Tuesday’s Futures Setups

• July 8, 2002
• TradingMarkets Editors

After a strong finish on Friday, traders
wanted to see if the S&Ps could rally on a full day after the holiday. A
weaker dollar and negative news on Merck Pharmaceuticals set the tone for a
pretty non-eventful day. In the S&P futures for September
(
SPU2 |
Quote |
Chart |
News |
PowerRating), it
stayed above the intraday support at 975. The resistance level (997) was almost
hit. Carolyn Boroden has some retracement levels in her Futures
Perspectives.

Click here for her report. The Sept. Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) dropped off right at the opening. NDU2 established intraday support
at around 1025 and then attempted to rally to the 50% retracement (1041.23)
before weakening and dropping past the intraday support to 1015. The Nasdaq 100
futures for September finished back at the 1025 level, which was a 39-point
loss.

Possible Turtle Soup Plus One Sell Setup.

Possible Turtle Soup Plus One
Buy Setup

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.