Wednsday’s Futures Setups
The
Dow gained 99
to 8089, the Nasdaq
rose 17
to 1342, and the S&P 500 was up 11 to 858.56. This just ahead of the State
of the Union speech scheduled for tonight, and the conclusion of a two-day Fed
meeting in which no change is expected. Consumer confidence slipped, but not as
much as expected, and durable goods orders rose 0.2 percent last month — below
forecasts of 0.8 percent growth.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| E-minis ( ESH3 | Quote | Chart | News | PowerRating) |
CVR buy signals |
up | 1,2,3 at S1 pivot |
| Nasdaq minis ( NQH3 | Quote | Chart | News | PowerRating) |
CVR buy signals |
up | 1,2,3 at S1 pivot |
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
wide-range bar/breakout | up | above Tuesday’s high |
| Euro ( ECH3 | Quote | Chart | News | PowerRating) |
persistent trend |
up | above Tuesday’s high |
The E-minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) and the Nasdaq minis
(
NQH3 |
Quote |
Chart |
News |
PowerRating) rallied,
and may continue Wednesday. We have CVR 2, 3 and 6 buy signals setting up
tonight.
The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) made an inside day, and a doji, which may indicate a
brief pullback, but is still in a strong trend.
Sugar
(
SBH3 |
Quote |
Chart |
News |
PowerRating) broke out and took out contract
highs.
Corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) and Wheat
(
WH3 |
Quote |
Chart |
News |
PowerRating) both were up on good volume.
Wheat is trading just about the 87.5% retracement of the contract high/low.
This could be a launching pad for a move up — or just a low-level consolidation
before another drop. Corn stopped right at an internal trendline (also the top
of a channel).
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Copper ( HGH3 | Quote | Chart | News | PowerRating) |
double top |
down | below Tuesday’s low |
| Bean Oil ( BOH3 | Quote | Chart | News | PowerRating) |
pullback from lows |
down | below Tuesday’s low |
| Coffee ( KCH3 | Quote | Chart | News | PowerRating) |
Fib, trendline |
down | below Tuesday’s low |
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) closed in a doji, but still may have
another day down.
Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) triggered, and the .382 retracement is at .7464,
which would be a good decision point unless we get a bullish bar before that.
Bean Oil
(
BOH3 |
Quote |
Chart |
News |
PowerRating) rallied to its 20-day moving average and may pull
back here.
Here are the intraday numbers for the E-minis (ESH3):
Buy: 844-845
Sell: 879.5
Pivot: 853.16 R1 861.33 S1
846.33
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.