Two Setups To Watch
For a sixth day in a row,
the June Nasdaq 100
futures
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right around its support line at
1300.00. A break below this level could spell big trouble for more declines.
The next support is at 1200. With most of the earnings coming in with
lukewarm results, this intensifies the pressure on the Nasdaq 100. One strategy when playing a 20-day new low
is the
“Turtle Soup Plus one Buy Setup.” The Nasdaq was very choppy today
and the fact that it shook off the positive “Beige Book” good news, makes for a
nervous market.
The June Nasdaq 100 lost 21.50 or 1.62% to end at 1308.50.
Like the Nasdaq 100 futures, the June
S&P 500 futures
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Turtle Soup Plus One buy setup. The June S&Ps broke the support level at 1100
and retreated to close near the lows of the day. The June S&Ps closed at 1091.79
down 11.50 or 1.04%. SPM2 could retrace back to its 1080 support level. If
there is a bounce in the SPM2, look for overhead resistance at 1129.45 and
secondary resistance at 1147.70. Take a look at
Lewis Borsellino’s
comments on the S&Ps.
The oil minister in Saudi Arabia, the
largest oil producer in OPEC, said that his country may increase output to keep
oil at $25 a barrel. This news pushed oil prices lower.
Crude oil for June
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slipped lower by .24 to end today’s session at $26.27 a
barrel. June heating oil
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unleaded gasoline lost 1.47 or 1.83% to close at 78.82 and June natural
gas
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The grains were mixed today. Wheat continued its
declines and today hit a 20-day low at the session close. The sets up the July
contract for wheat
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WN2 |
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PowerRating) for a possible
Turtle Soup Plus One Buy Setup. Wheat ended the day at $2.70 2/4 a bushel
down 1 1/2. July corn
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PowerRating) dropped .01 cent and ended the day at
$2.03 1/2 a bushel, while July soybeans
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closing up by 7 cents or 1.47% to 3.43.
With the markets in decline and not knowing
which direction to head, some investors are reaching out for gold. Today at
the Comex, June gold
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resistance level. June gold ended up pulling back to close just below resistance
at $304.80 an ounce, a .20 cent gain. May silver
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PowerRating) did not fare
as well, dropping .80 to 456.20. May copper
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PowerRating) added .40 to
trade at 73.55 a pound.