Thursday’s Futures Setups

• April 10, 2002
• TradingMarkets Editors

The government’s estimate of a decline in U.S.
winter-wheat supplies helped send wheat futures higher on the Chicago Board of
Trade. Wheat prices rose after the U.S. Department of Agriculture lowered
its estimate for winter-wheat stocks by 8 million bushels. Overall, the
government now estimated season-ending stocks at 733 million bushels– way down
from last year’s 876 million bushels but in line with the latest expectations.
Wheat for May delivery
(
WK2 |
Quote |
Chart |
News |
PowerRating) rose 2 3/4 cents or 1.02% to $2.73 a
bushel. May wheat is a

Potential Turtle Soup candidate.

May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) fell 1 1/2 cents to
$1.99 3/4 a bushel this is a twenty-day low and a

Potential Turtle Soup candidate, and May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating)
fell to $4.60 a bushel.

The June Standard & Poor’s 500-stock index
futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) rallied today to end at 1132.000. Support is at 1116.72 and
initial resistance is at 1150.00. When looking at the daily chart from December
2001 to the current day, it looks as if an inverted head and shoulder is taking
shape. If the SPM2 can stay above this level and rally upwards, completing the
right shoulder, the neckline would be a resistance level of 1177.00.

The
June Dow Jones Industrial Average futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) put in triple digit gains
today, closing up 165.00, or 1.61%, to 10387.000.

The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating)
pulled
ahead 9.500, to 1365.500.

The June 10-year note
(
TYM2 |
Quote |
Chart |
News |
PowerRating) lost its
footing today and pulled back a bit, closing down .140 or .13% to 104.094. This is just
above the key 50% retracement level. This 104.00 area will be initial support
and secondary support will be at 103.26. Resistance is at 104.463. A break above
the resistance level, will set up a target point of 104.917 the secondary
resistance point. TYM2 is on the

TradingMarkets.com Momentum 5 List.

The June 30-year bond
(
USM2 |
Quote |
Chart |
News |
PowerRating)

ended lower today, dropping .28 or
.28% to 100.219. This is just above the key 50% retracement level. This 100.00
area will be initial support and secondary support will be at 99.59. Resistance
is at 101.278. A break above the resistance level, will set up a target point of
101.913 the secondary resistance point. USM2 is on the

TradingMarkets.com Momentum 5 List.

Crude-oil futures rose Wednesday as the
Organization of Petroleum Exporting Countries reiterated its determination to
maintain its output cuts, despite Iraq’s sanctions, and as oil workers in
Venezuela continued to strike.

This morning on the New York Mercantile Exchange. May crude-oil futures
(
CLK2 |
Quote |
Chart |
News |
PowerRating) opened and pulled back immediately to its lows at 25.49. Crude
oil then reversed and rallied up past its resistance at 27.16. The May contract
for crude oil traded near the highs for a couple of hours then settled at $26.13
a barrel up .31 or 1.20%. On the daily chart, May crude oil has resistance at
around 26.50 and a secondary resistance level at 28.00. Support is around 25.00.
May crude oil is pulling back from the highs, so a break above the 26.50 level,
could be a potential setup point.

May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating)
added
0.5 cent to 83.44 cents a gallon; May natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating) lost .02
cents to $3.18 per million British thermal units and May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) added 0.04 cent to 67.84 cents a gallon. May crude oil, May
heating oil, and May unleaded gasoline are on the

TradingMarkets.com Momentum 5 List.

June Japanese yen
(
JYM2 |
Quote |
Chart |
News |
PowerRating) yesterday,closed above
its key resistance level of .007641. Yen has been building this bottoming base
since mid January of this year. The Japanese yen moved higher again today. If the the yen can stay above this support level
(.007641) it has an overhead resistance level at .007800. The yen is on the

TradingMarkets.com Pullbacks Off The Lows List.

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.