Thursday’s Futures Setups
The
Dow skidded
144 to 8257, the Nasdaq
gained 3 to 1395, and the S&P 500 lost 11 to 880. We’re in the middle of the
heaviest earnings week for the season.
U.S. industrial production was down .5% in March.
February’s .1% gain was revised to a .1% loss. Military sources say that Iraq
could be pumping 1.6 million barrels per day in two months.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| 10-year notes ( TYM3 | Quote | Chart | News | PowerRating) |
break of angular resistance | up | above Wednesday’s high |
| Bonds ( USM3 | Quote | Chart | News | PowerRating) |
break of angular resistance | up | above Wednesday’s high |
Bonds
(
USM3 |
Quote |
Chart |
News |
PowerRating) triggered and look higher. It looks like 10-year
notes
(
TYM3 |
Quote |
Chart |
News |
PowerRating) are breaking out of angular resistance as well.
Soybeans
(
SK3 |
Quote |
Chart |
News |
PowerRating) made an inside bar. Go with the trend. Bean Oil
(
BOK3 |
Quote |
Chart |
News |
PowerRating) triggered again, but closed poorly, although still above the 20MA.
Coffee
(
KCK3 |
Quote |
Chart |
News |
PowerRating) triggered. This isn’t a bad looking broadening pattern, which has a shot at resolving
to the upside. Cocoa
(
CCK3 |
Quote |
Chart |
News |
PowerRating) made an inside bar.
This one looks lower after a short bounce.
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) triggered, but pulled back. The 50 day moving
average is flattening out here. We’ll see.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Pork Bellies ( PBK3 | Quote | Chart | News | PowerRating) |
bear flag | down | below Wednesday’s low |
Pork bellies
(
PBK3 |
Quote |
Chart |
News |
PowerRating) closed poorly in a bear flag and could go lower
here.
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.