Tuesday’s Futures Setups

• April 1, 2002
• TradingMarkets Editors

May crude-oil futures
(
CLK2 |
Quote |
Chart |
News |
PowerRating) jumped to
$27.40 a barrel Monday on the new York Mercantile Exchange, the highest it’s
been since Sept. 1, before easing to $26.88 a barrel, down 56 cents from
Thursday’s close but well above the 26.00 support level. Commodities markets
were closed Friday in observance of Good Friday.

Meanwhile, May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) gained 1.36 cents to 68.69 cents
a gallon; May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) was up 1.64 cents to 84.90
cents a gallon. April crude oil, April heating oil and April unleaded gasoline
are all on the

TradingMarkets.com Pullbacks Off The Highs List. 

Wheat rose today after Friday’s profit
taking. The profit taking was because after Wednesday’s big buying spree,
when prices soared to nearly two-month highs. Wheat for May delivery

(
WK2 |
Quote |
Chart |
News |
PowerRating) rose 3/4 of a cent to $2.85 3/4 a bushel,

After last Thursday, corn
retreated after the Agriculture Department disclosed estimates on the high end
of expectations, which ultimately will add to the glut on the market.
Prospective plantings were put at 79 million acres, with quarterly stocks
already at 5.8 billion bushels as of March 1.
May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) rose to $2.03 3/4 a
bushel up 1 1/4 cents.

The gold market bulls
continued higher today. The June gold futures
(
GCM2 |
Quote |
Chart |
News |
PowerRating) continued
above the key $300-per-ounce support level.
 June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) on the Comex
was lower in early trade, then reversed and ended positive at $304.20 an ounce
up .50.
Initial support is at 300.00 and secondary support is at 295.00. A break below
the 290.00 level would be bearish. The first resistance would be 305.10 and
secondary resistance is at 309.40. June gold is on the

TradingMarkets.com Momentum 5 List.

Arabica coffee futures trading at the
Coffee, Sugar & Cocoa Exchange settled higher today. In a speculative-led
rally that pushed the May coffee contract
(
KCK2 |
Quote |
Chart |
News |
PowerRating) through its 56.00
resistance level last Thursday, the move carried over into today’s trade. May
Coffee closed at 58.50 up 1.300 or 2.27%. For the past couple of sessions on
the Nightly Futures Report, we noted that coffee was on a pullback off the
high and were looking for a break above 54.00. On Monday 03-25-2002, May
coffee closed above 54.00. It continued higher all last week through today.
May coffee is on the

TradingMarkets.com New 10 Day Highs List.

 

Contract	Setup	Direction	Trigger
June Swiss franc ( SFM2 | Quote | Chart | News | PowerRating)	Pullback Off High	            UP	     break above .6050
June S&P 500 ( SPM2 | Quote | Chart | News | PowerRating)	Pullback Off High	            UP	     break above 1150
May pork bellies ( PBK2 | Quote | Chart | News | PowerRating)	Pullback Off Low	          DOWN	     break below 77.00
May copper ( HGK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above .7570
May orange juice ( JOK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above  93.00

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.