Wednesday’s Futures Setups
The
Dow rallied 78
to 8070, the Nasdaq
rose 7 to 1348, and the S&PÂ 500 rose 10 to 858. Today is the first day of
the second quarter. Saddam Hussein did not appear for a scheduled TV appearance,
which buoyed the market temporarily. Nigeria’s largest union called off a strike
scheduled to start today, but fighting continues. May crude traded lower,
closing at 29.78. The ISM index of manufacturing activity was 46.2 in March,
down from 50.5 in February, and worse than expected.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Corn ( CK3 | Quote | Chart | News | PowerRating) |
gap | up | dips to 237, and above Tuesday’s high |
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) continued its move up. Yesterday it was announced that
planting intentions were far less
than expected.Â
Crude Oil
(
CLK3 |
Quote |
Chart |
News |
PowerRating) made a wide range bar down, turning just under
the 50% retracement of the last down-move.
Copper
(
HGK3 |
Quote |
Chart |
News |
PowerRating) made a technical bounce, but still may be headed for the 12/31 low.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Bonds ( USM3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | rallies to 113, and below Tuesday’s low |
| Crude Oil ( CLK3 | Quote | Chart | News | PowerRating) |
wide range bar |
down | rallies to 30.05, and below Tuesday’s lows |
Please
note that while there are strong trends, 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. Be
advised that some futures contracts are prone to gaps.
Remember,
use stops on all your trades.