Friday’s Futures Setups

• July 3, 2002
• TradingMarkets Editors

Today was a turnaround
day for the broader index futures.
The Markets were down most of the day and it looked liked despite the holiday
tomorrow and a half day on Friday, traders came in at the end of trade and began
to push the markets to a patriotic rally to close positive. The S&P 500
futures (SPU2)
for September closed at 953.29. Traders were looking
for the 950 support level to be violated. The Nasdaq 100 for
September (NDU2)
snapped back after trailing lower in earlier trade that looked like low volume
and a lack of interest would force the NDU2 lower.

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.