Wednesday’s Futures Setups
The consumer optimism
that seemed to be with the
markets yesterday was quickly squashed today with the consumer confidence
numbers coming in l
than expected. The Markets opened up nicely this
morning, before falling to their lows early in the
game and posting a late–stage
rally, only to pull back into negative territory. A somewhat volatile day.Â
The
March S&P 500 futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating) lost 1.70 to end at 1107.90.
Support is now at 1105 and resistance is at 1110.00. The March DJIA futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) traded in a range between 10,025 to 10190. The Dow futures took
it on the chin the hardest, closing at 10,100 down 49.00. The March Nasdaq
futures
(
NDH2 |
Quote |
Chart |
News |
PowerRating) pulled back to close at 1403.00 down 4.00.
After trading in a sideways
channel between 290.00 and 295.00 for the last several sessions, April gold
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) broke out above its resistance level today and rallied to close
higher at 298.00 up 5.10. The close above the 295.00 resistance is
key.
March wheat
(
WH2 |
Quote |
Chart |
News |
PowerRating) fell lower today after
being featured in the nightly report for the past two sessions in the Pull Back
Off the Lows list. Wheat closed at 275.50 down 2.50.
May frozen orange juice
(
JOK2 |
Quote |
Chart |
News |
PowerRating) is
on the href=”https://tradingmarkets.com.site/eminis/indicators/dailystats/M5LT.cfm”>size=2>TradingMarkets.com Momentum List
size=2>Contract | size=2 helvetica>Setup | size=2 helvetica>Direction | size=2 helvetica>Trigger |
| size=2>March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) | Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP | break above 120.00 |
| face=Arial size=2>March 30 YR Treasury ( USH2 | Quote | Chart | News | PowerRating) | face=Arial size=2>Inverted Head and Shoulders | size=2>Â Â Â Â Â Â Â Â Â Â Â Â UP | size=2>Â Â Â Â break above 104 |
| face=Arial size=2>March 10 YR Treasury ( TYH2 | Quote | Chart | News | PowerRating) | face=Arial size=2>Inverted Head and Shoulders | size=2>Â Â Â Â Â Â Â Â Â Â Â Â UP | size=2>Â Â Â Â break above 107 |
| face=Arial size=2>April copper ( HGJ2 | Quote | Chart | News | PowerRating) | face=Arial size=2>Pull Back From the High | size=2>Â Â Â Â Â Â Â Â Â Â Â Â UP | size=2>Â Â Â Â break above 1114.73 |
| face=Arial size=2>April crude oil ( CLJ2 | Quote | Chart | News | PowerRating) | face=Arial size=2>Pull Back From the High | size=2>Â Â Â Â Â Â Â Â Â Â Â Â UP | size=2>Â Â Â Â break above 21.57 |
| face=Arial size=2>March soybean meal ( SMH2 | Quote | Chart | News | PowerRating) | face=Arial size=2>Pull Back Off the Lows | size=2>Â Â Â Â Â Â Â Â Â DOWN | size=2>Â Â Â Â break below 150.02 |
color=#000000 size=2 Helvetica>
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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