Monday’s Futures Setups
The mighty
"Green Back" stretches its muscles. March U.S.
dollar
(
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out above a key resistance level (119.45) and then stayed strong for
the remainder of the session and closed at 120.180 a 1.22 gain. The
March U.S. dollar is on the TradingMarkets.com
Momentum 5 List.
March US Treasury Bonds
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USH2 |
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PowerRating)
have found their 50% retrenchment level and closed just above that
level at 102.125. We there are a couple of resistance points along the
way to a 103.128 resistance level. The U.S. Bonds for March lost .090
on the day.
March crude oil
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CLH2 |
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March heating oil
(
HOH2 |
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PowerRating) have created triple bottoms. Both
of the oils are bouncing off of their support lines. The March crude
oil contract closed at 19.99 up .29 and the March heating oil gained
.0026 to close at .5376.
March Lumber
(
LBH2 |
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PowerRating) broke
out of a cup and handle pattern. Lumber gapped above its resistance of
280 and recorded a gain of 9.80 to end at 288.00. We have been
watching this pattern for a couple of days now. March lumber could
retest support at 278.78 to close its gap.
March corn
(
CH2 |
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PowerRating) fell .500
to 209.00. March corn looks to be setting up a possible Turtle Soup
pattern.
March wheat
(
WH2 |
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PowerRating) opened
higher at the beginning of the session and tried to break up above the
key resistance level at 3.00 and then dropped lower ending up closing
positive on the day up .50 to 2.99, right below its resistance at the
3.00 level.
March soybeans
(
SH2 |
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PowerRating) fell
below its support level at about 430.397 and then settled at 430.750 a
loss of 6.5. This support could be a spring board for the news that
came out of Brazil today. According to local analysts from Brazil,
Safras & Mercado, a lack of rain in southern Brazil has caused a
dry spell that has damaged the region’s soybean crop by at least one
million metric tons. If the much-needed rainfall does not arrive soon,
more crops will be lost to the heat. In this region alone, 20% of
Brazil’s soybean output is grown. The next resistance level for
soybeans is around 445.14.
April live cattle
(
LCJ2 |
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continued to move higher, above its 50% retrenchment level. The April
contract gained .25 to close at 74.775. Over head resistance is at
75.272.