Monday’s Setups
Market bull phases display a simple characteristic in the weekly time frame: they open lower in the beginning of the week and close the week at a gain. Nasdaq 100 futures
(
NDZ1 |
Quote |
Chart |
News |
PowerRating) have done this in four of the past five weeks. Exploiting this feature, the NDZ1 closed higher on the week but was unable to really get going Friday, leaving an intraday double top formation. This coincides with a Turtle Soup Plus One Sell setup for Friday that could play out into Monday. Looking for a swing short here before a resumption of the five-week rally.
T-bonds
(
USZ1 |
Quote |
Chart |
News |
PowerRating) fulfilled nicely to test the 107-even area from yesterday. Look for a resumption of the rally to new high ground. A key short-term pullback level is provided below.
Wheat
(
WZ1 |
Quote |
Chart |
News |
PowerRating) proved itself today by rallying to its highest level since July. Some consolidation could come at the 285 1/2 to 286 1/2 handle, for initiating or adding to longs.
Finally, December cocoa
(
CCZ1 |
Quote |
Chart |
News |
PowerRating) held at the Sept. 20 gap in a reversal bar that also closed at a Turtle Soup Plus One Buy signal for Friday. Look for a move above the trigger, the previous 20-day high at 994.
|
Contract
|
Symbol |
Setup |
Direction |
Trigger |
Nasdaq 100 futures |
(NDZ1) |
Turtle Soup Plus “Two“ sell (from yesterday) | Up |
1455 |
| T-bonds | (USZ1) | Continuation of upside momentum (Momentum-5 List) |
Up |
Off The Blocks or on a pullback to 107 9/32 to 11/32 |
Wheat
|
(WZ1) |
Upside momentum | Up |
Off The Blocks or on a pullback support at 285 1/2 to 286 1/2 |
Don’t enter without defining your risk.