Monday’s Futures Setups
The Dec. S&P 500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) actually
fell below key support at 800, before pulling up to close at 807, down 13.50 or
1.65%. The Nasdaq 100 for Dec.
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) fell 14.50 or 1.73% to 822.
The index futures saw positive gains in the beginning of trade, but then fell to
the negative side and closed near the lows of the day.
The Dec. U.S. Dollar
(
DXZ2 |
Quote |
Chart |
News |
PowerRating) pulled a
rabbit out of its hat today. The economic news should have moved the dollar to
the downside, but the dollar rose strongly to the upside and closed above its
resistance at 108.00. At this point however we could see weakness in the dollar
and a break below the 108 support could decline to consolidation support of
106.25.
Possible
short candidates:
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Dec. cocoa |
possible turtle soup plus |
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Down
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Dec. Nov. crude oil |
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Down |
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Dec. gold |
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Down |
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Nov. heating oil |
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Down |
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Possible long candidates:
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Dec. wheat |
Pullback from high |
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Dec. corn |
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Nov. frozen orange juice |
Pullback from high |
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Oct. live cattle |
Bullish Flag Pattern |
UP |
break above 70.20 |
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Oct. feeder cattle |
Saucer Pattern |
UP |
break up above 81.60 |
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Mar sugar |
Pullback from high |
UP |
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Please note that while there are
strong trends, 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.