Wednesday’s Futures Setups
Stock index futures were buoyed by a strong session Tuesday, yet offer little
pattern setups for swing traders. Daytraders can look at the Dow futures
(
DJZ1 |
Quote |
Chart |
News |
PowerRating), S&P contracts
(
SPZ1 |
Quote |
Chart |
News |
PowerRating) and Nasdaq 100 futures
(
NDZ1 |
Quote |
Chart |
News |
PowerRating) for
continuation entries.
Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) is in a momentum pullback from its high after running up
more than 300 points from the November low. Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) continues to fall
on producer selling, yet appears to have put in a technical double bottom on its
daily chart.
Gold
(
GCG2 |
Quote |
Chart |
News |
PowerRating) was weaker Wednesday, but still held up well. Keep an eye on
this commodity should the markets weaken Wednesday, as safe haven buying could
continue to lift it off its low. Copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) is pulling back from its
high after its strong run, and could resume is uptrend.
The contracts comprising the energy complex, despite news pops from time to
time, appear to be technically weak according to the charts. Crude oil
{CLF2|CLF2], unleaded gasoline
(
HUF2 |
Quote |
Chart |
News |
PowerRating) and heating oil
(
HOF2f |
Quote |
Chart |
News |
PowerRating) are all
beginning to fall out of pullbacks from the November lows.
Live cattle
(
LCZ1 |
Quote |
Chart |
News |
PowerRating) slipped in Tuesday’s trading, but closed well and
could re-attack its 50-day moving average. Pork bellies
(
PBG2 |
Quote |
Chart |
News |
PowerRating) are hitting
the intersection of an upward trendline and the 20-day moving average, and could
see a bounce at this juncture. Tuesday’s trading was light, but if a pick up in
activity occurs, we could see some follow through.
The best looking currencies show the British pound
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) pulling back
from its low, and the U.S. dollar index futures
(
DXZ1 |
Quote |
Chart |
News |
PowerRating) stabilizing after
pulling back from its high of six sessions ago.
|
Contract |
Setup |
Direction |
Trigger |
British Pound ( BPZ1 | Quote | Chart | News | PowerRating) |
Pullback from low |
down |
5-10 ticks below today’s low of 1.1490 |
Copper ( HGH2 | Quote | Chart | News | PowerRating) |
Pullback from high |
up |
5-10 ticks above today’s high of .7075 |
Cotton ( CTH2 | Quote | Chart | News | PowerRating) |
Pullback from high |
up |
5-10 ticks above today’s high of 37.59 |
| Cocoa ( CCH2 | Quote | Chart | News | PowerRating) |
Pullback from high |
up | 5-10 ticks above today’s high of 1299 |
| Sugar ( SBH2 | Quote | Chart | News | PowerRating) |
Bullish tail with strong close |
up | 5-10 ticks above today’s high of 7.72 |
Always use stops in
your trading.