Thursday’s Futures Setups

• August 21, 2002
• TradingMarkets Editors

The Sept S&P 500
(SPU2)
met with key resistance today, closing right at 952. The market was choppy for
most of the session, but the S&P futures have been able to hold up above the 930
support level. SPU2 gained 12.19, up 1.30%. Look for resistance at around
958/961 and secondary resistance is at 969/980.

A re-trigger of the CVR III and CVR VI sell
signal occurred before the close.

Today the Nasdaq 100
Sept. futures (NDU2)
broke and closed above the 38.2% retracement (1026.48). NDU2 closed at 1039, up
25.50 or 2.52%.

For CVR signals, look at the TradingMarkets.com
Market Bias Indicators

Click Here

New 10 Day Highs:

Sept S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating), Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating), Dec cocoa
(
CCZ2 |
Quote |
Chart |
News |
PowerRating), Oct crude oil
(
CLV2 |
Quote |
Chart |
News |
PowerRating) and Oct heating oil
(
HOV2 |
Quote |
Chart |
News |
PowerRating)  

 

Pullback From The Low

Pullback From The High

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.