â
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