Wednesday’s Futures Setups
The weekly chart for the June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating)
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. The SPM2 futures are trading at 1174.20 up 7.00.
The June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) rallying from a pull back from its high.
Today NDM2 pulled back .50 but did not hurt the potential upwards rally. The
June Nasdaq 100 futures is on the
TradingMarkets.com Pullbacks Off The Highs List
In its announcement, the Fed said the economy is
“expanding at a significant pace” and declared the risk of economic weakness
equal to that of inflation, a more upbeat outlook than in previous policy
statements.
Blue chips got a further boost from Procter & Gamble, which issued an upbeat
earnings outlook.
Shortly after the central bank’s decision, the June Dow Jones Industrial
Average
(
DJM2 |
Quote |
Chart |
News |
PowerRating) rallied and closed at 10670.000 up 89.000 or .84%. DJM2
is on the
TradingMarkets.com Pullbacks Off The Highs List
Crude-oil futures were nearly flat after
breaking into the $25 a barrel range yesterday. April crude-oil futures
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) shed 3 cents to $25.08 a barrel on the New York Mercantile
Exchange in earlier trade, then broke down and closed lower at 24.99. April
heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating) edged lower to .36 to 66.12 and April unleaded
gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) dropped .20 to 83.16 cents a gallon. Natural gas fell 7
cents to $3.24 per million British thermal units. April crude oil, April heating
oil, April unleaded gasoline are all on the
TradingMarkets.com Momentum 5 List. Â
After taking a beating yesterday, dropping 12.25 to 460.000.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) rallied back today to stay above its 459
support line. Beans are now in a pull back from the high pattern.
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 closed below 75 and today the contract continued lower to
71.22 down .200. LCJ2 had support at around 72.00. Initial support is now
at 71.20 and secondary at 70.80. April live cattle is on the
TradingMarkets.com Implosion 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| May coffee ( KCK2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP |
break above 54 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â Â down |
    break below 206 |
| April copper ( HGK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above .7500 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â down |
   break below 276 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
| May sugar #11 ( SBK2 | Quote | Chart | News | PowerRating) |
Ascending Triangle | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 6.3 |
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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