Lower Off Doubles

• October 23, 2001
• Marc Dupee

As mentioned in the Nightly
Futures Report, T-bonds
(
USZ1 |
Quote |
Chart |
News |
PowerRating) are seeing “downside
action out of their double top formation.” While it would have been
difficult to catch the majority of the three-quarter-point move down due to a
morning gap down, T-bonds have retraced and are trading just below an important
resistance level at 106 7/32.

Treading in positive territory, the Nasdaq 100 futures
(
NDZ1 |
Quote |
Chart |
News |
PowerRating)
are showing better relative strength compared with S&P futures
(
SPZ1 |
Quote |
Chart |
News |
PowerRating)
and Dow futures
(
DJZ1 |
Quote |
Chart |
News |
PowerRating). All three index contracts are on the Pullback From Highs List
and triggered by trading above yesterday’s high. 

In shortened trading,

coffee
(
KCZ1 |
Quote |
Chart |
News |
PowerRating) rallied to make good on its
Turtle Soup Plus One Buy signal. 

Unleaded gasoline
(
HUX1 |
Quote |
Chart |
News |
PowerRating)
continues to be capped by the resistance level spelled out in Monday’s
report.