Thursday’s Futures Setups
Stocks were mixed Wednesday,
with the Dow -67 to 9156, the Nasdaq up 1 to 1747,
and the SPX down 5 to 1002. Wholesale inventories fell 0.3% vs. and expected
gain of 0.2%. Crude oil supplies were up 100,000 barrels last week — this
according to the Dept. of Energy. Soybeans were up on Chinese buying, and cattle
got whacked after a good run-up.
Long Candidates:
Wheat
(
WU3 |
Quote |
Chart |
News |
PowerRating) rallied from a 1,2,3 today, and although it made a
move, we may be able to get another entry, shown below.
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) look like they have a chance at a rally. We’ve got an
inverted head and shoulders, plus a little positive momentum divergence.
|
|
|
|
|
| Bonds ( USU3 | Quote | Chart | News | PowerRating) |
inverted H&S on 30-min chart | up | above 115 ’21 |
| Wheat ( WU3 | Quote | Chart | News | PowerRating) |
breakout from 1,2,3 | up | pullbacks to 314 3/4 |
Â
Short Candidates:
|
|
|
|
|
| E-Minis ( ESU3 | Quote | Chart | News | PowerRating) |
1,2,3 on daily | down | rallies to 1006.75 |
Unleaded gas
(
HUQ3 |
Quote |
Chart |
News |
PowerRating) didn’t trigger, and took off
again.
The E-Minis
(
ESU3 |
Quote |
Chart |
News |
PowerRating) are looking suspiciously like
the 1,2,3 Kevin Haggerty has been talking about recently, which could trigger
soon. Sentiment-wise, we’re really overbought, but new cash continues to flood
the market. Look to short the rallies, and as usual, exercise good money
management.
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.