Monday’s Futures Setups
The
Dow fell 238
to 8131, the Nasdaq
lost 46
to 1342, and the S&P 26 fell to 861.40. The E-minis closed below the
important 870 level. Many CVR buy signals are set up, which means a likelihood
of a bounce Monday.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| E-minis ( ESH3 | Quote | Chart | News | PowerRating) |
oversold + CVR buys |
up | 1,2,3 setup after first hour |
| Nasdaq minis ( NQH3 | Quote | Chart | News | PowerRating) |
oversold + CVR buys |
up | 1,2,3 setup after first hour |
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
breakout | up | above Friday’s high |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
persistent trend |
up | above Friday’s high |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) and the Nasdaq minis
(
NQH3 |
Quote |
Chart |
News |
PowerRating) were very
weak today, but may be in rally mode Monday. In addition to being oversold, we have
another CVR buy signal setting up tonight.
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) is the mirror of the dollar, and just keeps on going.
Sugar
(
SBH3 |
Quote |
Chart |
News |
PowerRating) broke out, but closed just under contract
highs.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Friday’s low |
| Corn ( CH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Friday’s low |
| Coffee ( KCH3 | Quote | Chart | News | PowerRating) |
Fib, trendline |
down | below Friday’s low |
| Dollar (DXH3) |
persistent trend |
down | below Friday’s low |
Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) rallied off its lows, and
may re-test that area.
The Dollar (DXH3)
continues to be weak. We may see that 95 I mentioned.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) pulled back near a .618 retracement and at
a trendline drawn from the 4/2/02 high and the 9/16/02 high.
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) has made two poor closes in two days. This may be a potential double top.
On the E-minis (ESH3)
here are the intraday
numbers:
Buy: 856.50
Sell: 874.25
Pivot: 867.75 R1 878 S1 850
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. Be
advised that some futures contracts are prone to gaps.
Remember,
use stops on all your trades.