Thursday’s Futures Setups
The bulls are on a move to the upside with
today’s very impressive turnaround rally. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
broke above its recovery high of 913.95. This sparked a move to the
upside in the Sept. S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating). SPU2 closed at 918, an
increase of 32.70 or 3.69%.
After falling below its 20-day moving average on
the daily chart yesterday, the Sept. Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating)
fought back today to close back above the 20-day moving average (933.40). NDU2
closed at 967 up 56 or 6.15%.
Some speculation in the bond market was that
investors, traders and portfolio managers were giving up on the US economic
recovery. The Sept. 30 year bond
(
USU2 |
Quote |
Chart |
News |
PowerRating) rallied higher to close at
111.18 up .93. The
Sept. 10-year note
(
TYU2 |
Quote |
Chart |
News |
PowerRating) rose higher after yesterday’s strong
performance, but by the end of the session, traders took their profits and began
to eye the equities. TYU2 closed at 113.23 down .07.
 
For more on the key
levels of the Sept. 30-year bond
(
USU2 |
Quote |
Chart |
News |
PowerRating)
click here
For CVR signals look at the TradingMarkets.com
Market Bias Indicators
Click Here
Possible Turtle Soup Plus One Sell Setup.
Contract |
Setup |
Direction |
Trigger |
| Sept wheat ( WU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 3.36 |
| Sept 30-yr bond ( USU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 108 |
| Sept 10-yr note ( TYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 112 |
Possible Turtle Soup Plus One
Buy Setup
Contract |
Setup |
Direction |
Trigger |
| Aug pork bellies ( PBQ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus one Buy Setup | UP | break above 65 |
| Sept coffee ( KCU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus one Buy Setup |
UP |
break above 48.00 |
| Sept silver ( SIU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus one Buy Setup |
UP |
break above 4.70 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept cocoa ( CCU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 18.35 |
| Sept frozen orange juice ( JOU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 101 |
Aug bean oil ( BOQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 20.00 |
Dec cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 49 |
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.