Tuesday’s Futures Setups
The Dow gained 23 points to 8,809, the Nasdaq was flat at 1,447, as was the
S&P 500, at 927.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Yen ( JYH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | above Monday’s highs |
| Notes ( TYH3 | Quote | Chart | News | PowerRating) |
rally off trendline |
up | pullbacks to 112-22, or above Monday’s highs |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | pullbacks to 1.049, or above Monday’s high |
The Yen
(
JYH3 |
Quote |
Chart |
News |
PowerRating) may be poised to take out the small trendline
that began on 12/30, which created the current pullback from highs.Â
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) made an inside day, but remains in a strong uptrend.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) is approaching resistance in the form of gap levels
and the 50-day moving average.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
persistent trend |
down | Â below Monday’s low |
| E-minis ( ESH3 | Quote | Chart | News | PowerRating) |
bounce off Fib level |
down | rallies to 930.75, or below Monday’s low |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) have bounced off the .786 Fib level twice, and
Tuesday may be an important time day as well. Intel reports after the bell
tomorrow, and Wednesday and Thursday are full of earnings reports, so this
week should be active.
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) continues to be weak.Â
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) is hitting Fib resistance and could pull back.
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.