Tuesday’s Futures Setups

  • April 29, 2002
  • TradingMarkets Editors

Yet another down day for the broader market
futures. The session began with a mixed to slightly firmer bias as the
semiconductor and healthcare sectors provided a bit of a lift.  This
looked good for the June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) then the market slowly and
surely began to weaken. With no news items or major breakout and a negative
bias, the Nasdaq 100 could not hold on and closed negative. The June Nasdaq 100
lost 1 point or .08%, to close at 1251. This is a 20-day new low. It could be a


Possible Turtle Soup Plus One Buy setup.

The June Dow Jones Industrial Average futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) was unable to build upon any rally attempts today. The Dow
futures were progressing steadily lower most of the session. The Dow failed on
several occasions to pull itself back above the 200 day simple moving average
(9931), broken last week. The Dow futures gave up 49 points or .50%, to end the
session at 9816. The DJM2 is a

Possible Turtle Soup Plus One Buy setup.

The June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) penetrated
the lows from Feb. The S&Ps closed at 1064.90 down 7.09. What could help prop
this market back up? Earnings season continues and a batch of economic reports
this week may supply some fuel. The Dow has now dropped 7 out of the last 9
sessions while the Nasdaq Composite and the S&P 500 have fallen 8 out of 9. 
While there are no concrete signs yet of a turnaround, some things to keep in
mind are the increased possibilty of some bargain hunting because its the end
and beginning of the month. There is oversold technical posture and the fact
that the Volatility index
(
VIX.X |
Quote |
Chart |
News |
PowerRating) is approaching the 27/28 area
which has coincided with at least short term bottom within negative trends
several times last summer and during the Jan/Feb decline. Also there are several
positive

TradingMarkets.com Market Bias Indicators.

Today in metals gold looked like a place to
turn to with the markets continued weakness, but some profit taking began
surfacing and caused the June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) futures to pullback. June
gold lost .60 to end at $311.50 and ounce. June gold is on the

TradingMarkets.comMomentum 5 List.  










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 Industrial Avg
(
DJM2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Buy Setup             UP break
above 10000
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 sugar
(
SBN2 |
Quote |
Chart |
News |
PowerRating)		 Pull Back Off High             UP bounce
off of 5.0 support level
July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Buy Setup             UP break
above 464
July wheat

(
WN2 |
Quote |
Chart |
News |
PowerRating)		 Possible Turtle Soup Plus One Buy Setup
            
UP		 break above 2.76
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.   

 

 

 

 

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