Tuesday’s Futures Setups
The
Dow lost 8
to 8329, the Nasdaq
fell 1 to 1424, and the S&P 500 dropped 1 to 892.
The U.S. index of “leading” indicators was down
two tenths of a percent in March at 110.6. June 10 year T-notes were down
13/64ths at 114-01. OPEC meets Thursday and it’s expected that production will be
cut by 2 million barrels per day.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Wheat ( WK3 | Quote | Chart | News | PowerRating) |
breakout | up | above Monday’s high |
| Canadian dollar ( CDM3 | Quote | Chart | News | PowerRating) |
consolidation near highs | up | above Monday’s high |
| Corn ( CK3 | Quote | Chart | News | PowerRating) |
pullback from highs | up | above Monday’s high |
The Canadian dollar
(
CDM3 |
Quote |
Chart |
News |
PowerRating) is consolidating near its highs in a
solid uptrend. A break above this area is bullish.
Coffee
(
KCK3 |
Quote |
Chart |
News |
PowerRating) could go to 64.48, which is a 50% retracement
level.
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) is trading in a rather elongated handle. Wheat
(
WK3 |
Quote |
Chart |
News |
PowerRating) seems to be breaking above its recent consolidation.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Natural Gas ( NGK3 | Quote | Chart | News | PowerRating) |
doji at .382 Fib level | down | below Monday’s low |
Natural gas
(
NGK3 |
Quote |
Chart |
News |
PowerRating) may pull back here
at a .382 Fib level and overbought stochs.
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.