Monday’s Futures Setups

• August 9, 2002
• TradingMarkets Editors

To cut or not to cut
is what the Fed will be pondering in the next FOMC meeting scheduled for
next Tuesday August 13. Many traders were thinking a Fed cut may be what the
market needs, and for the last four sessions of trade, that sentiment seemed to
help the markets.

In today’s trade, the markets were mixed and traded in non-eventful ranges. The
Sept. S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) did however manage to squeeze out a
positive gain, its fourth winning session in a row this week. The S&Ps closed at
908 up 2.9. The Nasdaq 100 futures for Sept.
(
NDU2 |
Quote |
Chart |
News |
PowerRating) did not fare as
well. The NDU2 was positive just before the close, but ended to lose some of the
gains of the day and closed lower at 939, an 11-point or 1.16% loss.

 

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Possible Turtle Soup Plus One Sell Setup.

Possible Turtle Soup Plus One
Buy Setup

Pullback From The High

Please note that
while there are strong trends in some commodities, 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.