Thursday’s Futures Setups
The
Dow lost
41 to 8000,
the Nasdaq fell 12 to 1334, and the S&P 500 lost 6 to 845. The
book to bill ratio saw orders fall 10% in January, and although Morgan
Stanley boosted its rating on three key semis — Intel, Xilinx, and
Texas Instruments — the SOX closed down 2.64.
Long
Candidates:
|
Contract |
Setup |
Direction |
Trigger |
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
new highs |
up | pullbacks to .6593, and above Wednesday’s high |
| Bonds/Notes | large triangle near highs |
up | above Wednesday’s high |
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
bounce | up | above Wednesday’s high |
The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) made new highs, and right now
there is no overhead resistance.
Bonds
(
USH3 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYH3 |
Quote |
Chart |
News |
PowerRating) are
trading in large triangles, and a breakout here could be significant.
Cotton
(
CTH3 |
Quote |
Chart |
News |
PowerRating) triggered, only to close poorly.Â
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) is oversold here, with its first up-day in
five, and may bounce Thursday.
Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) was turned back at the lip of the cup on the
cup and handle, or, at the neckline of the inverted head and
shoulders, and closed poorly. This may signify wheat must continue
basing here.
Short
Candidates:
None.
Here are the intraday numbers for the E-minis (ESH3):
S2 831.25 S1 839 Pivot: 845.50 R1 853.25 R2
859.75
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.