Monday’s Futures Setups
The
Dow lost 19
to 8202, the Nasdaq
shed 7 to 1359, and the S&P 500 fell 3 to 868.
The
producer price index for March was
higher-than-expected. April preliminary University of Michigan Consumer
Sentiment Index came in at 83.2, better than the expected 79.5. U.S. retail
sales were up 2.1% in March, better than expected. Auto sales posted an increase
of 5.3%.
The Nikkei dropped 2% to 7,816, the lowest in over
twenty years and the Yen made its lowest close in two weeks.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Feeder Cattle ( FCK3 | Quote | Chart | News | PowerRating) |
rally from pullback | up | above Friday’s high |
| Copper ( HGK3 | Quote | Chart | News | PowerRating) |
1,2,3 |
up | pullbacks to .72, and above Friday’s high |
The Canadian
dollar
(
CDM3 |
Quote |
Chart |
News |
PowerRating) triggered, but closed in a spinning top, which indicates
indecision. A pullback is possible; support is at the double tops.
Feeder Cattle
(
FCK3 |
Quote |
Chart |
News |
PowerRating) looks like it’s trying to rally from a
pullback.
Copper
(
HGK3 |
Quote |
Chart |
News |
PowerRating) is trading in a 1,2,3, and could rally Monday.
I’m still looking for a possible 1,2,3 in
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) soon, with the 1 being on 3/28 and the 2 being on 4/8.
Short
Candidates:
None.
I’m still looking for a possible 1,2,3 in
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) soon, with the 1 being on 3/28 and the 2 being on 4/8.
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.