This Setup Just Keeps Working
Here is a potent combination. This confluence of signals has alerted you
for the second time in a week to a large impending reversal in stock index
futures. Refer to last Friday’s (August 3, 2001) Futures
Market Recap, and you will see the mirror image of what happened today in
stock index futures.
Last Friday we had multiple down-pointing indicators from the
Market Bias Indicators page and a Turtle Soup Plus One Sell
signal in the
S&P futures
(
SPU1 |
Quote |
Chart |
News |
PowerRating). The Spooz have declined over 50 points
from last Friday’s confluence of signals.
Today’s mirror image was a
Turtle Soup Plus One Buy setup
on
Dow futures
(
DJU1 |
Quote |
Chart |
News |
PowerRating) and three up signals from the Market
Bias Indicators Page. Today’s market was led higher by a surge in the cyclical
components of the Dow and provided an opportunity to get long at either
yesterday’s low or above the TS+1 Buy trigger — the July 25, 10,225 low.
This market rallied an impressive 250.0 points off the low to close 105
higher at 10430.0.
The Spooz rallied more than 25.00 off their lows, belying their seemingly
narrow finish of up 3.40 1191.20.
After large run-ups yesterday that landed the majors on the Momentum-5
List, currency futures caught their breath to end mixed. Euro FX futures
(
ECU1 |
Quote |
Chart |
News |
PowerRating)
gained after probing new multi-month highs, and
Swiss francs
(
SFU1 |
Quote |
Chart |
News |
PowerRating) lapped down into yesterday’s expansion bar and
stayed down. The
Japanese yen
(
JYU1 |
Quote |
Chart |
News |
PowerRating) also pulled back from its momentum thrust
yesterday.
T-bonds
(
USU1 |
Quote |
Chart |
News |
PowerRating) strived to sort out their confusing
Turtle Soup Plus One
Sell and Momentum-5
signals, but set up some scalping opportunities before closing up 12/32 at
104 0/32.
November soybeans
(
SX1 |
Quote |
Chart |
News |
PowerRating), August pork bellies
(
PBQ1 |
Quote |
Chart |
News |
PowerRating)
and
unleaded gasoline
(
HUU1 |
Quote |
Chart |
News |
PowerRating), all markets that registered with our
Momentum indicators this week, got on track again to reassert they still
have upside potential. Bean oil, bellies and unleaded all scored either new
multi-month or contract highs.
Finally, in a new descent to a multi-year
low,
coffee
(
KCU1 |
Quote |
Chart |
News |
PowerRating), from the
Implosion-5 List, tanked accelerating below yesterday’s last-hour low as it
triggered an Off The Blocks.
Coffee finished down 1.70 at 48.40.