Friday’s Futures Setups
The
March Dow futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) closed up again today with
increasing volume. On a daily chart the March futures are forming an ascending triangle. On
a weekly chart, they are showing a strong uptrend. If DJH2 can break out above
10,200 (its resistance level) with strong volume, the rally could continue. March
S&P 500 futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating)
closed at 1159.50, up 6.50. SPH2 has continued its trend with stronger
volume, trading slightly below its 40-day moving average. The March
Nasdaq
futures
(
NDH2 |
Quote |
Chart |
News |
PowerRating)
closed higher to 1630.50, up
12.50. On the daily chart the
March
Naz
futures are
hanging on right above their
support line at 1600 with slightly
higher
volume.
The
March US dollar index
(
DXH2 |
Quote |
Chart |
News |
PowerRating)
closed down
0.349 at 118.08. It broke out and closed above its resistance
line with stronger volume on 12/24. It continues to stay above that support
level. With this pullback, it looks as if it is trying to retest the 118 level before moving back
upwards. The March Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating)
continued its decline, once
again closing at
76.22
down
0.529.
March Corn
(
CH2 |
Quote |
Chart |
News |
PowerRating) closed up 0.750
to 209.50.
Yesterday CH2 broke below its support line (210.00) with
weaker volume.
Today it formed an
umbrella line, which would be a “hammer,” a (bullish) short-term
pattern.
March Feeder Cattle
(
FCH2 |
Quote |
Chart |
News |
PowerRating)
closed down 0.399 to 84.45. Feeder Cattle formed an inverted-head-and-shoulders
(bullish) and is trading above the neckline.
April platinum
(
PLJ2 |
Quote |
Chart |
News |
PowerRating)
closed at 472.60 up 7.60 with increasing volume. This is a high for April
platinum.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Cocoa ( CCH2 | Quote | Chart | News | PowerRating) |
double
|
down
|
below
|
| US dollar index |
continuation
|
up
|
above
|
| Canadian dollar |
s/t trend reversal
|
up
|
above Thursday’s
|
| Soybean oil |
resumption of trend
|
down
|
below Thursday’s low
|
| Soybeans |
new
|
down |
below Thursday’s close |
| Heating Oil |
double bottom
|
up |
above Thursday’s close |
| Unleaded Gas ( HUF2 | Quote | Chart | News | PowerRating) |
double bottom
|
up |
above Thursday’s close |
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.