Thursday’s Futures Setups
The
Dow fell 28 to 7985, the Nasdaq
dropped 5 to 1301, and the S&P 500 fell 5 to 843.59. Colin Powell
presented the case before the U.N. The US announced that it would sell $18
billion in 10-year notes, will re-introduce three-year notes, and will sell five
year notes eight times per year (up from four).
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | pullbacks to 8.47, and above Wednesday’s high |
From both a supply standpoint and a technical standpoint, bonds could fall
farther.
Cotton
(
CTH3 |
Quote |
Chart |
News |
PowerRating) is marking time near its highs.
Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) is trying, having closed above its 10-day moving average..
Getting overbought now, though.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Gold ( GCG3 | Quote | Chart | News | PowerRating) |
bearish bar |
down | rallies to 379.2, and below Wednesday’s low |
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
double top |
down | rallies to .6575, and below Wednesday’s low |
| Feeder Cattle ( FCH3 | Quote | Chart | News | PowerRating) |
tweezers tops |
down | below Wednesday’s low |
Gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating) made a bearish bar, and on CNBC, Art
Cashin said the retail crowd was now buying gold, and you know what that means.
Feeders
(
FCH3 |
Quote |
Chart |
News |
PowerRating) took out 1/29 lows and look lower. Live
Cattle
(
LCG3 |
Quote |
Chart |
News |
PowerRating) may pull back a few more
days here.
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) actually rallied, but any rally at this time is still
a pullback from lows.
The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) pulled back, and looks like a double top.
Here are the intraday numbers for the E-minis (ESH3):
S2 828.16 S1
836.33 Pivot: 848.66 R1 856.83 R2
869.16
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.