Tuesday’s Futures Setups
Due to the Veterans Day holiday,
the Treasury markets were closed. This often results in a choppy market for the
equities and today was no exception. The Standard & Poor’s 500 futures for
Dec.
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) dropped below the 20-day moving average to close at 877.79
down 13.59 or 1.53%. The Dec. Nasdaq 100
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) was clinging to the
20-day moving average at 980 as it lost 29 points or 2.87%. NDZ2 closed at
980.00.
Â
Dec. bean oil
(
BOZ2 |
Quote |
Chart |
News |
PowerRating) has broken out of a narrow
consolidation at the upper end of the trading range and has an uptrending
ADX of 40. We could see a move to 24.20. This is the 161.80% retracement drawn on the monthly chart from the high to the low point.
Possible
short candidates:
| Contract |
|
|
|
|
|
Possible Turtle Soup Sell |
down |
break below
|
|
Dec. lean hogs
|
|
|
|
|
|
|
|
|
Â
Possible
long candidates:
|
|
|
|
|
|
Jan. frozen orange juice |
Pull back from the high |
up |
break above 102 |
|
Dec coffee |
|
up |
Trade above 67.00 |
|
Dec. gold |
Break above 20-day high |
up |
Trade above 321.00 |
| Mar. sugar ( SBH3 | Quote | Chart | News | PowerRating) |
|
up |
Trade above 7.60 |
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.
Use stops on all your trades.