Thursday’s Futures Setups
The
Dow gained 22
to 8110, the Nasdaq
rose 16
to 1358, and the S&P 500 was up 6 to 864.36. After a weak open, we
ended up nicely, with a technical rally that included some bargain hunting and
short covering. The Fed concluded a two-day meeting, leaving rates unchanged.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| E-minis ( ESH3 | Quote | Chart | News | PowerRating) |
follow through |
up | 1,2,3 at S1 pivot |
| Nasdaq minis ( NQH3 | Quote | Chart | News | PowerRating) |
follow through |
up | 1,2,3 at S1 pivot |
| Feeder Cattle ( FCH3 | Quote | Chart | News | PowerRating) |
wide-range bar | up | above Wednesday’s high |
| Live Cattle ( LCG3 | Quote | Chart | News | PowerRating) |
wide-range bar | up | above Wednesday’s high |
| Bellies ( PBG3 | Quote | Chart | News | PowerRating) |
wide-range bar | up | above Wednesday’s high |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) and the Nasdaq minis
(
NQH3 |
Quote |
Chart |
News |
PowerRating) rallied
and may follow through Thursday.
The meats all made wide-range bars up, which sure looks bullish.
Still watching
Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) and Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating).
Wheat is trading at just about the 87.5% retracement of the contract high/low.
This could be a launching pad for a move up — or just a low-level consolidation
before another drop. Corn is still respecting an internal trendline.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Bean Oil ( BOH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Wednesday’s low |
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) reversed at a .618, and a pause is
possible Thursday.
Bean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) triggered and stopped at its 200-day moving
average. May test 1/16 lows.
Here are the intraday numbers for the E-minis (ESH3):
Pivot: 854.83 R1 873.66 S1
841.91
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.