Tuesday’s Futures Setups
The
Dow was down 111
to 8586, the Nasdaq fell
48
to 1376, and the S&P
dropped 13 to 901.78. The
SPX, NDX and SOX all closed below their respective 50-day moving averages.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Sugar (SBH3) |
breakout | up | pullbacks to 7.77, or above Friday’s high |
The Yen (JYH3)
again closed poorly. It may pull back to the trend line from 12/5-1/7
The Euro (ECH3)
closed in a doji, which indicated indecision. We may see a pause Tuesday.
Soybean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) bounced off the hammer at its 200-day moving
average, but closed poorly. Look for another bounce at this level.
Sugar (SBH3)
triggered, took out the 12/3 high, and is trading near contract highs. Looks
higher.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Live Cattle ( LCG3 | Quote | Chart | News | PowerRating) |
bear flag |
down | below Friday’s low |
| Bellies (PBG3) |
gap | down | pullbacks to 80.475, and below Friday’s low |
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
bearish bar |
down | rallies to 6511, and below Friday’s close |
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Friday’s close |
| Dollar (DXH3) |
persistent trend |
down | below Friday’s close |
The Dollar (DXH3)
continues to be weak. The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) looks like it
may pull back here
Cattle (LCG3)
is trading in a bear flag after making a wide-range bar down, below its 20-day moving average.
The .382 retracement is near 77.83, and the 50-day moving average is at 78.71.
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) may be making a double top. Also,
yesterday was a time point.
On the E-minis (ESH3)
here are the intraday
numbers for Tuesday:Â
Buy: 897.50,Â
883
Sell: 916-918
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.