Wednesday’s Futures Setups
The question for the S&P
(
SPU2 |
Quote |
Chart |
News |
PowerRating)
and the Nasdaq 100 futures
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) is whether recent action is a pullback or a harbinger of more
downside? The charts seem to point to more weakness at this juncture.
For CVR signals, look at the
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Pullback From
The Low
Contract |
Setup |
Direction |
Trigger |
| Copper ( HGZ2 | Quote | Chart | News | PowerRating) |
Pullback from low |
DOWN | break below .6905 |
| U.S. Dollar ( DXU2 | Quote | Chart | News | PowerRating) |
Breakdown from slanted triple bottom |
DOWN | break below 106.81 |
| Treasury Bonds ( USU2 | Quote | Chart | News | PowerRating) |
Breakdown from slanted triple bottom |
DOWN | break below 109 ’00 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept. 10-year note ( TYU2 | Quote | Chart | News | PowerRating) |
Pullback from high |
UP |
break above 112^230 |
| Nov. frozen OJ ( JOX2 | Quote | Chart | News | PowerRating) |
Pullback from high |
UP |
break above 102.95 |
| Swiss Franc ( SFU2 | Quote | Chart | News | PowerRating) |
Break of trendline |
UP | break above .6716 |
| Soybean Meal ( SMZ2 | Quote | Chart | News | PowerRating) |
Pullback from high | UP | break above 171.60 |
| Soybeans ( SX2 | Quote | Chart | News | PowerRating) |
Pullback from high | UP |
break above 545 3/4 |
Please note that while there are
strong trends in some
commodities, 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.