Monday’s Futures Setups
Treasurys advanced Friday after an employment report revealed some unexpected
softness in the labor market, although bond prices were off their morning highs.
The benchmark 10-year Treasury for June
(
TYM2 |
Quote |
Chart |
News |
PowerRating) settled at
104.250 up .59. The June 30-year Treasury
(
USM2 |
Quote |
Chart |
News |
PowerRating) added .69 to
100.625. Both Treasury’s have an up trending ADX of 28. The June 10-year
Treasury is on the
TradingMarkets.com Momentum 5 List.
Blue chip stocks posted gains Friday as investors responded to a moderately
encouraging employment data and some upbeat profit reports.
The June Dow Jones Industrial Average futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) closed at
10295.000 points up 75.00.
But the June Nasdaq 100 futures
(
NDM2 |
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News |
PowerRating)
gave up 14.50 or 1.03 to close at 1389.00. The June S&P 500 futures rallied .300
to 1126.000. For the week the June S&P 500 futures lost 2.20.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) futures fell below the $300 support level briefly
today. Selling by commodity funds, trade houses and local-floor brokers forced
gold lower. But concerns about the turmoil in the Middle East and in other areas
supported prices. June gold on the Chicago Mercantile Exchange fell $1.00 to
$301.00 an ounce.
Crude-oil futures continued to drag down today
on a growing sense that concerns over potential oil-supply disruptions stemming
from the Mideast conflict may have been overblown.
Contracts on crude oil for May delivery fell .37 cents to $26.21 a barrel while
trading on the New York Mercantile Exchange; earlier they went as low as $25.05.
Oil futures fell sharply on Thursday after President Bush addressed the
escalating Israeli-Palestinian conflict. May crude oil has support at 26 with
secondary support at around 25.37. Resistance is at 28.00. It has an up trending
ADX of 45.Meanwhile May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) lost
4.4 cent to close at 68.22 cents and is trading above its 20-day moving average.
May heating oil has an up trending ADX of 46. And May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating)
lost .63 to end at 81.70 to close right on its 20-day moving average. May
unleaded gasoline has an up trending ADX of 42.
May crude oil and May heating oil are on the
TradingMarkets.com
Momentum 5 List.
After closing significantly lower
yesterday after 8 straight sessions of positive closings. May Coffee
(
KCK2 |
Quote |
Chart |
News |
PowerRating)
prices moved lower again today and broke its support level at around 56.00 its
20-day moving average. Its new support will be at around 54.15 and secondary
support is at 53.50.
May coffee
(
KCK2 |
Quote |
Chart |
News |
PowerRating) dropped 1.90 to end the week at 54.90.
May cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) rallied very strong
to touch its resistance level and then pulled back to close at 1553.00 up 41.00.
After dropping lower for the past 3 trading
sessions, May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) rallied higher and closed above the
resistance level. May beans closed at $4.64 1/2 up 5 1/2 or 1.20%.
|
Contract |
|
|
|
June Swiss franc ( SFM2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above .6050 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 285 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Pullback Off Low | Â Â Â Â Â Â Â Â Â DOWN | Â Â Â Â break below 77.00 |
| May copper ( HGK2 | Quote | Chart | News | PowerRating) |
Head and Shoulders | Â Â Â Â Â Â Â Â Â Â DOWN | Â Â Â Â break below 74.00 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High |            UP |     break above 92.70 |
| May cotton ( CTK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 38.50 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 462.00 |
Please note that
while there are strong trends in some commodities, 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.     Â
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