Tuesday’s Futures Setups
Cocoa Moves To A Three-Year High
Last
Thursday we reported that March cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) broke out of an
ascending triangle and is trading above its support level. In today’s trade, March cocoa leapt 25.00 to 1479.000
a ton, a
three-year high. Prices have been soaring amid worries about quality in top
producers West Africa and Brazil. March cocoa is on the
TradingMarkets.com New Ten Day High List
April gold
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) closed just above its support level of $300.00 an ounce. April
Gold closed at 300.70 down 3.70.
April gold is on the
TradingMarkets.com Momentum 5 List. Watch for weakness in gold. Gold
has a tendency to pull back after a large, fast movement. Another
reason for a possible pull-back is that the holidays across Asia will limit
liquidity in the markets.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) continued to
stay above its ascending triangle. April
live cattle is on the
TradingMarkets.com Momentum 5 List.
March pork bellies
(
PBH2 |
Quote |
Chart |
News |
PowerRating)
closed right around the 50% retracement line at 75.10 down 1.12. Bellies have overhead
resistance at 77.
March coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) faded to a new
contract low today closing at 43.00 down 1.55. From the looks of the chart coffee
looks very bearish. March coffee is on the
Volatility Explosions – Low Multiple Days Readings list.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs |
UP |
break above 121.00 |
March Cotton ( CTH2 | Quote | Chart | News | PowerRating) |
|
|
break above 38 |
| March Wheat ( WH2 | Quote | Chart | News | PowerRating) |
Triple Bottom | UP |
break above 299 |
| March Swiss franc ( SFH2 | Quote | Chart | News | PowerRating) |
Potential false rally | DOWN |
break below 58.8 |
| March Natural Gas ( NGH2 | Quote | Chart | News | PowerRating) |
Potential False Rally | DOWN |
break below 2.0 |
| March 30 YR Treasury ( USH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | UP |
break above 104 |
| March 10 YR Treasury ( TYH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | UP |
break above 107 |
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.