Thursday’s Futures Setups
The Dow was down 119 to
8723,
the Nasdaq fell 22 to 1439, and the S&P dropped 13 to 918.22.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Coffee ( KCH3 | Quote | Chart | News | PowerRating) |
bull flag |
up | above Wednesday’s high |
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | above Wednesday’s high |
The Yen
(
JYH3 |
Quote |
Chart |
News |
PowerRating) has pulled back two days now after gapping up. It
may pull back another day before it resumes its uptrend.
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) closed poorly, but remains in a strong uptrend.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) triggered, but is also near its 50-day moving average.
Sugar
(
SBH3 |
Quote |
Chart |
News |
PowerRating) is either making a head and shoulders here, or is
ready to pop higher.Â
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Live Cattle ( LCH3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | rallies to 80.70, or below Wednesday’s low |
| Bellies ( PBG3 | Quote | Chart | News | PowerRating) |
gap | down | below Wednesday’s low |
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
persistent trend |
down | below Wednesday’s close |
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) continues to be weak.
Cattle
(
LCG3 |
Quote |
Chart |
News |
PowerRating) made a wide-range bar down, below
its 20-day moving average. A reaction rally may ensue, but it looks as if near
term, the trend may have changed.
On the E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating), no overall direction call,
but here are the intraday numbers:Â
Buy:
914.50
Sell:
931.50
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.