Monday’s Futures Setups
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating)
has been on the Nightly Report for several sessions now and it was sighted
that LCJ2 was pulling back from the lows. A break below 75 would possibly mean
further lows. On Wednesday 03-15-2002, April live cattle closed below 75 and
today the contract continued lower to 69.77. LCJ2 had support at around 70.00.
Initial support is now at 69. April live cattle is on the
TradingMarkets.com Implosion 5 List.
April gold futures
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) broke out above the descending triangle
today, a bullish move. Gold prices ended near the top end of their recent range
closing at 297.60 up 4.50. April gold has overhead resistance at 300.00.
June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) have reached a critical point, on a daily chart.
The June Standard & Poor’s 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) lost 3.100 to end at 1149.600 just below its previous support
level at 1150.47. Some technical areas on the daily chart are overhead
resistance at 1150.47. A break above the secondary resistance level at 1180.00
would be bullish. Initial support is at 1145 and secondary support is at
1125.45.
The weekly chart for the June S&P 500 futures
shows an inverted head-and-shoulders bottom reversal pattern developing.
Initial support is at around 1085 and secondary support is at 1049. Resistance
is at 1178.0.
The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) didn’t
post a come back rally like yesterday. The trading range was narrow by the end
of trade and the NDM2 ended losing 12.00 to close at 1482.000.
NDM2 is on the
TradingMarkets.com Pullbacks off Highs List
Profit-taking weighed on oil futures. May
crude-oil
(
CLK2 |
Quote |
Chart |
News |
PowerRating) futures fell 26 cents to $25.35 a barrel on the New
York Mercantile Exchange. May Heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) fell 1.23 cents to
65.37 cents a gallon; May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) eased 2.32 cents
to 80.77 cents a gallon and May natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating) slid 11 cents to
$3.356 per million British thermal units. April crude oil, April heating
oil, April unleaded gasoline and April natural gas are all on the
TradingMarkets.com Momentum 5 List.  Â
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) is on the
TradingMarkets.com Pullbacks Off The Highs List. Last night May soybeans
were included in the Nightly Report as a potential move to the upside with a
trigger break above 460. Today May beans broke above 460 and traded as high as
467 before setting at 464.500 a gain of 5.25 or 1.14%. Support is at 460 and
resistance is at 470.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| May cocoa ( CCK2 | Quote | Chart | News | PowerRating) |
Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 1520 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â Â down |
    break below 206 |
| April copper ( HGK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above .7500 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May coffee [KCK2|KCK2 | Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 54.00 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
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
Have A GREAT Weekend!!
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