Monday’s Futures Setups
The New York crude oil
market has turned bullish the past few weeks. On the daily bar chart, an
accelerating up trend line is in place. See support and resistance
levels on the chart. Fundamentally, the improving U.S. and world economies and
the unrest in the Middle East will continue to limit the downside in the energy
markets. Crude-oil futures and
petroleum products were mixed today. At midday trading Friday, investors
questioned Russia’s commitment to extend export cuts through the second quarter
of 2002, though the Organization of Petroleum Exporting Countries (OPEC)
announced it will maintain its cut at their meeting Friday.
April crude-oil futures
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) fell .05 cents to $24.51 a barrel on
the New York Mercantile Exchange. April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating) slipped
0.94 to 64.76 cents a gallon. April unleaded gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) moved
higher by 0.95 cent to 80.90 cents a gallon. April crude oil, April heating
oil, April unleaded gasoline are all on the
TradingMarkets.com Momentum 5 List.Â
The June Nasdaq futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating)
rose 13.50 points to 1504.000, following a 7.89-point decline in the previous
session. NDM2 is pulling back from its high.
Coffee for May
(
KCK2 |
Quote |
Chart |
News |
PowerRating)
is pulling back from the high.
Over head
resistance on coffee is around 60.00.
May coffee is on the
TradingMarkets.com Momentum 5 List.Â
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) broke above its inverted head and shoulders
neckline on 03-07-2002. Soybean futures edged lower on the Chicago Board
of Trade after big gains in the previous session. The market was under pressure
from news that China was considering imposing an import tariff on U.S. soybeans
in retaliation for Washington’s decision to impose tariffs on steel imports.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) closed at 472.250 up 3.75. May soybeans are on the
TradingMarkets.com New 10 Days High List.
May cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) closed
at 1563.000 up 5.00. May cocoa is on the
TradingMarkets.com Momentum 5 List.Â
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 closed below 75 and today the contract continued lower to
72.35 down.85. LCJ2 had support at around 72.80. Now April live cattle has
support at 72.00. April live cattle is on the
TradingMarkets.com Implosion 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June U.S. dollar ( DXM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP |
break above 118.17 |
| June Japanese Yen ( JYM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â UP |
    break above .007800 |
| May cocoa ( CCK2 | Quote | Chart | News | PowerRating) |
New 10 day high | Â Â Â Â Â Â Â Â Â Â Â UP |
 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â Â down |
    break below 208 |
| 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 wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â down |
   break below 276 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
| May sugar #11 ( SBK2 | Quote | Chart | News | PowerRating) |
Ascending Triangle | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 6.3 |
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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