Monday’s Futures Setups
Treasuries
(
USH2 |
Quote |
Chart |
News |
PowerRating) denied their Turtle Soups,
and plunged lower. Bonds are now trading at the 161.8% extension of the
11/27-12/4 move, so a reaction may be due. The 127.2% extension of the 9/20-11/1
move lies at 98.8446.
Soybean oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) is making a cup and
handle just above its rising 20-day moving average. A break above Friday’s high
indicates higher prices, but the 200-day moving average looms just above, at
16.598.
From the New
10-Day Highs list, British pounds
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) are rallying out of a first
pullback from lows, and closed at their 200-day moving average.
Canadian dollars
(
CDZ1 |
Quote |
Chart |
News |
PowerRating), on the Momentum
5 list, are trading in a cup and handle above their 50-day moving average
On Thursday, cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating) attempted to
rally out of its pullback, but Friday’s action has it somewhat suspect. A move
above Friday’s high signals entry.
Gold’s
(
GCG2 |
Quote |
Chart |
News |
PowerRating) attempt to break its downtrend
line seems to have been thwarted, and it has been forced back below its 200-day
moving average for two straight days. Right now, it looks like a pullback from
lows, and the trend is down.
Copper’s
(
HGH2 |
Quote |
Chart |
News |
PowerRating) pullback has lasted five
days now, and has broken the .382 retracement, and closed below the 20-day
moving average, indicating a .50 or even .618 retracement may be its target.
Unleaded gas
(
HUF2 |
Quote |
Chart |
News |
PowerRating) has twice closed at the
.618 retracement of the 11/15 low to the 12/4 high, signaling it may attempt a
rally here. The predominant trend, however, is down.
Pork bellies
(
PBG2 |
Quote |
Chart |
News |
PowerRating) thus far have respected
the uptrend line on their pullback, and are still trading above their 20-day
moving average. Bellies remain on the Pullbacks
Off Highs list.
Japanese yen
(
JYZ1 |
Quote |
Chart |
News |
PowerRating) remain in a strong
downtrend, having failed the Turtle Soup setup earlier in the week. Volume today
was the highest of the week.
Soybeans
(
SH2 |
Quote |
Chart |
News |
PowerRating) are trading in a triangle, and
could break in either direction. Today’s close has beans at their 20-day moving
average.
|
Contract
|
Setup
|
Direction
|
Trigger |
| Soybeans ( SH2 | Quote | Chart | News | PowerRating) |
Triangle
|
go
|
above/below Friday’s high/low, depending |
| Canadian dollar ( CDZ1 | Quote | Chart | News | PowerRating) |
Cup
|
up
|
above Friday’s high of .63640 |
| Heating oil (HOF2) |
Turtle
|
up
|
just above 11/19 low |
| British pound ( BPZ1 | Quote | Chart | News | PowerRating) |
rally
|
up
|
above Friday’s high of 1.4332 |
| Pork bellies (PBG2) |
Confluence
|
up
|
above 76.100 |
Use stops on every trade.