Tuesday’s Futures Setups
The
Dow added
148 to 8351, the Nasdaq
gained 26 to 1385, and the S&P 500 rose 17 to 885.
Stronger-than-expected
quarterly profits turned in by Fannie Mae and Citigroup fueled
the rise.
An
Illinois judge lowered an appeal bond down to $6 billion in a lawsuit over
“light” cigarettes. Northern Iraqi oil
could be back in a month, while oil in southern Iraq could take a few months to
get back online.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Bean Oil ( BOK3 | Quote | Chart | News | PowerRating) |
Hammer | up | above Monday’s high |
| Coffee ( KCK3 | Quote | Chart | News | PowerRating) |
oversold at support | up | just below Monday’s low |
| Soybeans ( SK3 | Quote | Chart | News | PowerRating) |
breakout | up | pullbacks to 602.25 |
Soybeans
(
SK3 |
Quote |
Chart |
News |
PowerRating) are trying to break out; a pullback entry is the
safest. Bean Oil
(
BOK3 |
Quote |
Chart |
News |
PowerRating) may rally from this hammer.
Coffee
(
KCK3 |
Quote |
Chart |
News |
PowerRating) may bounce here. Be careful here, as it’s possible
we take out the lows before we go higher. That may not necessarily be tomorrow,
either.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Pork Bellies ( PBK3 | Quote | Chart | News | PowerRating) |
bear flag | down | below Monday’s low |
Pork bellies
(
PBK3 |
Quote |
Chart |
News |
PowerRating) are trading in a bear flag and could go lower
here.
I’m still looking for a possible 1,2,3 in
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) soon, with the 1 being on 3/28 and the 2 being on 4/8.
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.