Thursday’s Futures Setups

• July 31, 2002
• TradingMarkets Editors

A turnaround rally

on Wednesday with
a positive twist had the S&P 500 futures ending in the green. After
two negative economic reports, the S&Ps dropped off and traded in a
fairly tight range in negative territory. But like

Tuesday
when the markets
shook off the negative Consumer Confidence number, today’s S&P futures also
shook off the bad news and closed up. The Sept S&P 500 shot up the last hour of
trade to end at 911.50 up 3.50.

The Sept Nasdaq 100 futures (NDU2)
did not fare as well. On the intraday chart NDU2 formed a 1,2,3 lower bottom and
did attempt to rally back to close in the positive zone. But time ran out and
the Nasdaq 100 futures ended losing 20 or 2.03% to 964.50.

Click Here to read Carolyn Boroden’s Future Perspectives.

She

has a cluster zone on the NDU2 worth taking a look at.

The weatherman rules the grain and
bean markets these days. Today’s markets were propelled by the outlook for
extended dry, burning hot weather in the Midwest In the corn belt, weather
conditions will not be as bad in the coming days. Some of the crop has already
been damaged by heat. Another heat wave would increase more losses to the crop
causing prices to rise. Today December corn (CZ2)
rose 10 cents to $2.55 1/4 a bushel.

There are positive signs of more upward
movement in the S&Ps. For positive indicators look at the TradingMarkets.com
Market Bias Indicators


Click Here

Possible Turtle Soup Plus One Sell Setup.

Possible Turtle Soup Plus One
Buy Setup

Pullback From The High

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.