Monday’s Futures Setups

  • August 23, 2002
  • TradingMarkets Editors

The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) dropped to the
-2.0 Volatility Band (938) before trying to build a setup and give
quick-and-nimble traders a profit before going into the weekend, but time ran
out before a setup was triggered. Citigroup
(
C |
Quote |
Chart |
News |
PowerRating), General Electric
(
GE |
Quote |
Chart |
News |
PowerRating) and Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) were three culprits that sparked today’s
sell-off.

The good news however is than even with today’s
drop, the S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) logged its fifth straight weekly gain.
This is the longest winning streak in two years. For the week, the S&P 500 has
climbed 2.1%. The Sept S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) closed lower today at
941, down 20.10 or 2.09%.

 

The Nasdaq 100, which is greatly influenced by
the Semiconductor sector
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), never had a chance today. This
after the semis were downgraded at the opening. The Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) is trapped between its 38.2% retracement level and the 50-day moving
average. NDU2 closed at 1014.50, down 37.50 or 3.56%.

For CVR signals, look at the TradingMarkets.com
Market Bias Indicators

Click Here


Pullback From The Low




Contract

Setup

Direction

Trigger
Sept copper [HGU2|HGU2 Pullback From The Low Up .70

Pullback From The High







Contract

Setup

Direction

Trigger

Sepy 10-year note
(
TYU2 |
Quote |
Chart |
News |
PowerRating)		 Pullback
from the high 		UP
break above 114


Nov. frozen OJ
(
JOX2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high
UP

break above 108

Oct live cattle
(
LCV2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high
UP
break above 69.00

Oct crude oil
(
CLV2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high		 UP
break above 30.00

Dec bean oil
(
BOZ2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high		 UP
break above 21.00

Dec corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high		 UP
break above 2.76

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.