Monday’s Futures Setups
A combination of two items helped the March Broader
Index futures today. The first was a government report that showed the
economy added jobs for the first time in seven months in February. And the
second was confidence that earnings will rebound. The Dow Jones Industrial
Average took off right out of the gate and traded as high as 10663, before
pulling back into a trading range.
The March Dow Jones Industrial Average futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) closed up 37.000 at 10579.000. The March S&P 500
(
SPH2 |
Quote |
Chart |
News |
PowerRating)
was as high as 1173.500 before falling back down to 1163.800 a 4.500 gain on the
day.
The tech-dominated March Nasdaq 100 index
(
NDH2 |
Quote |
Chart |
News |
PowerRating) added 44.500, or
2.94%, to 1556.000.
For the week, the Dow Industrials climbed nearly 2% and the Nasdaq jumped 7%.
The DJH2, NDM2 and the SPM2 are on the
TradingMarkets.com New 10 Day Highs List.
The LTD (Last Trade Date) for the
DJH2, NDH2 and the SPH2 will be Thursday March 14, 2002. Trading Markets will
roll the March futures for the broader indexes to June, beginning Monday, March
11. The new symbols will be
(
DJM2 |
Quote |
Chart |
News |
PowerRating) (DJIA),
(
NDM2 |
Quote |
Chart |
News |
PowerRating) Nasdaq and
(
SPM2 |
Quote |
Chart |
News |
PowerRating) for the S&P 500.
Today the
March Japanese Yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) gave back some of the gains from Thursday,
when they shot up higher and in doing so sent a strong message to traders that
the lows are likely in place in the yen. An important note for yen traders is
that the Japanese Nikkei stock index has also soared higher this week. On a
daily chart the JuneYen
(
JYM2 |
Quote |
Chart |
News |
PowerRating) showed signs that it will digest this
big move gradually. The June
Japanese Yen is on the
TradingMarkets.com Momentum 5 List. Today was
the LTD (Last Trading Date) for March Currency Futures. The new front month is
June.
Crude-oil and petroleum-products traded higher on the
New York Mercantile Exchange. The employment data released today added to
the spreading conviction that the U.S. economy has emerged from recession, which
should feed demand for petroleum products. The Organization of Petroleum
Exporting Countries is set to meet March 15 to decide whether to extend its
output cuts to shore up prices. After a steeper drop early in the session, the
April contract for crude oil
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) closed up .14 to 23.85 23.85 a
barrel. April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating) rose 0.05 cents to 61.94 cents a
gallon, while April gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) climbed 0.47 cents to 76.85 cents a
gallon. Crude oil, April heating oil and April unleaded gasoline are all on the
TradingMarkets.com Momentum 5 List.
Soybean futures continued to climb Friday on the Chicago
Board of Trade, a day after posting big gains on word of a U.S.-China agreement
related to the trade of genetically modified products. Corn prices, which
tumbled Thursday on a weak export outlook, gained, while wheat prices continued
their decline from last session. Wheat for May delivery
(
WK2 |
Quote |
Chart |
News |
PowerRating) was
down 2 cents at $2.77 a bushel; May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) rose .500 cents to
$2.08 1/4 a bushel; and May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) were up 6 cents at $4.66 a
bushel.May soybeans are on the
TradingMarkets.com Momentum 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June U.S. dollar ( DXM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | UP |
break above 120.00 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Inverted head and shoulders | UP | break above 457.50 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 208 |
| April copper ( HGJ2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP | break above 72.00 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP | break above 4.60 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 280 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | UP |
break above 92 |
| April live cattle ( LCJ2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 75 |
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.
Have A Great Weekend!