Friday’s Futures Setups
The volatility
continues… and with that volatility comes extreme opportunities.
Today there were several opportunities in the Sept. S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) or the Sept. S&P E-Mini contract
(
ESU2 |
Quote |
Chart |
News |
PowerRating).
The opening on the S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) pulled back and fell close to the
-1.0 Volatility Band. It then gave an opening Trap Door reversal for at least a
10-point gain. Later in the day, a 1,2,3 Higher Bottom reversal gave way to an
uptrend rally worth 12 points. By reading
Kevin Haggerty on a daily basis, traders can learn to identify these
great intraday or daily opportunities. Also
Carolyn Boroden’s stock perspectives are very helpful.
In the September Nasdaq 100 market
(
NDU2 |
Quote |
Chart |
News |
PowerRating) the futures were stalled at around 12:50 PM EST due to a limit down
rule. The futures were down by 56 or 5.68% to close at 897.
There are positive signs of more upward
movement in the S&Ps. For positive indicators look at the TradingMarkets.com
Market Bias Indicators
Click Here
Possible Turtle Soup Plus One Sell Setup.
Contract |
Setup |
Direction |
Trigger |
| Dec cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 46 |
| Sept 10-y note ( TYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down | break below 110 |
| Sept British pound ( BPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.55 |
| Aug pork bellies ( PBQ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 70.00 |
| Sept Japanese yen ( JYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .008400 |
Possible Turtle Soup Plus One
Buy Setup
Contract |
Setup |
Direction |
Trigger |
| Sept dollar ( DXU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 107 |
| Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1000 |
| Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 900 |
| Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 8500 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept wheat ( WU2 | Quote | Chart | News | PowerRating) |
Pullback from the high | UP | break above 3.00 |
| Sept crude oil ( CLU2 | Quote | Chart | News | PowerRating) |
Pullback from the high | UP | break above 27.00 |
Sept frozen orange juice ( JOU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 91 |
Aug bean oil ( BOQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 18.30 |
Sept Wheat still is on an uptrend. An initial
entry at the trigger of 3.00 would have a 35 cent gain as of today’s close.
Sept frozen Orange juice has risen nicely from
the 91 trigger point up 9.60 points as of today’s close. We could see a pull
back soon since this has run up so far so fast.
BOQ2 is up over 1.18 from the entry trigger.
Remember to use a trailing stop to lock in profits.
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.