Thursday’s Futures Setups

There were solid gains for the S&P 500 futures
(
SPZ2 |
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Chart |
News |
PowerRating) today but they lagged significantly behind the tech-dominated Dec.
Nasdaq 100
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) on a percentage basis. Restraining the S&P were losses
in: Wal-Mart
(
WMT |
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Chart |
News |
PowerRating), General Electric
(
GE |
Quote |
Chart |
News |
PowerRating), and General
Motors
(
GM |
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News |
PowerRating). The SPZ2 has support at 870 and resistance at the 900 level.
SPZ2 closed just below the 900 level at 889 a gain of 7.50.

Gains in the tech arena were strong across most
sectors but the networking group
(
$NWK.X |
Quote |
Chart |
News |
PowerRating) topped the list, up over
+11.7% with semiconductors
(
$SOX.X |
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Chart |
News |
PowerRating) gaining +6.5%. This pushed the
Nasdaq 100 futures to 991 up 26.50 or 2.75%. Support on NDZ2 is at 960 with
resistance coming in at the 1000 level.

The Dec. 10-year note
(
TYZ2 |
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Chart |
News |
PowerRating) gave back some of its gains from
yesterday’s big move. TYZ2 closed at 114 085 down .040. The Dec. 30-year bond
(
USZ2 |
Quote |
Chart |
News |
PowerRating) dropped ’11 to 110 ’07, still above its 108 support line.

Dec cocoa
(
CCZ2 |
Quote |
Chart |
News |
PowerRating) is trading in a 1,2,3 bottom on the daily chart. A break
above the 2061.39 level is initial resistance. This is also the 38.2%
retracement level. Secondary resistance is at the 50% retracement at 2127.

Possible
short candidates: