Thursday’s Futures Setups
March 2002 sugar
(
SBH2 |
Quote |
Chart |
News |
PowerRating) closed at a six-week high and
confirmed on a closing basis into the Sept.17 gap. This market and setup lend
themselves well to a 10-90
Opening Entry.
December cotton
(
CTZ1 |
Quote |
Chart |
News |
PowerRating) also
closed on its high after selling off early, leaving a tail at a new high, a
potentially powerful setup. This contract has also been on the Momentum-5
List, making it eligible for an Off The Blocks
long.
Nearly one-half the torrid gain in coffee
(
KCZ1 |
Quote |
Chart |
News |
PowerRating) today
came in the last 5-minutes, both triggering stop loss shorts and buy orders as
funds got long once this market hit a new 20-day high. This action suggests some
late-hour manipulation and the chance for a correction of the last-minute jolt.
One could test this theory on a move below 48.75, the trigger of Thursday’s Turtle Soup Plus One
Sell
setup.
December cocoa
(
CCZ1 |
Quote |
Chart |
News |
PowerRating) overshot last night’s suggested “key
resistance” by 16 before closing down slightly on the session in a bearish
“doji” candlestick. Switching to the more active March 2002 contract
(
CCH2 |
Quote |
Chart |
News |
PowerRating), will stick with the notion that this contract will correct the
parabolic run and fill downside gaps. The 50% retracement comes at the high of
the close prior to the 11/9 gap, at 1112, the downside target. Consistent trades
above 1218 tomorrow works to nullify the prospect of a swift retracement.
December wheat
(
WZ1 |
Quote |
Chart |
News |
PowerRating) traded an inside day without trading into
yesterday’s gap (see last night).
December crude oil
(
CLZ1 |
Quote |
Chart |
News |
PowerRating)
and
heating oil
(
HOZ1 |
Quote |
Chart |
News |
PowerRating) (and unleaded) are demonstrating implosive
momentum. Look for further downside on opening range trades.
|
Contract
|
Setup |
Direction |
Trigger |
( SBH2 | Quote | Chart | News | PowerRating) |
Momentum |
Up |
10-90 Opening Entry |
| Cotton ( CTZ1 | Quote | Chart | News | PowerRating) |
Momentum-5 List |
Up |
Off The Blocks |
( KCZ1 | Quote | Chart | News | PowerRating) |
Turtle Soup Plus One Sell |
Down |
|
| Cocoa ( CCZ1 | Quote | Chart | News | PowerRating) |
Overbought, topping action |
Down |
But only below 1218 |
Wheat
|
Technical breakdown |
Down |
281 |
| Crude oil ( CLZ1 | Quote | Chart | News | PowerRating) and heating oil [HOZ1|HOZ1 |
Implosive |
Down |
Off The Blocks |
Define the risk before every trade and honor your stops.