Tuesday’s Futures Setups
Stocks fell Monday
as grim earnings news in
the telecommunications sector intensified concerns that the long-awaited
recovery in corporate profits could be disappointingly weak.
The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) controlled by large technology stocks, sank
35.50, or 2.56%, to close at 1353.500. The Nasdaq 100 future contract put in an
intraday low at 1340. It then tried to rally from that point, but to no avail.
Take a look at
Dave Landry’s Futures Trading Outlook. Dave talks about the Nasdaq 100
retesting its lows.
The
June Dow Jones Industrial Average
(
DJM2 |
Quote |
Chart |
News |
PowerRating) lost 117 points, or
1.14%, to 10135, finishing modestly above its low for the day. The Dow is very
close to re-testing its 10,000 levels.
The
June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) lost 18.40 or 1.63% to end at
1108.300. There was nothing positive for the S&Ps today. It was a downtrend all
the way!
Bond prices eked out small gains.
In choppy, range-bound trading today, the
Japanese yen
(
JYM2 |
Quote |
Chart |
News |
PowerRating) continued to firm against the June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating), while the June euro [ECM2|ECM2] slipped against both its major
counterparts. In late New York trade, the euro was at .888 U.S. cents. The
dollar was at 129.89 yen. The June euro is on the
TradingMarkets.comMomentum 5 List.
The June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) hit a
20-day low last Friday. This is a
Potential Turtle Soup Candidate Plus One Buy Candidate. A break above
118.00 is a buy signal.
July cocoa
(
CCN2 |
Quote |
Chart |
News |
PowerRating) is pulling back
from its resistance. Cocoa could be forming a cup and handle pattern. July cocoa is on the
TradingMarkets.com Momentum 5 List.
|
Contract |
|
|
|
June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 63.80 |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Cup and Handle |
UP |
break above 305.00 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 70.00 |
| British pound ( BPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.4360 |
| June natural gas ( NGM2 | Quote | Chart | News | PowerRating) |
Pull Back Off High |
UP |
break above 3.500 |
| July cotton ( CTN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 39.00 |
| July soybeans ( SN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 464 |
| June Euro ( ECM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .88000 |
| June Canadian dollar ( CDM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup | Down | break below .63200 |
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.