Thursday’s Futures Setups

  • May 8, 2002
  • TradingMarkets Editors



The June Dow broke above 10,000 on strong
volume. This was fuel for the fire that may lead to more positive action ahead.
Armed with a positive earnings report and not-so-dreary news about the tech
industry, Cisco Systems’
(
CSCO |
Quote |
Chart |
News |
PowerRating) CEO John Chambers set the tone for
today’s big rally in the markets. The June Dow Jones Industrial Average
futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) took off from where it closed yesterday and never
looked back. Today’s move higher has been a long time coming. With a large
downtrend since March, today’s move to the upside was welcomed by traders. The
Dow futures closed at 10115.00, up 315 or 3.21%.

The June S&P futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) rolled
higher as well, having its best day in several months, ending at 1086.50, up
39.10 or 3.73%.

A rally in tech fueled the June Nasdaq
100
(
NDM2 |
Quote |
Chart |
News |
PowerRating). The June Nasdaq 100 closed at 1281.00 up 125 or 10.81%.
This was the best closing in several months. The June Nadaq 100 closed at 1281,
up 125 or 10.81%.
The Nasdaq 100 has a

CVR 1TradingMarkets.com Market Bias Indicator.

With the Equity Markets rallying, the
Treasuries suffered on the day. The June 30 year bond
(
USM2 |
Quote |
Chart |
News |
PowerRating)
ended at 101.12 down 1.47 or 1.43%. The June 10-year note
(
TYM2 |
Quote |
Chart |
News |
PowerRating) suffered
as well, closing down at .98 to 104.84.

Possible Turtle Soup Plus
One Buy Setup
The Nasdaq 100 had a

CVR 1TradingMarkets.com Market Bias Indicator.

For more information about how to use this
indicator,

click here.






















Contract Setup Direction Trigger
June live cattle
(
LCM2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Buy Setup UP break above 63.80
June Dow Jones Indus.
(
DJM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup

UP		 break above 10000
July Wheat
(
WN2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup



UP		 break above 2.72
June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Buy Setup



UP		  break above 1240
June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating)		 Possible
Turtle Soup Plus One Buy Setup

UP		 break above 1092.60

Possible Turtle Soup Plus One Sell Setup

















Contract Setup Direction Trigger
June British Pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Sell Setup Down break below 1.45489
June Euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Sell Setup



Down

break below .902302
Swiss Franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating)

Possible Turtle Soup Plus One Sell Setup



Down

break below .620448

Pullbacks Off Highs  

To learn more about how to trade pullbacks
successfully,

click here







Contract Setup Direction Trigger
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating)		 Pullback Off High UP Break above 310.00


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.   

 

 

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