Thursday’s Futures Setups
March cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) is pulling back from
its high. Today cocoa for March delivery drifter lower to
close at 1464, down 12.00. Prices have been
soaring amid worries about quality in top producers West Africa and Brazil.
Cocoa is on the
TradingMarkets.com Momentum 5 List
April gold
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) closed just below its support level of $300.00 an ounce. April
Gold closed at 299.80 down 1.50.
April gold is on the
TradingMarkets.com Momentum 5 List. Watch for weakness in gold. Gold
has a tendency to pull back after a large fast movement. Another
reason for a possible pull-back is that the holidays across Asia will limit
liquidity in the markets.
March copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) March copper
broke higher above its 74 resistance level to close near its highs. Copper ended
at 75.10 up 1.85. March copper is on the
TradingMArkets Pullbacks Off Highs List.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) is pulling
back from its highs. Today live cattle for April delivery closed at 75.95 up .02. April
live cattle is on the
TradingMarkets.com Momentum 5 List.
March pork bellies
(
PBH2 |
Quote |
Chart |
News |
PowerRating)
continues to trade right around the 50% retracement line. Today bellies rallied
higher at 76.05 up by .80. Bellies have overhead
resistance at 77.
Corn futures leaped to a three-week high today at
the Chicago Board of Trade. Stuck in a bear market for much of this year, March
corn
(
CH2 |
Quote |
Chart |
News |
PowerRating) had been setting up a potential false rally. This morning,
corn for March delivery rallied out of the gate and closed to 2.09 a bushel up
3.00. Market-watchers credited the rally to anticipation of strong weekly export
sales in this Thursday’s government report, along with continued dry conditions
in Argentina.
March coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) is rallying from
a short-term bottom, closing at 43.40 up .40. From the looks of the chart coffee
looks very bearish. March coffee is on the
TradingMarkets.com Implosion 5 List
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs |
UP |
break above 121.00 |
March Cotton ( CTH2 | Quote | Chart | News | PowerRating) |
Channel |
UP
|
break above 38 |
| March Wheat ( WH2 | Quote | Chart | News | PowerRating) |
Triple Bottom | UP |
break above 299 |
| March Swiss franc ( SFH2 | Quote | Chart | News | PowerRating) |
Potential false rally | DOWN |
break below 5900 |
| March Natural Gas ( NGH2 | Quote | Chart | News | PowerRating) |
Potential False Rally | DOWN |
break below 2.20 |
| March 30 YR Treasury ( USH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | UP |
break above 104 |
| March 10 YR Treasury ( TYH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | UP |
break above 107 |
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.