Thursday’s Futures Setups
Blue chips led the charge Wednesday as
investors were inspired by yet another batch of encouraging economic data. The March Dow Jones Industrial Average futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) attempted
to move higher in the early session, but rebounded to the lower side of the day.
By 2:00 PM EST the March Dow futures put in the bottom of the day and then
reversed to begin an intraday rally. The R1 Pivot was penetrated to the upside,
and the DJH2 closed at 10565.000 up 105.000. The March Dow futures are on the
TradingMarkets.com Momentum 5 List.
Gasoline and crude-oil futures lost some of their
gains on the heels of Tuesday’s sharp rally in reaction to bearish supply data.
Additional news that added to the bearish sentiment Wednesday, was that the
International Energy Agency reported that still Russia hasn’t yet committed to
cut its exports in line with its agreement with the Organization of Petroleum
Exporting Countries (OPEC) to reduce them by 150,000 barrels a day.
The April crude-oil futures contract
(
CLH2 |
Quote |
Chart |
News |
PowerRating) shed .02 cents to $23.15 a barrel at the New York Mercantile
Exchange; April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating) lost .21 to end at 59.93;
April unleaded gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) pushed up 0.93 cents to 74.03. April
crude oil, April heating oil and April unleaded gasoline are all on the
TradingMarkets.com Momentum 5 List.
May Soybean futures
(
SK2 |
Quote |
Chart |
News |
PowerRating) fell
Wednesday on the Chicago Board of Trade, after the previous session’s strong
gains. Investors were taking a wait-and-see attitude on export prospects after
driving prices to their highest level since mid-January on Tuesday. Soybeans for
May delivery dropped 3.25 to end at 454.000. May soybeans are on the
TradingMarkets.com Momentum 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP |
break above 120.00 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Inverted head and shoulders | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 457.50 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â Â down |
    break below 208 |
| April copper ( HGJ2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 72.00 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â down |
   break below 280 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
| April live cattle ( LCJ2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â down |
  break below 75 |
Please note that while
there are strong trends in some commodities, 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.
Use stops on all your
trades.Â
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