Tuesday’s Futures Setups
The indices sold off and a CVR 3 buy
signal was triggered near the close. We don’t have complete clarity on
the bias, though, as other
indicators are split. The $NDX closed at a .382 retracement of its
10/10-12/2 move, while the $SPX is further above its retracement.
Long
Candidates:
|
Contract |
Setup |
Direction |
Trigger |
| E-Minis (ESZ2) |
CVR 3 Buy |
up | Monday’s close |
| Nasdaq E-minis (NQZ2) |
CVR 3 Buy |
up | Monday’s close |
| S&Ps (SPZ2) |
CVR 3 Buy |
up | Monday’s close |
| Soy Meal ( SMF3 | Quote | Chart | News | PowerRating) |
Turtle Soup |
up | above Monday’s low |
| S&Ps (SPZ2) |
CVR 3 Buy |
up | Monday’s close |
January Crude
(
CLF3 |
Quote |
Chart |
News |
PowerRating) is worth watching, as developments
in the Middle East are likely soon, and OPEC is meeting later this
week. Crude is trading in a pennant at its 50-day moving average.
December Gold (GCZ2)
and Silver (SIZ2)
have been strong last week and hit 11/13 resistance before pulling
back intraday, closing in a doji.
March Cotton
(
CTH3 |
Quote |
Chart |
News |
PowerRating) looks ready to resume
its downtrend after pulling back.
Short
Candidates:
| Contract |
Setup |
Direction |
Trigger |
| Unleaded Gas ( HUF3 | Quote | Chart | News | PowerRating) |
Turtle |
down |
below Monday’s high |
| Gold ( GCG3 | Quote | Chart | News | PowerRating) |
Double Top |
down | below Monday’s high |
|
Canadian Dollar (CDZ2) |
Top of Channel |
down | below Monday’s low |
The Canadian
dollar (CDZ2)
looks like it turned down after touching the top of a channel.
January
Unleaded
(
HUF3 |
Quote |
Chart |
News |
PowerRating) may trigger a Turtle Soup sell if it trades
below Monday’s high.
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.
Remember,
use stops on all your trades.