Tuesday’s Futures Setups
From Friday night, gold gapped too far down to chase short,
beans held within one cent of 432 support, lives triggered and went near limit
down below the 67.25 pullback pivot, yen filled at the low tick of the day for a
whipsaw stop-out, and the indexes’ gap-up worked to negate the short-side
argument.
December gold’s
(
GCZ1 |
Quote |
Chart |
News |
PowerRating) gap down keeps the downside argument intact.
It held resistance at the 50% retracement, favoring the downside until a rise
above 281.50.
The upside bias in soybeans remains, only now
we’re switching to the January
(
SF2 |
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News |
PowerRating) contact. The contract has a mini-cup
and handle with three of the past five upside bars suggesting the market is
building the energy to close the big overhead gap.
Stock indexes setup reversal signs that come into Nasdaq
100 “time cycles” discerned by Carolyn Boroden in her Futures
Perspectives Commentary, and in her
S&Ps and Nasdaq Price Action Levels subscription service.
December Nasdaq 100 futures
(
NDZ1 |
Quote |
Chart |
News |
PowerRating) are a
Turtle Soup Plus One
Sell
below 1493 and S&P futures
(
SPZ1 |
Quote |
Chart |
News |
PowerRating) setup a similar reversal
in a same day Turtle Soup setup if they trade above — and then below to
trigger– 1112.50.
British pounds’
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) upside bias remains in light of their recent
standing on the Momentum-5 List and tail bar left near recent highs. Look at the
chart of pounds on days when it has rallied significantly (up days only). There
is very little downside before the market advances and closes higher. This makes
it a good candidate for the 10-90
Open. In this method, one goes long on the open of momentum markets trading
above their 10-day moving averages. The 90th percentile of a statistical sample
of the Dec contract of the open and low is less than eight ticks, your
protective sell-stop.
The Canadian dollar
(
CDZ1 |
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Chart |
News |
PowerRating)
New 10-Day Low and contract low. Consider an Off The Blocks
short and also notice the Canadian unit also makes a good 10-90 Open short
candidate with a tight stop.
Also,
December lean hogs
(
LHZ1 |
Quote |
Chart |
News |
PowerRating) made it on the Momentum-5
List and closed with a tail-near-a-high pattern similar to British pounds. Coffee
(
KCZ1 |
Quote |
Chart |
News |
PowerRating) is
showing nascent momentum off its 15-year low.
|
Contract
|
Setup |
Direction |
Trigger |
( GCZ1 | Quote | Chart | News | PowerRating) |
Holding Resistance |
Down |
Intraday shorts below 281.50 |
| Soybeans ( SF2 | Quote | Chart | News | PowerRating) |
Momentum and mini C&H |
Up |
Off The Blocks |
British pounds ( BPZ1 | Quote | Chart | News | PowerRating) |
Resumption of momentum |
Up | 10-90 Open. |
| Canadian dollar ( CDZ1 | Quote | Chart | News | PowerRating) |
New 10-Day Low and contract low |
Down |
10-90 Open. |
Lean hogs
|
Momentum-5 List |
Up |
Intraday Pullbacks |
Use stops on every trade.