Monday’s Futures Setups
The
Dow gained 39
to 7861, the Nasdaq
fell one-half point to 1340, and the S&P 500 rose 1 to 833. The
University of Michigan consumer sentiment index came in at 75 for March, the
lowest level in ten years. U.S. industrial production was up .1% in February;
producer prices were up 1.0%. Crude oil fell for a second day as the US backed
away from a UN vote.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
rally from pullback |
up | Â above Friday’s high |
| Cotton ( CTK3 | Quote | Chart | News | PowerRating) |
breakout above consolidation |
up | Â above Friday’s high |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
pullback | up | just below Friday’s low |
Wheat
(
WK3 |
Quote |
Chart |
News |
PowerRating) triggered, only to close down. It appears to be trying to
bottom in this area. Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) may try for a triple bottom.
Cotton
(
CTH3 |
Quote |
Chart |
News |
PowerRating) may rally out of this two-bar pullback. Cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating) is still consolidating; today’s bar was bullish engulfing, and looks
similar to Wednesday’s bar, and of course nothing happened on Thursday, so we’ll
see.
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) may bounce here, at its 50-day moving average. There is a
possibility that they take it down to the lows before rallying it — be aware of
this, and be careful, too.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
overbought | down | below Friday’s low |
| Feeder Cattle ( FCJ3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Friday’s low |
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) traded up to its 50-day moving
average, and is overbought.
Feeder cattle
(
FCJ3 |
Quote |
Chart |
News |
PowerRating) and Live Cattle
(
LCJ3 |
Quote |
Chart |
News |
PowerRating) are pulling back from lows and should reverse back down Monday.
Bellies are strong, though.
Please
note that while there are strong trends, 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. Be
advised that some futures contracts are prone to gaps.
Remember,
use stops on all your trades.