Thursday’s Futures Setups

  • July 24, 2002
  • TradingMarkets Editors

A powerful rally had
broader index futures hit record trading capacity and turned off the
reservoir of red, for now. Savvy bargain hunters and short covering were the two
reasons why the markets rocketed higher today.

Traders were looking for potential shorting
opportunities out of the gate when pre-market futures gave signs of another down
day. The Standard & Poors 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) opened and fell immediately to its
-1.28 Volatility Band (777) before reversing riding up without looking back. The
September S&P 500 futures
(
SPU2 |
Quote |
Chart |
News |
PowerRating) ended at 844.50 up 47.70 or 5.99%
for the day.

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

The September Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) were being held back by the Semiconductor sector
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) in
the first part of trading, but by the session end the NDU2 had put in a solid
gain of 49 or 5.43% to close at 951.

Possible Turtle Soup Plus One Sell Setup.






Contract

Setup

Direction

Trigger
Dec cotton
(
CTZ2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Sell Setup

Down

 break below 46
Sept 10-y note
(
TYU2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Sell Setup
 Down break below 110
Sept British pound
(
BPU2 |
Quote |
Chart |
News |
PowerRating)
Possible Turtle Soup Plus One Sell Setup
Down		 break below 1.55
Aug pork bellies
(
PBQ2 |
Quote |
Chart |
News |
PowerRating)
Possible Turtle Soup Plus One Sell Setup
Down		 break below 70.00
Sept Japanese yen
(
JYU2 |
Quote |
Chart |
News |
PowerRating)
Possible Turtle Soup Plus One Sell Setup
Down		 break below .008400

Possible Turtle Soup Plus One
Buy Setup




Contract

Setup

Direction

Trigger
Sept dollar
(
DXU2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup

 UP

break above 107
Sept Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating)
Possible Turtle Soup Plus One Buy Setup


UP		 break above 1000
Sept S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating)
Possible Turtle Soup Plus One Buy Setup


UP		 break above 900
Sept Dow Jones Indus
(
DJU2 |
Quote |
Chart |
News |
PowerRating)
Possible Turtle Soup Plus One Buy Setup


UP
break above 8500

Pullback From The High







Contract

Setup

Direction

Trigger
Sept
wheat
(
WU2 |
Quote |
Chart |
News |
PowerRating)		 Pullback from the high UP break above 3.00
Sept crude oil
(
CLU2 |
Quote |
Chart |
News |
PowerRating)		 Pullback from the high UP break above 27.00

Sept frozen orange juice
(
JOU2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high
UP
break above 91

Aug bean oil
(
BOQ2 |
Quote |
Chart |
News |
PowerRating)
Pullback from the high		 UP
break above 18.30

Sept Wheat still is on an uptrend. An initial
entry at the trigger of 3.00 would have a 36 cent gain as of today’s close.

Sept frozen Orange juice has risen nicely from
the 91 trigger point up 9.50 points as of today’s close. We could see a pull
back soon since this has run up so far so fast.

BOQ2 is up over 1.30 from the entry trigger.
Remember to use a trailing stop to lock in profits.

 

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.