Wednesday’s Futures Setups
The Dow was up 45 to 8842,
the Nasdaq rose 15 to 1461, and the S&P gained 5 to 931.66. Bonds rose
slightly, with the 30-year closing at 109-29. Intel reported
better-than-expected results after the close.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Notes ( TYH3 | Quote | Chart | News | PowerRating) |
rally off trendline |
up | above Tuesday’s highs |
| Coffee ( KCH3 | Quote | Chart | News | PowerRating) |
bull flag |
up | above Tuesday’s high |
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | above Tuesday’s high |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
pullback from highs |
up | above Tuesday’s high |
The Yen
(
JYH3 |
Quote |
Chart |
News |
PowerRating) triggered, but then pulled back intraday. The
gap, of course is bullish, but the close looks bearish.
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) made a spinning top, and remains in a strong uptrend.
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) is approaching resistance in the form of gap levels
and the 50-day moving average.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
trendline | down | below .754 |
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
persistent trend |
down | below Tuesday’s low |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) triggered for a four point move to the downside.
Keep in mind, you must be nimble with these trades intraday.
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) continues to be weak.Â
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) is hitting a rough trendline starting on 6/6 and through
12/4. Also, connect the 9/11 and 11/4 highs and draw a trendline, and you’ll
see this one hit also.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.