Monday’s Futures Setups
The Power of GOLD!! Gold set a three-year high
today…
April gold
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) closed higher today and stayed above its new support level of
$300.00 an ounce. April gold closed at 304.40, up 3.80.
April gold is on the
TradingMarkets.com Momentum 5 List.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) continued
its move out of an ascending triangle. Today’s volume was strong, helping live
cattle move higher. April
live cattle is on the
TradingMarkets.com Momentum 5 List.
March pork bellies
(
PBH2 |
Quote |
Chart |
News |
PowerRating)
closed just above the 50% retracement line at 76.225. Bellies have overhead
resistance at 77.
Last night we reported that March cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) broke out of an
ascending triangle and is trading above its support level. In today’s trade,
March cocoa leapt 15.00 to $1.545 a ton, a
three-year high. Prices have been soaring amid worries about quality in top
producers in West Africa and Brazil. March cocoa is on the
TradingMarkets.com New Ten Day High List
March coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) faded to a new
contract low today, closing at 44.55, down .25. From the looks of the chart, coffee
looks very bearish. Mach coffee is on the
Volatility Explosions – Low Multiple Days Readings list.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs |
UP |
break above 121.00 |
March Cotton ( CTH2 | Quote | Chart | News | PowerRating) |
Channel |
UP
|
break above 38 |
| March Wheat ( WH2 | Quote | Chart | News | PowerRating) |
Triple Bottom | UP |
break above 299 |
| March Swiss franc ( SFH2 | Quote | Chart | News | PowerRating) |
Potential false rally | DOWN |
break below 58.8 |
| March Natural Gas ( NGH2 | Quote | Chart | News | PowerRating) |
Potential False Rally | DOWN |
break below 2.0 |
| March 30 YR Treasury ( USH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | UP |
break above 104 |
| March 10 YR Treasury ( TYH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | UP |
break above 107 |
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.