Friday’s Futures Setups
Traders had a great
challenge on their hands today. A small range with a little turbulence
made for a bumpy market. When the Future indices ended, the S&P 500 futures
and Nasdaq 100 futures were in the positive zone. The Sept. S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating) rallied up 12.50 or 1.36% to 930.50.
The Sept. Nasdaq 100
futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) are rallying from a 1,2,3 bottom and are challenging
the 38.2% retracement line at 989.98. A break above this level will have the
NDU2 rallying towards its 50% retracement at 1030.25. The Nasdaq 100 futures
for Sept. closed at 988 up 21 or 2.17%.
After having a nice ride to hit new highs,
Treasuries gave back some of the recent gains that were accrued the last couple
of sessions. The Sept. 30-year bond
(
USU2 |
Quote |
Chart |
News |
PowerRating) dropped 1.12 or 1.01% to
110.06. The Sept 10-year note
(
TYU2 |
Quote |
Chart |
News |
PowerRating) closed at 112.53 down .70
For CVR signals look at the TradingMarkets.com
Market Bias Indicators
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Possible Turtle Soup Plus One Sell Setup.
Contract |
Setup |
Direction |
Trigger |
| Sept wheat ( WU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 3.36 |
| Sept 30-yr bond ( USU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 108 |
| Sept 10-yr note ( TYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 112 |
Possible Turtle Soup Plus One
Buy Setup
Contract |
Setup |
Direction |
Trigger |
| Aug pork bellies ( PBQ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus one Buy Setup | UP | break above 65 |
| Sept coffee ( KCU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus one Buy Setup |
UP |
break above 48.00 |
| Sept silver ( SIU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus one Buy Setup |
UP |
break above 4.70 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept cocoa ( CCU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 18.35 |
| Sept frozen orange juice ( JOU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 101 |
Sept bean oil ( BOU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 20.00 |
Dec cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 49 |
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.