Monday’s Futures Setups
Blue-chip stocks advanced Friday but other
major indexes finished flat, as investors grappled with a mixed bag of earnings
reports and warnings of a possible terrorist threat against U.S. banks.
The June Dow Jones Industrial Average futures
(
$INDU |
Quote |
Chart |
News |
PowerRating) finished up
77.00 points at 10252, after losing on Thursday.
The June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating)
inched up 1.50 to 1389.
The benchmark June 10-year Treasury
(
TYM2 |
Quote |
Chart |
News |
PowerRating)
inched higher up .120 to 104.531. This
is just above the key 50% retracement level. This 104.00 area will be initial
support and secondary support will be at 103.26. Resistance is at 104.917. TYM2
is on the
TradingMarkets.comMomentum 5 List.Â
The June 30-year Treasury
(
USM2 |
Quote |
Chart |
News |
PowerRating)
moved higher by .280 to 100.562.
The key 50% retracement level at around the 100.00 area will be secondary
support. Resistance is at 101.913. USM2 is on the
TradingMarkets.com Momentum 5 List.Â
The June British pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating), The June
Euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating) and the June Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating)Â are all
trading positive and are on the
TradingMarkets.com Momentum 5 List.Â
July cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) is pulling back
from its high. This could pull back again next week. Lets watch it for the
possible reversal up. July cocoa is on the
TradingMarkets.com Momentum 5 List.Â
The June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) has hit a
20-day low. This is a
Potential Turtle Soup Candidate Plus One Buy Candidate.
|
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 |
| May natural gas ( NGK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | break above 3.133 |
| 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 |
| June Euro ( ECM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
         Down |
break below .88000 |
| 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