Thursday’s Futures Setups
March S&Ps
(
SPH2 |
Quote |
Chart |
News |
PowerRating) bounced off the 50%
retracement of their most recent move up, and closed just above their 20-day
moving average. The March Naz futures
(
NDH2 |
Quote |
Chart |
News |
PowerRating) bounced off their 70.7%
retracement. This, combined with the CVR
1buy signal generated Wednesday, should give Thursday a bullish bias.
The Euro
(
ECH2 |
Quote |
Chart |
News |
PowerRating) gapped up in its debut,
taking out the 12/17 highs before pulling back slightly. The yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating)
remains in a strong downtrend.
The soybean complex continues to be weak. For the
brave, soybeans
(
SH2 |
Quote |
Chart |
News |
PowerRating) bounced off the 161.8% retracement of the 10/22-11/19
move, so a pullback may be in store. Otherwise, the trend is most
definitely down. Soybean oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) matched their 10/22 lows before pulling
back slightly.
With the exception of the 12/17 spike low, both
bonds
(
USH2 |
Quote |
Chart |
News |
PowerRating) and notes
(
TYH2 |
Quote |
Chart |
News |
PowerRating) are range-bound. We need more direction
from these two.
Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) is trading in a triangle
beginning 11/30, and closed just above its 20-day moving average.
Feeder cattle
(
FCF2 |
Quote |
Chart |
News |
PowerRating) faked higher and went
lower; look for continuation Thursday. Live cattle
(
LCG2 |
Quote |
Chart |
News |
PowerRating) dropped on a
Turtle Soup setup; further downside is possible.
Unleaded gas
(
HUF2 |
Quote |
Chart |
News |
PowerRating) traded off its .382
retracement; there is a possibility of an uptrend continuation here. Heating oil
(
HOF2 |
Quote |
Chart |
News |
PowerRating)bounced off its 50% retracement; this is also a good place to look
for a resumption of the trend.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Feeder cattle ( FCF2 | Quote | Chart | News | PowerRating) |
broke support
|
down
|
below Wednesday’s low
|
| Live cattle ( LCG2 | Quote | Chart | News | PowerRating) |
Turtle |
down
|
below Wednesday’s low
|
| Euro ( ECH2 | Quote | Chart | News | PowerRating) |
continuation |
up |
above Wednesday’s high |
| Soybean oil (BOH2) |
resumption
|
down
|
below Wednesday’s low
|
| Soybeans (SH2) |
new
|
down | below Wednesday’s close |
| Heating Oil (HOF2) |
bounce
|
up | above Wednesday’s high |
| Unleaded Gas (HUF2) |
bounce
|
up | above Wednesday’s high |
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.