Tuesday’s Futures Setups
The Standard & Poor’s
500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating), which moves with the September S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating)and E-Mini
(
ESU2 |
Quote |
Chart |
News |
PowerRating), continued to drop today. This is the
fourth down day in a row for SPU2, and by the looks of it may not reverse
until it finds stable support, which would be at around the 700 level, a level
that was hit in 1996. The September S&P 500 closed at 819.50 down .24.50 down
2.90%.
The Nasdaq 100
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) is getting
very close to falling below its 900 support level, a level that will put it at
1997 and 1996 levels. The September Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating) closed at 943
down 24 or 2.48%. Several shorting opportunities presented themselves for
short-term traders on the September Nasdaq 100 e-minis
(
NQU2 |
Quote |
Chart |
News |
PowerRating)
Click Here for the TradingMarkets.com Market Bias Indicators
Possible Turtle Soup Plus One Sell Setup.
Contract |
Setup |
Direction |
Trigger |
| Dec cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 46 |
| Sept 10-y note ( TYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down | break below 107 |
| Sept British pound ( BPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.52 |
| Aug pork bellies ( PBQ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 68.00 |
| Sept Japanese yen ( JYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .008400 |
Possible Turtle Soup Plus One
Buy Setup
Contract |
Setup |
Direction |
Trigger |
| Sept dollar ( DXU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 110 |
| Sept silver ( SIU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 5.00 |
| Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1050 |
| Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 980 |
| Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 9200 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept wheat ( WU2 | Quote | Chart | News | PowerRating) |
Pullback from the high | UP | break above 3.00 |
| August gold ( GCQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 325.00 |
Sept frozen orange juice ( JOU2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 91 |
Aug bean oil ( BOQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 18.30 |
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.