Wednesday’s Futures Setups
April crude oil
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) jumped 3.21% or .72 higher today to $23.17 a
barrel, while
April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating) advanced 1.69 cent to 60.14 cents a gallon.
Two events that moved the oil market was the increased turmoil in the Mideast
and indications from a senior official that Russia will continue its export cut
into the second quarter. April crude oil and April heating oil are both on the
TradingMarkets.com Momentum 5 List.
May coffee futures
(
KCK2 |
Quote |
Chart |
News |
PowerRating) trading at the Coffee, Sugar & Cocoa
Exchange settled higher Tuesday on speculative buying. The market opened higher
and attracted speculative interest, as May futures had risen to a seven-month
high early in the day. The CSCE May contract triggered some light stops at 48.25
and 48.50 cents a pound and later in the session charged toward 49.00 cents. At
those levels, buying orders emerged and quickly pushed May coffee to a weekly
high at 49.70 cents. May coffee is pulling back from the lows.
In today’s market, profit taking interupted
the big moves to the upside. Blue chips suffered a triple-digit loss, though
tech stocks logged modest gains
The March Dow Jones Industrial Average
(
DJH2 |
Quote |
Chart |
News |
PowerRating) futures fell 112.00 to 10460. Wednesday’s pivots for the DJH2
are: Pivot Point 10493; R1 10566; R2 10673; S1 10386; S2 10313
The March S&P 500 lost 2.60 to close at 1149.10.
Wednesday’s pivots for the SPH2 are: Pivot Point 1150.70; R1 1156.90; R2
1164.70; S1 1142.90; S2 1136.17.
The March Nasdaq 100
(
NDH2 |
Quote |
Chart |
News |
PowerRating) held on to its positive gains, closing at 1505 up 11.50.
Wednesday’s pivots are: Pivot point 1502.17; R1 1524.34; R2 1543.67; S1
1482.84; S2 1460.67.
The NDH2 is on the
TradingMarkets.com New 10 Day Highs list.
To learn more about using Pivot Points
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|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs |
UP |
break above 120.00 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Inverted head and shoulders |
UP |
break above 457.50 |
| April copper ( HGJ2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP |
break above 72.00 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP |
break above 4.60 |
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.