Wednesday’s Futures Setups
Wheat futures rallied to six-week highs
today on the Chicago Board of Trade after crop conditions declined in Kansas,
the largest winter-wheat producing state. Wheat rose
on news that drought stress is intensifying in Kansas, putting pressure on the
winter-wheat crop. Nearly half the crop is now deemed in poor to very poor
condition. The contract for May delivery
(
WK2 |
Quote |
Chart |
News |
PowerRating) rose 3 1/4 cents or
1.15% to $2.87 a bushel.
Yesterday in the Nightly Report we reported that
May wheat future prices recently pushed above and canceled a steep downtrend
line, seen on the daily bar chart. You can also see on the daily chart a
V-Bottom reversal pattern appears to be forming.
Today was the second consecutive day
of strong upside movement for wheat.
Corn, ended up rallying to the upside today,
after two consecutive sessions of contract lows. May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) rose
3/4 of a cent to $2.05 1/2 a bushel. Last night May corn showed up on the
TradingMarkets.com
Possible Turtle Soup Plus One Buy Setups.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) is on the
TradingMarkets.com Pullbacks Off The Highs List.
Soybeans posted strong gains in cautious trading
ahead of a key government report this coming Thursday. The report will include
the latest planting projections, which will confirm or deny rumors of a big
South American crop in the making. May soybeans rose 5 3/4 cents to $4.68 1/4 a
bushel. The initial support for May beans is at 461.000 and secondary support is
at 457.000.
June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) have reached a critical point, on a daily chart.
The June Standard & Poor’s 500 futures
climbed 6.30 to 1142.100.
Some technical areas on the daily chart are overhead resistance at 1150.47 the
50% retracement level between the 1200 and 1100 trading range. Initial support is at
1125.45.
The weekly chart for the June S&P 500 futures
shows an inverted head-and-shoulders bottom reversal pattern developing.
Initial support is at around 1085 and secondary support is at 1049. Resistance
is at 1178.0.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating)
has been on the Nightly Report for several sessions now and it was sighted
that LCJ2 was pulling back from the lows. A break below 75 would possibly mean
further lows. On Wednesday 03-15-2002, April live cattle closed below 75 and
continued to fall for several sessions to 69.70. Live cattle opened at 69.775
and rallied to 70.375 a gain of .675. April live cattle is on the
TradingMarkets.com Implosion 5 List.
Earlier in the day, new consumer-confidence and
durable-goods reports sent major indexes up by much larger margins — at one
point
In the energy futures, oil futures were modestly higher at midday and
were able to hang on to those gains to the end of the session. May crude-oil
futures
(
CLK2 |
Quote |
Chart |
News |
PowerRating) advanced .37 cents or 1.48% to $25.36 a barrel on the
New York Mercantile Exchange. April Heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) gained 1.57
cents to 66.00 cents a gallon; May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) was up
1.30 cents to 80.78. cents a gallon. April crude oil, April heating oil and
April unleaded gasoline are all on the
TradingMarkets.com Pullbacks Off The Highs List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June Swiss franc ( SFM2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 61.00 |
| May sugar #11 ( SBK2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 6.0 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Pullback Off Low | Â Â Â Â Â Â Â Â Â DOWN |
    break below 77.00 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May coffee [KCK2|KCK2 | Pullback Off High |            UP |
    break above 54.00 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
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.Â
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