Wednesday’s Futures Setups
After
rallying on the Fed news, the S&Ps
(
SPZ1 |
Quote |
Chart |
News |
PowerRating) closed near their lows.
Today’s action has them below their 20-day moving average and below the up
trendline from Sept. 21.
British
pounds
(
BPZ1 |
Quote |
Chart |
News |
PowerRating) gave us a good entry
today and hit their 50-day moving average before pulling back. Today’s weak
close, plus the fact that the 50-day and a .618 retracement are overhead, suggests
this rally may pause here. The Canadian dollar
(
CDZ1 |
Quote |
Chart |
News |
PowerRating) looks like it might
possibly rally out of its pullback Wednesday; a close above Tuesday’s high would
signal entry.
Soybeans
(
SH2 |
Quote |
Chart |
News |
PowerRating) and soybean oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating)
fell out of the triangles mentioned on Monday. This action suggests
further downside, but for bean oil, the 50-day moving average is just below.
Wheat
(
WH2 |
Quote |
Chart |
News |
PowerRating) rallied out
of a descending triangle after finding recent support at 281 – 281 1/4. If it
can take out Monday’s bar, wheat stands a chance to rally to 288 1/4.
Live
cattle
(
LCG2 |
Quote |
Chart |
News |
PowerRating) looks like it may be trying to end its seven-bar pullback by
closing above the 50% level of its recent run-up. If it doesn’t rally tomorrow, it’s
no longer a pullback, it’s a new downtrend.
Sugar
(
SBH2 |
Quote |
Chart |
News |
PowerRating) gave us some profits today, with a continuation bar below
the 20-day moving average. Look for more downside Wednesday.
Gold
(
GCG2 |
Quote |
Chart |
News |
PowerRating) bounced
right off the 50% retracement of the Oct. 8 – Nov. 12, but still below the
uptrend line violated on Monday. Copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) ended the day in a
hammer, indicating a possible rally attempt may be in the works tomorrow.
Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) rallied
from its .382 retracement and took out its 20-day moving average with a
wide-range bar. This bullish day may give follow through on Wednesday.
Orange juice
(
OJF2 |
Quote |
Chart |
News |
PowerRating) is in its (
OJF2 |
Quote |
Chart |
News |
PowerRating)“>seasonal
downward bias, and is trading near support levels, under its 50-day
moving average.
|
Contract |
Setup
|
Direction
|
Trigger |
| Soybeans (SH2) |
break
|
down
|
below Tuesday’s low |
| Sugar (SBH2) |
Break
|
down
|
below Tuesday’s low |
| Japanese yen (JYF2) |
Volatility
|
down,
|
above/below Monday’s high/low |
| Cocoa ( CCH2 | Quote | Chart | News | PowerRating) |
rally
|
up
|
above Monday’s high |
| Orange Juice ( OJF2 | Quote | Chart | News | PowerRating) |
close below 50-day moving average |
down |
below Tuesday’s low |
| Canadian dollar ( CDZ1 | Quote | Chart | News | PowerRating) |
up |
above Monday’s high |
|
| Soybean oil ( SBH2 | Quote | Chart | News | PowerRating) |
break
|
down
|
below Tuesday’s low |
Use stops on all your
trades.