Tuesday’s Futures Setups
Last week, the
June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) broke through the
1100 level from a descending triangle. Today, it closed just below the 1052.00
support level at 1051.79 down 21.19 or 1.98%.
Last week, the
June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) broke below 1350,
its support on the descending triangle. Today, the NDM2 continued its decline,
closing at 1165.50 down 32.00 or 2.67%.
The June
Dow Jones Industrial Average
(
DJM2 |
Quote |
Chart |
News |
PowerRating) broke below the key support
level of 10,000 to end at 9790, a decline of 196.00 or 1.96%. The next support
level for the Dow futures is 9600.00.
The SPM2, NDM2 and DJM2 are on the
TradingMarkets.com Implosion 5 List.
Today in the currency market, there
were mixed signs. The June British pound (BPM2)
settled at 146.46, an increase of .08. The June Swiss franc (SFM2)
dropped to 62.99, a .03 loss. The June Canadian dollar (CDM2)
has been rallying from a pullback from the high on a daily chart. Today the
Canadian dollar tried to take out its Dec. 16 2001 high at .64040, but was not
successful, closing at .63.76, down .19. The Japanese yen (JYM2)
lost .17 to 78.71. The June euro, which has been on the rise was
unchanged at .91. The June dollar was also unchanged at at 113.87
BPM2, SFM2, ECM2, CDM2 and JYM2 are all on the
TradingMarkets.com Momentum 5 List.
Possible Turtle Soup Plus
One Buy Setup: For more information about how to use this
indicator,
click here.
Contract |
Setup |
Direction |
Trigger |
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 63.80 |
| June Dow Jones Indus. ( DJM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 10000 |
July Wheat ( WN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 2.72 |
| June Nasdaq 100 ( NDM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1240 |
| June S&P 500 ( SPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1092.60 |
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| June British Pound ( BPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.45489 |
| June Euro ( ECM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .902302 |
Swiss Franc ( SFM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .620448 |
Pullbacks Off Highs
To learn more about how to trade pullbacks
successfully,
click here
Contract |
Setup |
Direction |
Trigger |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Pullback Off High |
UP |
Break above 310.00 |
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.