Monday’s Futures Setups
As we have witnessed in the past, a down U.S.
equity market will give way to rising foreign currencies. Today was no
exception. 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 pullback from highs. The British pound rose .36 to 143.93. The June Swiss franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating) closed at 62.86, up .26. The June Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating) has been rallying from a pullback from its high on a daily
chart. Today the Canadian dollar rallied .30 to end at 64.14.
The Japanese yen for June
(
JYM2 |
Quote |
Chart |
News |
PowerRating) rose .49 to 78.52. The June euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating) is rallying from a pullback off of its high. Today the euro closed
at .9124, up .00490. The June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) lost .55 to end the
session at 114.18. The Swiss franc
and euro are on the
TradingMarkets.com Momentum 5 List
Crude oil and products futures at the NYMEX
were slightly higher today. Crude closed at the highest levels in eight months.
June crude oil
(
CLM2 |
Quote |
Chart |
News |
PowerRating) is forming a cup-and-handle pattern on the
daily chart gaining .31 cents to $27.99 cents a
barrel in late-afternoon trading at the New York Mercantile Exchange. June crude
oil is 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 —
it may
be
for only
a day or two. Trading
with the main trend is always the highest probability trade.
Use stops on all your
trades.