Friday’s Futures Setups
Once again the stock market has traders questioning an economic recovery.
One place traders are looking for
safety is in Treasuries. Both the June ten year treasury note
(
TYM2 |
Quote |
Chart |
News |
PowerRating)
and the June 30-year bond
(
USM2 |
Quote |
Chart |
News |
PowerRating) continued to gain some ground for a
second day. Each made
20-day new highs. The benchmark 10-year Treasury tried to break above the 105.70
resistance point then pulled back to close at 105.42 up .14. The 30-year Treasury
gapped above its resistance level of 101.975 at the opening. During the session
the 30 year gave back some of the gains to end at 101.81 up .06. The TYM2
and USM2 are on the
TradingMarkets.comMomentum 5 List. Â
For a seventh day in a row, the June Nasdaq 100
futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) has closed negative. This is now a 20 day low for the Nasdaq 100 futures. The close is right around its support line at
1300.00. A break below this level could spell big trouble.
The next support is at 1200. With most of the earnings coming in with
lukewarm results, this intensifies the pressure on the Nasdaq 100. One strategy when playing a 20-day new low
is the
“Turtle Soup Plus one Buy Setup.” Â The June Nasdaq 100
lost 1.50 to end at 1307.00.
The June
S&P 500 futures
(
SPM |
Quote |
Chart |
News |
PowerRating) eked out a positive gain on a pretty
uneventful day. The June S&Ps closed at 1092.50 up .50. SPM2 could retrace back to its 1080 support level. If
there is a bounce in the SPM2, look for over head resistance at 1129.45 and
secondary resistance at 1147.70. Take a look at
Lewis Borsellino’s
comments on the S&Ps.
The June Euro currency futures
(
ECM2 |
Quote |
Chart |
News |
PowerRating)
has built a rally with momentum. On the daily chart, the euro defied a
longer-term downtrend line. In addition to that, the euro has created a nearly
three-month-old up-trending channel on the daily chart. If the euro can push
prices above the upper trend line of the channel there could be further movement
to the upside.
June euro is on the
TradingMarkets.comMomentum 5 List. Other currencies worth looking at
are the June Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating) and the British pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating)
possible Turtle Soup Plus 1 Sell signals.
|
Contract |
|
|
|
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
           UP | break above 63.80 |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Cup and Handle | Â Â Â Â Â Â Â Â Â Â Â UP | break above 305.00 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP |
break above 70.00 |
| British pound ( BPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup | Â Â Â Â Â Â Â Â Â Down | break below 1.4360 |
| June natural gas ( NGM2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | break above 3.500 |
| July cotton ( CTN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP | break above 39.00 |
| July soybeans ( SN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP | break above 464 |
| July wheat ( WN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
           UP |
break above 2.76 |
| June Canadian dollar ( CDM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup | Â Â Â Â Â Â Â Â Â Down |
break below .63200 |
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.  Â
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