Thursday’s Futures Setups
In the Broader futures markets, the
June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) made a 20-day new low and fell below
today’s S2 Pivot Point at 1133.37. The S&P futures for June ended at 1130.300
down 7.80. Thursday’s 04-04-2002 Pivot Points
are as follows: Pivot 1130.62, S1 Pivot 1120.45, S2 1110.62, R1 1140.45, R2
1150.62. To understand more about how to use Pivot Points on futures, read
“How To Get The Floor Trader’s Edge Using Pivots” By Dave Landry.
The June Dow Futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) closed
below the S2 Pivot Point at 10236. The Dow futures for June closed at
10233.000 down 80.00.
The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) futures
have made a 20-day new low, closing at 1413.500 down 1.00.
Oil futures pulled back Wednesday in the
midst of a surge in U.S. stockpiles, but continued concern over the violence
in the Middle East kept prices near six-month highs.At Midday, crude-oil futures were trading at $27.57 a barrel on the New York
Mercantile Exchange, down 14 cents from Tuesday’s close, which was the highest
since Sept. 18. Prices spiked above $28 a barrel on Tuesday for the first time
since September as tension mounted in the Middle East. May crude oil
(
CLK2 |
Quote |
Chart |
News |
PowerRating) lost .15 to end at $27.56.Meanwhile, May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) dropped 2.14 cents to
84.84 cents a gallon; May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) eased 0.12 cents to
70.83 cents a gallon.
May crude oil, May heating oil and May unleaded gasoline
are all on the
TradingMarkets.com
Momentum 5 List.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) gave back some of
its gains today, falling below the $305.00 an ounce level. Gold closed at
303.50 down 3.50. Support is at $300.00.
TradingMarkets.com Momentum 5 List.Â
May cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) continued to show
weakness today as prices have fallen since failing to hold above resistance of
15.00 basis May. May options will be expiring this Friday, April 5. Spread
trading has been active ahead of first notice day for the May contract on
April 17th. Support for May is at 14.70. Resistance is at 15.00. May cocoa
closed at $14.79 down 9.000.
Arabica coffee futures trading at the
Coffee, Sugar & Cocoa Exchange rose higher again today. In a speculative-led
rally that pushed the May coffee contract
(
KCK2 |
Quote |
Chart |
News |
PowerRating) through its 56.00
resistance level last Thursday, the move carried over into today’s trade. May
Coffee closed at 59.35 up .85 or 1.45%. For the past couple of sessions on
the Nightly Futures Report, we noted that coffee was on a pullback off the
high and were looking for a break above 54.00. On Monday 03-25-2002, May
coffee closed above 54.00. It continued higher all last week through today.
May coffee has initial resistance at 60.65 and has secondary resistance at
62.83. Support is at around 54.86. May coffee is on the
TradingMarkets.com New 10 Day Highs List.
Contract
Setup
Direction
Trigger
June Swiss franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating)
Pullback Off High
           UP
    break
above .6050
Â
Â
Â
Â
May pork bellies
(
PBK2 |
Quote |
Chart |
News |
PowerRating)
Pullback Off Low
         DOWN
    break below 77.00
May copper
(
HGK2 |
Quote |
Chart |
News |
PowerRating)
Pull Back Off High
            UP
    break above .7570
May orange juice
(
JOK2 |
Quote |
Chart |
News |
PowerRating)
Pull Back Off High
           UP
   Â
break above 92.70
May cotton
(
CTK2 |
Quote |
Chart |
News |
PowerRating)
Pull Back Off High
           UP
   Â
break above 39.00
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.     Â