Friday’s Futures Setups

  • May 9, 2002
  • TradingMarkets Editors




The June
Nasdaq index futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) saw a big rebound yesterday, but the way you
trade these markets is to not leave profits exposed too long, which is what all
of the profit-takers were thinking today. The Nasdaq 100 was giving back
some of the gains this morning on breaking news that anthrax spores were found
on mail at the Federal Reserve in Washington. As far as the technicals are concerned, they
remain bearish for the Nasdaq. The two-month-old downtrend line remains firmly
in place. Also, the shorter-term moving averages (10- and 30-day) are still in a
bearish mode as the 10-day trades under the 30-day moving average. Solid support
remains at 1143.04 with overhead resistance at 1286.58 and secondary resistance
is at 1340.76. The Nasdaq closed at 1247 down 35 or 2.73%.

Today in the
currency market, several foreign currencies had been pulling back from their
highs and today had positive days to the upside. The
June British pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating) is rallying from a pull back from
the highs. The British pound rose .36 or .25% to 145.57. The June Swiss franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating) rallied to 62.60 a .36 gain. The June Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating) has been rallying from a pullback from the high on a daily
chart. Today the Canadian dollar rallied .00180 to .63840.
The Japanese yen for June
(
JYM2 |
Quote |
Chart |
News |
PowerRating) rose .22 or .28% to end at 78.03.
The June euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating) is rallying from a pull back off of the high.
Today the euro closed at .90750 up .00380. After putting in two days of solid
gains, the June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) lost .41 to end at 114.73. The Swiss franc
and euro are on the

TradingMarkets.com Momentum 5 List

Possible Turtle Soup Plus
One Buy Setup

For more information about how to use this
indicator,

click here.






















Contract Setup Direction Trigger
June live cattle
(
LCM2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Buy Setup UP break above 63.80
June Dow Jones Indus.
(
DJM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup

UP		 break above 10000
July Wheat
(
WN2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup



UP		 break above 2.72
June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup



UP		  break above 1240
June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating)		 Possible
Turtle Soup Plus One Buy Setup

UP		 break above 1092.60

Possible Turtle Soup Plus One Sell Setup

















Contract Setup Direction Trigger
June British Pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Sell Setup Down break below 1.45489
June Euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Sell Setup



Down

break below .902302
Swiss Franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Sell Setup



Down

break below .620448

Pullbacks Off Highs  

To learn more about how to trade pullbacks
successfully,

click here







Contract Setup Direction Trigger
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating)		 Pullback Off High UP Break above 310.00


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.   

 

 

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