Thursday’s Futures Setups
The
Dow was down 124
to 8318, the Nasdaq fell
5
to 1359, and the S&P
dropped 9 to 878.36. Bonds
moved higher.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Silver ( SIH3 | Quote | Chart | News | PowerRating) |
gap up |
up | above Wednesday’s high |
|
Feeder |
wide-range bar | up | pullbacks to 78.60, and above Wednesday’s high |
|
Live ( |
wide-range bar | up | pullbacks to 79-80, and above Wednesday’s high |
| Cocoa ( CCH3 | Quote | Chart | News | PowerRating) |
consolidation near highs |
up | above Wednesday’s high |
|
Bellies
|
wide-range bar | up | above Wednesday’s high |
Silver
(
SIH3 |
Quote |
Chart |
News |
PowerRating) gapped up and could continue here. Gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating),
of course, has been strong of late.
The Yen (JYH3)
is still riding the up-trendline I mentioned recently, which appears to be still
valid.
The meats, Live Cattle (LCG3),
Feeder Cattle
(
FCH3 |
Quote |
Chart |
News |
PowerRating) and Pork Bellies
(
PBG3 |
Quote |
Chart |
News |
PowerRating) all made
wide-range bars up and may continue.
Soybean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) is still bouncing off its 200-day MA. It’s a
pullback from lows at this point. I’ve been looking for another test of that
200.
Bonds, both
(
USH3 |
Quote |
Chart |
News |
PowerRating) and
(
TYH3 |
Quote |
Chart |
News |
PowerRating), look like they may continue.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Wednesday’s low |
| Corn ( CH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Wednesday’s low |
| Wheat ( WH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Wednesday’s low |
| Dollar (DXH3) |
persistent trend |
down | below Wednesday’s low |
Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) and Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) have rallied off their lows and
may re-test that area.
The Dollar (DXH3)
continues to be weak. The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) is tricky here;
I was looking for a pullback, but thus far, none.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) surprised me, folks, and has continued
to rally.
Still watching Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) for a potential double top. A little
surprised at today, given yesterday’s action.
On the E-minis (ESH3)
here are the intraday
numbers for Thursday:
Buy: 866.75
Sell: 889.75
Pivot: 881.75 R1 887.5 S1 871.75
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.