Tuesday’s Futures Setups
The New York crude
oil
market has turned bullish the past few weeks. On the daily bar chart, an
accelerating up trend line is still in place. (See support and
resistance levels on the chart.) Today, energies surged
higher to break key resistance levels in today’s trade. April
crude oil futures
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) broke above the 24.50 resistance line to close
at $25.11 a barrel up .60.
April unleaded gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) broke
above the 81.00 resistance line to 83.36 a gain of 2.46. April heating oil broke
above its 66.00 resistance line to end the session at 66.48 up 1.72.
Fundamentally, the improving
U.S. and world economies and the unrest in the Middle East will continue to
limit the downside in the energy markets. April crude oil, April heating
oil, April unleaded gasoline are all on the
TradingMarkets.com Momentum 5 List.
The June Nasdaq futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) rose 7.00 points to 1511.000, following declines in the previous
sessions. NDM2 is rallying from a pull back from its high.
The weekly chart
for the June S&P 500 futures (SPM2)
shows an inverted head-and-shoulders bottom reversal pattern developing.
Initial support is at around 1085 and secondary support is at 1049. Resistance
is at 1178.0. The SPM2 futures are trading at 1165.30 down 1.50.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) broke above its inverted head and shoulders
neckline on 03-07-2002. Soybean futures edged lower on the Chicago Board
of Trade after big gains in the previous session. The market was under pressure
from news that China was considering imposing an import tariff on U.S. soybeans
in retaliation for Washington’s decision to impose tariffs on steel imports.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) took a beating today dropping 12.25 to 460.000.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) has been
on the Nightly Report for several sessions now and it was sighted that
LCJ2 was pulling back from the lows. A break below 75 would possibly mean
further lows. On Wednesday 03-15-2002, April live closed below 75 and today the contract continued lower to
72.15 down .200. LCJ2 had support at around 72.80. Now April live cattle has
support at 72.00. April live cattle is on the
TradingMarkets.com Implosion 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June U.S. dollar ( DXM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | UP |
break above 118.17 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 208 |
| April copper ( HGK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP | break above .7500 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP | break above 4.60 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 276 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | UP |
break above 92 |
| May sugar #11 ( SBK2 | Quote | Chart | News | PowerRating) |
Ascending Triangle | UP |
break above 6.3 |
Please note that while
there are strong trends in some commodities, 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.