Tuesday’s Futures Setups
The
Dow fell 144
to 7987, the Nasdaq
lost 17
to 1325, and the S&P 500 fell 14 to 847.09. The Dow dipped below 8000 for
the first time since October. Bonds fell, with the 10-year note priced to yield
3.957%.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| E-minis ( ESH3 | Quote | Chart | News | PowerRating) |
oversold + CVR buys |
up | 1,2,3 at S1 pivot |
| Nasdaq minis ( NQH3 | Quote | Chart | News | PowerRating) |
oversold + CVR buys |
up | 1,2,3 at S1 pivot |
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
wide-range bar/breakout | up | pullbacks to 8.30 – 8.32 |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
persistent trend |
up | above Monday’s high |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) and the Nasdaq minis
(
NQH3 |
Quote |
Chart |
News |
PowerRating) were weak
again today, as Hans Blix delivered his findings to the UN We have CVR 3 and 6
buys re-triggering tonight.
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) is the mirror of the dollar and just keeps on going.
Sugar
(
SBH3 |
Quote |
Chart |
News |
PowerRating) broke out and took out contract
highs.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Monday’s close |
| Wheat ( WH3 | Quote | Chart | News | PowerRating) |
consolidation near lows |
down | below Monday’s low |
| Soybeans ( SH3 | Quote | Chart | News | PowerRating) |
bounce off trendline, Fib level |
down | below Monday’s low |
| Corn ( CH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Monday’s low |
| Coffee ( KCH3 | Quote | Chart | News | PowerRating) |
Fib, trendline |
down | rallies to 66.69, and below Monday’s close |
Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) and Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) may re-test their lows.
The Dollar (DXH3)
may bounce slightly Tuesday, judging by the doji. Keep in mind, though, the
main trend is down.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) made a wide-range bar down and may
possibly pull back a few more days.
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) triggered and looks lower.
Soybeans
(
SH3 |
Quote |
Chart |
News |
PowerRating) bounced off a trendline and a .786 Fib level.
Here are the intraday numbers for the E-minis (ESH3):
Buy: 838
842.25
Sell: 863.75
872.50
Pivot: 851 R1 860 S1
838.50
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.