Wednesday’s Futures Setups
Be cautions for the remainder of the week, as shortened trading schedules and
lighter trading can make for choppy action.
The
Swiss franc
(
SFZ1 |
Quote |
Chart |
News |
PowerRating) pulled back from its recent low, and held at the
confluence of the touching of its overhead gap at .6074, the 20-day moving
average, and the 61.8% retracement of its most recent swing. The three factors
provide resistance for this Pullback
From Lows setup.
Silver
(
SIZ1 |
Quote |
Chart |
News |
PowerRating) hit a
New 10-Day Low and is edging down out of a low-level descending triangle
formation at a contract low. The contact is also in a defined down-trend,
evidenced by the three down arrows on the Futures
Trend Matrix. Consider shorting in an Off The Blocks.
March cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) recovered after selling off, to leave a tail
at a high, a constructive setup. Look for this Momentum-5
List market to continue.
For three of the past four days, March cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating) has
found steady support at the 35.00 level. If it ain’t going down, it’s going up!
This contract was just on the
Momentum-5
List yesterday, but closed well enough in a tail that it could trigger early
in Wednesday’s session out of its Pullback From Highs
setup, which is today’s high of 36.15.
|
Contract
|
Setup |
Direction |
Trigger |
franc ( SFZ1 | Quote | Chart | News | PowerRating) |
Resistance for a Pullback From Lows Market |
Down |
Below .6076 |
| Silver ( SIZ1 | Quote | Chart | News | PowerRating) |
Breaking down out of contract lows, a descending triangle |
Down |
Off The Blocks |
Cocoa
|
Momentum-5 List, strong finish |
Up |
1277 |
| Cotton ( CTH2 | Quote | Chart | News | PowerRating) |
Support at first pullback of market in a potential trend reversal |
Up |
36.15 |
Define the risk before every trade, and honor your stops.