Trades for Monday 12/5/11

Last week was an interesting one, for the stock market and futures. Stock indices and currency futures had big days on Monday, baaed on strong black Friday sales, and again on Wednesday because of apparent central bank support on the global debt concern. For the start of this coming week, I am seeing several set ups that look like good short candidates. I have posted some charts below, but in the ES (and I am referring to futures in this post), Eurodollar, and Canadian dollar, I am seeing price action running into resistance.

The ES (S&P mini contract) and Canada dollar futures are both running into trendline resistance, and have sold off on Friday, so I am biased to more downward momentum on Monday. For the ES, a price break below Friday's low would trigger a short entry.

The Euro dollar had a Taylor short sell day on Friday, so a good entry might come from looking at an intraday chart. Support would be found at the downward sloping trendline. The Loonie has fallen below its trendline, so again, look at intra day charts for a possible entry on the short side. Sopport would be at the 20 day EMA.

Copper looks more bullish, with a possible buy signal above Wednesdays high of 3.6350.

Thanks for reading, and enjoy the weekend. I am still figuring out how to post the best looking charts- sorry for these.