Wednesday’s Futures Setups
The index futures appear to be in bounce mode, and we do have a CVR II and VI
buy signal triggering for tonight. Daytraders may find some good plays to the
long side if we indeed get a bounce.
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Possible
short candidates:
Contract |
Setup |
Direction |
Trigger |
Orange |
Momentum |
down | Trade below 90.75 |
Soybean Oil ( BOZ2 | Quote | Chart | News | PowerRating) |
Consolidation at low | down | Trade below 19.46 |
Feeder Cattle ( FCV2 | Quote | Chart | News | PowerRating) |
Breakdown from pullback | down | Trade below 80.20 |
Canadian Dollar ( CDZ2 | Quote | Chart | News | PowerRating) |
Momentum continuation | down | Trade below .6258 |
Possible
long candidates:
Contract |
Setup |
Direction |
Trigger |
Pork Bellies ( PBG3 | Quote | Chart | News | PowerRating) |
Continuation out of pullback to 20-day MAÂ Â | up | Trade above 75.25 |
Lean Hogs ( LHZ2 | Quote | Chart | News | PowerRating) |
Continuation out of pullback to 20-day MAÂ Â |
up | Trade above 40.35 |
Cocoa ( CCZ2 | Quote | Chart | News | PowerRating) |
Momentum continuation | up | Trade above 2274 |
Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
Breakout to new highs | up | Trade above 7.15 |
Please note that while there are strong trends, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading with
the main trend is always the highest probability trade.
Use stops on all your trades.