Friday’s Futures Setups
Soybean futures moved higher in early trading
on momentum from the previous session’s rally. But by the end of the
session, July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating) lost their luster and ended the day
negative at $5.13 1/4, down 1/4 of a cent.
July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating) and July soybean meal
(
SMN2 |
Quote |
Chart |
News |
PowerRating) are trending
higher and are on the
TradingMarkets.com Momentum 5 List.
July wheat
(
WN2 |
Quote |
Chart |
News |
PowerRating) has pulled back to test its support after breaking out of an inverted
head-and-shoulders pattern. Support is at 2.80. In today’s trade, July wheat lost
2 3/4 cents to close at $2.80 1/4 a bushel. According to the Wall
Street Journal, investors were cautious ahead of the next crop progress
report for winter wheat, which accounts for 70% of U.S. production.
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| July cocoa ( CCN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1550 |
| June 10-yr note
|
Possible Turtle Soup Plus One Sell Setup |
Down | break below 105.00 |
| July cotton ( CTN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down | break below 36 |
| July silver ( SIN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down | break below 4.90 |
Possible Turtle Soup Plus One
Buy Setup
Contract |
Setup |
Direction |
Trigger |
| June dollar ( DXM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 113.60 |
| July lean hogs ( LHN | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 50 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| July crude oil ( CLN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 28.00 |
| July heating oil ( HON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 70.00 |
July unleaded gasoline ( HUN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 82 |
July frozen orange juice ( JON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | Break above 91 |
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.