Wednesday’s Futures Setups
The
Dow fell 77 to
7843, the Nasdaq
lost 1 to 1295, and the S&P 500 fell 7 to 829.20. Greenspan gave his
Humphrey Hawkins testimony to Congress, which was uneventful. al-Jazeera
released a new bin Laden audio which urges Iraqis to attack Americans.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Canadian Dollar ( CDH3 | Quote | Chart | News | PowerRating) |
hammer at 20-day moving average |
up | Â above Tuesday’s high |
| Cotton ( CTH3 | Quote | Chart | News | PowerRating) |
wide-range bar break out |
up | pullbacks to 52, and above Tuesday’s high |
| Yen ( JYH3 | Quote | Chart | News | PowerRating) |
oversold at 50 MA |
up | Â above Tuesday’s high |
| Gold ( GCG3 | Quote | Chart | News | PowerRating) |
oversold at 20 MAÂ |
up | Â above Tuesday’s high |
The Canadian Dollar
(
CDH3 |
Quote |
Chart |
News |
PowerRating) may rally at its 20-day moving average.
The hammer here could indicate higher prices.
Gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating) looks oversold just under its 20-day moving average.
It has had four down closes in five days.
Cotton
(
CTH3 |
Quote |
Chart |
News |
PowerRating) broke out in a wide-range bar Take a look at cotton
both on the daily and weekly chart.
The Japanese Yen
(
JYH3 |
Quote |
Chart |
News |
PowerRating) had an up-close near its 50-day moving
average, and may bounce here.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Wheat ( WH3 | Quote | Chart | News | PowerRating) |
spinning top at 50-day MA |
down | rallies to 332 1/4, and below Tuesday’s low |
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | rallies to 100.82, and below Tuesday’s low |
Â
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) closed poorly, in a pullback from lows.
Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) closed in a doji, in overbought territory.
Here are the intraday numbers for the E-minis (ESH3):
S1 832.33Â Â Pivot: Â 828Â Â Â R1
826Â Â Â
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. Be
advised that some futures contracts are prone to gaps.
Remember,
use stops on all your trades.