Tuesday’s Futures Setups
What started out as a negative day turned out to be positive for the
futures. By 1:00 PM EST, the Sept. S&P 500 (SPU2)
broke out above the 38.2% retracement (890.172) and never looked back. SPU2
closed at 900.60 up 9.40. TradingMarkets.com contributor Carolyn Boroden has
some key support levels that she is looking at on the SPU2. For Carolyn
Boroden’s Futures Perspectives
click here.
The Nasdaq 100 for Sept. (NDU2)
had help from some of the tech sector standouts, such as Biotechs ($BTK.X).
Today’s move puts The Sept. Nasdaq 100 between the 70.7% retracement and the
61.8% retracement. NDU2 closed at 927 up 6.50.
Dec. coffee
(
KCZ2 |
Quote |
Chart |
News |
PowerRating) rallied today past several key resistance levels
to end at 61.30, up 3.75. Initial resistance is now at 61.52/62.38 with secondary
resistance at 64.13. Support is at 58.54 with secondary support at 57.01.
Click Here for CVR signals and TradingMarkets.com Market Bias
Indicators.
Possible
short candidates:
|
Contract |
Setup |
Direction |
Trigger |
| Dec wheat ( WZ2 | Quote | Chart | News | PowerRating) |
possible turtle soup plus one sell |
Down | break below 3.84 |
| U.S. Dollar ( DXU2 | Quote | Chart | News | PowerRating) |
Breakdown from slanted triple bottom |
Down | break below 106.32 |
| Nov. frozen OJ ( JOX2 | Quote | Chart | News | PowerRating) | Breakdown from head and shoulders | Down | break below 101.15 |
| Dec. 30-year bond ( USZ2 | Quote | Chart | News | PowerRating) |
size=2>possible turtle soup plus one sell | size=2>Down | break below 112^00 |
| Sept 10-year note ( TYZ2 | Quote | Chart | News | PowerRating) |
possible turtle soup plus one sell |
Down | break below 114 |
Possible long candidates:
|
Contract |
Setup |
Direction |
Trigger |
|
| Possible Turtle Soup Buy Candidate |
Up | break above .69 |
| size=2>Heating Oil ( HOV2 | Quote | Chart | News | PowerRating) |
size=2>Triangle at high | size=2>Up | break above .7670 |
| Soybean Meal ( SMZ2 | Quote | Chart | News | PowerRating) |
Pullback from high | Up | break above 171.10 |
| Soybeans ( SX2 | Quote | Chart | News | PowerRating) |
Pullback from high | Up | break above 545 1/2 |
| Sept. Japanese yen ( JYU2 | Quote | Chart | News | PowerRating) |
Bullish symmetrical triangle | Up | break above .8615 |
| Oct. crude oil ( CLV2 | Quote | Chart | News | PowerRating) |
Pullback |
Up |
break above 29.00 |
Please note that while there are
strong trends, 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.