Tuesday’s Futures Setups

  • November 18, 2002
  • TradingMarkets Editors


The S&P 500 and Nasdaq 100 futures
fell for the first day in
three after Wal-Mart Stores
(
WMT |
Quote |
Chart |
News |
PowerRating) said November sales will lag its
most optimistic forecast, sparking concern consumer spending may slow. In
addition, financial shares slid after Fannie Mae said its growth slowed last
month and CBS’s “60 Minutes” reported UnumProvident Corp., the largest U.S.
disability insurer, denied legitimate claims to cut costs. AT&T
(
T |
Quote |
Chart |
News |
PowerRating)
dropped after a Lehman Brothers analyst discouraged investors from buying the
stock.

The Dec.Standard & Poor’s 500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) declined 8.59 almost 1
percent, to 900.00 its support line. Wal-Mart contributed a fifth of the loss in
the S&P 500 Index
(
$SPX.X |
Quote |
Chart |
News |
PowerRating).


The Dec. Nasdaq 100
(
$NDX.X |
Quote |
Chart |
News |
PowerRating)
dropped 16.50, or 1.2 percent, to 1050.

 


Jan. heating oil
(
HOF3 |
Quote |
Chart |
News |
PowerRating)
had a
strong day after yesterday’s 6 to 10 day forecast called for below average
temperatures in the eastern half of the U.S. New England got hit with freezing
rain and snow overnight. HOF3
rose 3.34 cents 05 4.75% to 72.55 a
gallon.

Possible
short candidates:


Contract

Setup

Direction

Trigger
Mar. corn
(
CH3 |
Quote |
Chart |
News |
PowerRating)		 Pull-back
from the lows		 down break
below 2.39

Dec. dollar
(
DXZ2 |
Quote |
Chart |
News |
PowerRating)		 Pull-back
from the lows		 down break
below 105.00

 

Possible
long candidates:


Contract

Setup

Direction

Trigger

Jan soybeans
(
SF3 |
Quote |
Chart |
News |
PowerRating)		 Pull-back
from the high		 up break
above 5.70

Jan feeder cattle
(
FCF3 |
Quote |
Chart |
News |
PowerRating)		 Pull-back
from the high		 up break
above 83.52

Dec. S&P 500 E-Mini
(
ESZ2 |
Quote |
Chart |
News |
PowerRating)		 Pull-back
from the high		 up break
above 915

Dec. bean oil
(
BOZ2 |
Quote |
Chart |
News |
PowerRating)		 Pull-back
from the high		 up break
above 22.79
Dec. British pound
(
BPZ2 |
Quote |
Chart |
News |
PowerRating)		 Pull-back from the high up break up above 1.5887

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.

Use stops on all your trades.