Friday’s Futures Setups
June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) have reached a critical point, on a daily chart. Prices at
midday today (Thursday) dropped below its support level at 1150.47.
The June S&P 500 futures formed an inverted
head and shoulders on an intraday chart, and then broke above the 1150 neckline
and rolled into positive territory by the end of the session. SPM2 closed at
1152.70 up .400. This was a good close to end positive. Some technical areas on
the daily chart are overhead resistance at 1180.00. A break above this level
will be bullish. The secondary resistance is at 1200.53. Initial support is at
1150.47 and secondary support is at 1125.45.
The weekly chart for the June S&P 500 futures
shows an inverted head-and-shoulders bottom reversal pattern developing.
Initial support is at around 1085 and secondary support is at 1049. Resistance
is at 1178.0.
The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) managed to
pull into the plus column late in the session as previously beaten-down sectors,
such as wireless and semiconductors, rebounded. NDM2 closed at 1494.00 up 39.00.
NDM2 is on the
TradingMarkets.com Pullbacks off Highs List
April crude-oil futures
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) shed 3
cents to $24.87 a barrel in thin trading on the New York Mercantile Exchange.
April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating) rallied to close at 67.14 cents a gallon a
gain of .57. April unleaded gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) gained .98 to 82.90
cents a gallon and April natural gas
(
NGJ2 |
Quote |
Chart |
News |
PowerRating) advanced to $3.400 per
million British thermal units. April crude oil, April heating
oil, April unleaded gasoline and April natural gas are all on the
TradingMarkets.com Momentum 5 List. Â
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating)
has been on the Nightly Report for several sessions now and it was sighted
that LCJ2 was pulling back from the lows. A break below 75 would possibly mean
further lows. On Wednesday 03-15-2002, April live cattle closed below 75 and
today the contract continued lower to 70.525. LCJ2 had support at around 70.70.
Initial support is now at 70.00. April live cattle is on the
TradingMarkets.com Implosion 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| May cocoa ( CCK2 | Quote | Chart | News | PowerRating) |
Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 1520 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â Â down |
    break below 206 |
| April copper ( HGK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above .7500 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May coffee [KCK2|KCK2 | Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 54.00 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Pullback from the high | Â Â Â Â Â Â Â Â Â Â Â Up |
   break above 460 |
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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