Thursday’s Futures Setups
The
Dow gained 71
to 8265, the Nasdaq
lost 3 to 1397, and the S&PÂ 500 rose 7.5Â to 874. U.S. conducted air
strikes on artillery positions across the Iraqi border from Kuwait, and 15 Iraqi
soldiers surrendered. Bush’s deadline for Saddam to leave the country is 8PM ET
today.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Copper ( HGK3 | Quote | Chart | News | PowerRating) |
wide-range bar |
up | above Wednesday’s high |
| Pork Bellies ( PBK3 | Quote | Chart | News | PowerRating) |
consolidation near highs |
up | above Wednesday’s high |
Copper
(
HGK3 |
Quote |
Chart |
News |
PowerRating) bounced and looks higher.
Cotton
(
CTK3 |
Quote |
Chart |
News |
PowerRating) is pulling back, and may continue. Cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating) made an inside bar. The top of the consolidation is now support.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Gold ( GCJ3 | Quote | Chart | News | PowerRating) |
bear flag |
down | below Wednesday’s low |
If Gold
(
GCJ3 |
Quote |
Chart |
News |
PowerRating) falls out of its flag, it could go much lower.Â
Bonds
(
USM3 |
Quote |
Chart |
News |
PowerRating) and Notes
(
TYM3 |
Quote |
Chart |
News |
PowerRating) broke below their 50-day
moving averages.
Obviously, with war imminent now, trading this week could be
especially volatile. Be careful.
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.