Wednesday’s Futures Setups
On the very last
trading day of the year, the
March Dow futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) closed slightly below its 200-day moving average
with lower volume. March Dow futures closed at down 140.00 at 9970.00.
On
a weekly chart, it is showing a strong uptrend. March S&P 500 Futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating)
closed out at 1149.20 down 10.00.
SPH2 is trading slightly above its 40-day moving average. While the March Nasdaq Index
(
NDH2 |
Quote |
Chart |
News |
PowerRating)
was unchanged at 1583.50. All indexes had
lower
volume due to the holidays.
The
March US Dollar Index
(
DXH2 |
Quote |
Chart |
News |
PowerRating) was lower at 117.21 down 0.61. Last
week, the dollar broke down and closed below its
support line with weak volume. Today this pull-back tested the
117 level before moving back
upwards. The March Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating)
gave back its
gains from last Friday. It is
hanging in at .007629.
January Copper
(
HGF2 |
Quote |
Chart |
News |
PowerRating)
has formed a head and shoulders pattern (bearish). Today it broke below its
neckline and closed at .6530 down .0180.
March feeder cattle
(
FCH2 |
Quote |
Chart |
News |
PowerRating)
closed at 84.95 and Jan. feeder cattle
(
FCF2 |
Quote |
Chart |
News |
PowerRating) closed at 86.25.
Both contracts have formed an inverted head-and-shoulders
(bullish) and are trading above the neckline.
April platinum
(
PLJ2 |
Quote |
Chart |
News |
PowerRating)
tacked on another 5.00 points to close at 485. This is a high for April
platinum.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Lean Hogs ( LHG2 | Quote | Chart | News | PowerRating) |
Hanging Man |
|
below Monday’s close |
| Pork Bellies ( PBG2 | Quote | Chart | News | PowerRating) |
cup-with-handle |
|
above 80.00 |
| Silver ( SIH2 | Quote | Chart | News | PowerRating) |
|
|
above |
| Soybean oil ( BOH2 | Quote | Chart | News | PowerRating)
|
resumption of trend
|
down
|
below
|
| Soybeans |
new
|
down |
below Friday’s close |
| Heating Oil ( HOF2 | Quote | Chart | News | PowerRating)
|
double bottom
|
up |
above Monday’s close |
| Unleaded Gas ( HUF2 | Quote | Chart | News | PowerRating) |
double bottom
|
up |
above Friday’s close |
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.