Monday’s Futures Setups
A lack of consumer confidence dictated the
choices for traders today. When the University of Michigan announced that the
most recent consumer confidence numbers were weaker than March’s numbers, it sent
some traders into the safe arms of gold and bonds
Once again 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 now below the previous support line at
1300.00. Today the NDM2 sold off and ended just above a support level of 1250. 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 56 points or 4.28% to end at 1251. Overhead resistance is at 1377.88.
The June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) fell
20.50 or 1.88% to 1072. The new support level is at 1050. The overhead
resistance is at 1110. Several positive
signals were hit prior to the close today, click here on
TradingMarkets.com Market Bias Indicators to see them.
From the fallout of the equity markets, some
traders found it safer to move into treasury’s. As a result the 10 year note
and 30 year bond ended positive in today’s trade. The June 30 year bond
(
USM2 |
Quote |
Chart |
News |
PowerRating) rose .41 or .40%. The June 10 year note
(
TYM2 |
Quote |
Chart |
News |
PowerRating)
ticked up to 105.70 a .28 or .27% gain. USM2 and TYM2 are on the
TradingMarkets.comMomentum 5 List.Â
Gold shines again! The yellow metal looked
like profit taking may set in after the positive GDP news this morning. As
things got shaky in the broader indexes, gold moved higher as investors flocked
to it for safety. June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) rallied 3.50 or 1.13% to $312.10 an
ounce. This is the highest gold has been in two years. For a couple weeks now
June gold has been featured on the Nightly Report. A break above the $2305.00 an
ounce level was the buy signal. June gold is on the
TradingMarkets.comMomentum 5 List. Â
|
Contract |
|
|
|
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
           UP | break above 63.80 |
| June Dow Jones Industrial Avg ( DJM2 | 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 10000 |
| 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 sugar ( SBN2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | bounce off of 5.0 support level |
| 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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