Thursday’s Futures Setups
The Sept. S&P 500 futures (SPU2)
were influenced by the S&P 500 cash Index, when the ($SPX.X)
hit the 1.5 Volatility Band and then fell into a Trap Door Pattern before creating several 1,2,3 Reversal Patterns throughout the day. This is why
traders love volatility. The SPU2 rose for the second time in 8 days. SPU2
closed at 905, up 1.19.
The Sept. Nasdaq 100 futures (NDU2)
gapped in a similar fashion to the S&Ps, following the lead of the Nasdaq 100
cash Index ($NDX.X).
The NDX hit the 1.0 Volatility Band (1042) then went into a Trap Door pattern
and dropped, giving traders several opportunities to make money in both
directions of the market. The NDU2 closed at 1033.50 up 17.00.
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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 107 |
| Sept British pound ( BPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.52 |
| Aug pork bellies ( PBQ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 68.00 |
| 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 110 |
| Sept silver ( SIU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 5.00 |
| Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1050 |
| Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 980 |
| Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 9200 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept wheat ( WU2 | Quote | Chart | News | PowerRating) |
Pullback from the high | UP | break above 3.00 |
| August gold ( GCQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 325.00 |
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 |
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.