Thursday’s Futures Setups
With a CVR
I signal Wednesday night, the chart in a three-day pullback,
and today’s bar in a hammer, the S&Ps
(
SPH2 |
Quote |
Chart |
News |
PowerRating) look higher Thursday.
British pounds
(
BPH2 |
Quote |
Chart |
News |
PowerRating) rallied again, stopping
at their.707 Fib retracement. If pounds can take out this level, they may run
for the 11/1 highs. If not, look for a pullback.
Live cattle’s
(
LCG2 |
Quote |
Chart |
News |
PowerRating) rally was smothered,
and closed down in an outside day. We are close to the .618 Fib retracement
here, but today’s bar looks bearish.
Gold’s rally today was stopped by the former
recent uptrend line, but interestingly, it broke above the former downtrend line
as well. With resistance at 276.5, and the 200-day moving average coming up,
this looks like a pullback from lows situation. Any rally Thursday might be
short-lived and not extend into Friday.
Soybeans
(
SH2 |
Quote |
Chart |
News |
PowerRating) followed through again today,
making new 20-day lows. This action has beans in an interesting situation: while
today’s bar looks bearish, beans are also set up in a Turtle Soup setup. A move
above the 11/28 high is the trigger. Soybean oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) also followed
through, but is not in a Turtle Soup setup. Look for lower prices
Thursday.
Sugar
(
SBH2 |
Quote |
Chart |
News |
PowerRating) gave us a short entry today,
then pulled back and bounced off a confluence of .382 and .50 Fib retracements,
forming a hammer. This action has it looking better to the long side for
Thursday.
Cocoa’s
(
CCH2 |
Quote |
Chart |
News |
PowerRating) move looks like it was
stopped at the .707 retracement. This, combined with the bearish bar, indicates
lower prices Thursday.
Orange juice
(
OJF2 |
Quote |
Chart |
News |
PowerRating), again in its seasonal
downward bias, looks to trade lower also.
Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating), after making a double bottom,
needs to take out the 11/27 gap to be a credible advance.
|
Contract
|
Setup
|
Direction
|
Trigger |
| Soybeans (SH2) |
20-day
|
down
|
below Wednesday’s low, but watch for Turtle Soup reversal! |
| British pounds ( BPH2 | Quote | Chart | News | PowerRating) |
Close
|
up
|
above Wednesday’s high |
| Japanese yen (JYF2) |
Volatility
|
down,
|
above/below Wednesday’s high/low |
| Soybean meal ( SMH2 | Quote | Chart | News | PowerRating) |
descending
|
down
|
below Wednesday’s low |
| Orange Juice (OJF2) |
close
|
down
|
below Wednesday’s low |
| Canadian dollar (CDZ1) |
Gap up
|
up
|
above Wednesday’s high |
| Soybean oil ( |
Close
|
down
|
below Wednesday’s low |
Use stops on all your
trades.