Friday’s Setups
Despite the barrage of poor economic reports today, December
Nasdaq 100 futures (NDZ1)
erased a nearly 50-point loss and turned that into a 50-point gain before
settling solidly higher. This is one of the strongest things a market can do. Be
nimble. A trade below 1447 triggers a Turtle Soup Plus One Sell signal, a
reversal.
T-bonds (USZ1)
matched within two ticks the rally of their last major swing from Oct. 12
through Oct. 19. Today’s high is pivotal. A 38% pullback would amount to a
retest of the recent breakout level, a likely place to consider launching to new
highs.
December wheat (WZ1)
left an outside bar, traveling over a 10-cent range, to close at the top of a
handle in a cup and handle pattern. There is not much resistance above. Consider
entering on an Off
The Blocks entry in this momentum market.
|
Contract
|
Symbol |
Setup |
Direction |
Trigger |
Nasdaq 100 futures |
(NDZ1) |
Momentum. Can’t keep a good market down. Careful of Soup below 1447. |
Up |
Off The Blocks |
| T-bonds | (USZ1) | Rally mode, but could be capped short-term. Consider pullback |
Up |
107 2/32 |
Wheat
|
(WZ1) |
Cup and handle, outside bar, momentum |
Up |
Off The Blocks |
Don’t enter without defining your risk.