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)
 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)
 took out near-term support, only to rally to close near their
intraday highs.

 



  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

Pork
bellies

(
PBG2 |
Quote |
Chart |
News |
PowerRating)


 Break out from triangle
 


up
above
76.35

Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating)
 
 Break
down from triangle

 
down

below
46.30

Crude
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