Triggering Pullbacks

• July 23, 2001
• Marc Dupee

Stock index futures are all leaving outside bars down and
triggering their
Pullback From Lows
setups. Nasdaq 100 futures
(
NDU1 |
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PowerRating),
S&P futures
(
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PowerRating), and

Dow futures
(
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PowerRating) are each off by nearly 1%, as they continue to make
headway in fulfilling measured moves out their bigger-picture head-and-shoulder
top formations. 

Japanese yen
(
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PowerRating) are down sharply on renewed pessimism about the
prospects for economic recovery. Investors doubt the government’s ability to
perform the structural reforms necessary to streamline business practices —
thereby enhancing efficiency –  and are doubting Prime Minister Koizumi
will be successful in implementing a plan to write off the billions in bad loans
that are stymieing the economy. Technically, the yen is reversing off a 20-day
high in an imperfect Turtle Soup Sell pattern. 

From the Implosion-5 List,

natural gas
(
NGU1 |
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PowerRating) broke below Friday’s last-hour lows to trigger
an Off The Blocks
during the last hour. Nat gas is now trading on its lows of the day and testing
the one-year low.