Thursday’s Futures Report
Trading in the S&P 500 futures was choppy at
best in today’s session. The Sept. S&Ps
(
SPU2 |
Quote |
Chart |
News |
PowerRating) didn’t show much
promise until it broke above the 890 resistance level. This is the 38.2%
retracement level. SPU2 closed at 890.50, up 12.80, or 1.46.
The Sept Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating)
tested its support at 900, but managed to move higher, despite the fact the
Semiconductors and chip equipment stocks were weighing heavily on it. The NDU2
closed at 915, up 10, or 1.10%.
December coffee futures
(
KCZ2 |
Quote |
Chart |
News |
PowerRating) rose higher, breaking a
five-month-old downtrend line on the daily bar chart. Overhead resistance is at
58.53, with secondary resistance at 60.02. Support is at 54.00 with the 50-day
moving average serving as secondary support.
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Possible
short candidates
Contract |
Setup |
Direction |
Trigger |
| Copper ( HGZ2 | Quote | Chart | News | PowerRating) |
Pullback from low |
DOWN | break below .6910 |
| U.S. Dollar ( DXU2 | Quote | Chart | News | PowerRating) |
Breakdown from slanted triple bottom |
DOWN | break below 106.32 |
| Nov. frozen OJ ( JOX2 | Quote | Chart | News | PowerRating) |
Breakdown from head and shoulders | DOWN | break below 101.15 |
| Sept. 30-year bond ( USU2 | Quote | Chart | News | PowerRating) |
possible turtle soup plus one sell | DOWN | break below 112^00 |
| Sept 10-year note ( TYU2 | Quote | Chart | News | PowerRating) |
possible turtle soup plus one sell |
DOWN |
break below 114 |
Possible long candidates
Contract |
Setup |
Direction |
Trigger |
| Sept. 10-year note ( TYU2 | Quote | Chart | News | PowerRating) |
Continuation out of pullback from high |
UP |
break above 113^110 |
| Heating Oil ( HOV2 | Quote | Chart | News | PowerRating) |
Triangle at high |
UP | break above .7670 |
| Soybean Meal ( SMZ2 | Quote | Chart | News | PowerRating) |
Pullback from high | UP | break above 171.10 |
| Soybeans ( SX2 | Quote | Chart | News | PowerRating) |
Pullback from high | UP |
break above 545 1/2 |
| Sept. Japanese yen ( JYU2 | Quote | Chart | News | PowerRating) |
Bullish symmetrical triangle | UP | break above .8615 |
| Oct. crude oil ( CLV2 | Quote | Chart | News | PowerRating) |
Pullback |
UP |
break above 29.00 |
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.