Thursday’s Futures Setups
The Dow fell 98 to 9011, the Nasdaq
lost 3 to 1603, and the S&P 500
slid 8
to 975. The Fed cut rates 1/4% — now at 1%, the lowest in 45 years — and said
the economy still looks sluggish.
Bonds were lower, and gold was slightly higher.
Long Candidates:
|
|
|
|
|
| Cotton ( CTZ3 | Quote | Chart | News | PowerRating) |
wide-range bar | up | pullbacks to 58.35 |
| Soybeans ( SQ3 | Quote | Chart | News | PowerRating) |
top of consolidation | up | pullbacks to 633 1/2 and above Wednesday’s highs |
| Soy Meal ( SMQ3 | Quote | Chart | News | PowerRating) |
top of consolidation | up | pullbacks to 193.5 and above Wednesday’s highs |
Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) made a wide-range bar out
of a pullback, which may set it up for another leg up.
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating)
got whacked after the number came out, and hopefully you had your stops in if
you were long.
Technically speaking, we didn’t get entry into Gold
(
GCQ3 |
Quote |
Chart |
News |
PowerRating), although it rallied slightly today from its 50% retracement level.
Still watching Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) and Sugar
(
SBV3 |
Quote |
Chart |
News |
PowerRating), as per
yesterday’s comments.
The Yen
(
JYU3 |
Quote |
Chart |
News |
PowerRating) attempted to break out of
the triangle I’ve spoken about, but closed back inside it.
Short Candidates:
None tonight.
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.