Wednesday’s Futures Setups
Wheat
(
WZ1 |
Quote |
Chart |
News |
PowerRating) made good on a Turtle Soup Plus One Buy,
closing at its 20-day moving average.
Copper
(
HGZ1 |
Quote |
Chart |
News |
PowerRating)Â gapped
out of a flag, and a continuation here is possible. Look for copper to lead the
way in economic recovery.
Crude oil
(
CLF2 |
Quote |
Chart |
News |
PowerRating), on the Pullback
From Lows List, also rallied out of a
Haggerty 1-2-3. Traders fear Iraq may halt exports because of U.S. demands that
the country admit weapons inspectors. Also, Russia hinted that they would
consider further production cuts beginning in January. Unleaded gas
(
HUZ1 |
Quote |
Chart |
News |
PowerRating) continues on the Pullback
From Lows List, gaining 1.64 today.
Cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating),
on the Pullback From Highs List,
looks to be rallying out of a consolidation,
with a wide-range bar today. Cotton has an ADX of 40.
From the
Implosion-5 List, bonds
(
USZ1 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYZ1 |
Quote |
Chart |
News |
PowerRating)Â took out near-term support, only to rally to close near their
intraday highs.
Â
 | Setup |
Direction |
Trigger |
Cotton ( CTH2 | Quote | Chart | News | PowerRating) |
 Pullback from highs |
 up |
above 37.25 |
Dollar ( DXZ1 | Quote | Chart | News | PowerRating) |
 Pullback from highs |
 up |
above 117.40 |
bellies ( PBG2 | Quote | Chart | News | PowerRating) |
 Break out from triangle |
 up |
above 76.35 |
Coffee ( KCH2 | Quote | Chart | News | PowerRating)Â |
 Break down from triangle |
 down |
below 46.30 |
oil ( CLF2 | Quote | Chart | News | PowerRating) |
 Haggerty 1-2-3 |
 up |
 above 19.80 |
Define the risk before every trade and honor your stops.Â