Tuesday’s Futures Setups
June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) have reached a critical point, on a daily chart.
The June Standard & Poor’s 500 lost
13.80 or 1.20% and broke below the 1145/1140 support level to end at 1135.800.
Some technical areas on the daily chart are overhead resistance at 1150.47 the
50% retracement level between the 1200 and 1100 trading range. Initial support is at
1125.45.
The weekly chart for the June S&P 500 futures
shows an inverted head-and-shoulders bottom reversal pattern developing.
Initial support is at around 1085 and secondary support is at 1049. Resistance
is at 1178.0.
On Friday 03-25-2002, the June Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating) was on the
Possible Turtle Soup Plus One Sell Setup list. Today the Canadian dollar
gapped below the 63.20 support level and tested its secondary support at 63.
CDM2 closed at 63.12 down .23.
May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) broke below its 204.00
support level to close at 203.500 down1.250. May corn is on the
TradingMarkets.com Implosion 5 List.
May
wheat
(
Wk2 |
Quote |
Chart |
News |
PowerRating) is starting to show some signs of life, after being
beaten down for several weeks. May futures prices recently pushed above and
canceled a steep downtrend line, seen on the daily bar chart. You can also see
on the daily chart a V-Bottom reversal pattern appears to be forming.Â
Wheat was lower for part of the
trading session when four to seven inches of snow fell from northwestern Kansas
into extreme southeastern Nebraska early Monday, adding needed soil moisture.
Wheat for May delivery ended positive on the day to $2.83 1/2 a bushel, up 1.75.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating)
has been on the Nightly Report for several sessions now and it was sighted
that LCJ2 was pulling back from the lows. A break below 75 would possibly mean
further lows. On Wednesday 03-15-2002, April live cattle closed below 75 and
today the contract continued lower to 69.70. LCJ2 had support at around 69.30
Initial support is now at 67.50. April live cattle is on the
TradingMarkets.com Implosion 5 List.
After a strong rally on Friday April gold
(
GCJ2 |
Quote |
Chart |
News |
PowerRating) on the Comex division of the New York Mercantile Exchange
continued to stay positive through most of today’s trading. April gold ended
today’s session at 297.70 up .10. April gold has overhead resistance at 300.00.
Profit-taking weighed on oil futures. May
crude-oil
(
CLK2 |
Quote |
Chart |
News |
PowerRating) futures fell 36 cents or 1.42% to $24.99 a barrel on
the New York Mercantile Exchange. May Heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) fell 0.94 cents or
1.44 to 64.43 cents a gallon; May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) dropped
1.29 cents to 79.48 cents a gallon and May natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating) edged
up .110 cents to $3.46 per million British thermal units. April crude oil, April heating
oil, April unleaded gasoline and April natural gas are all on the
TradingMarkets.com Momentum 5 List.   Â
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) is on the
TradingMarkets.com Pullbacks Off The Highs List.
May soybeans headed lower in choppy trading
reflecting uneasiness about the potential for a big selloff. The initial support
for May beans is at 461.000 and secondary support is at 457.000. The market also
was cautious ahead of the government’s quarterly report on grain stocks and
annual prospective plantings set for release on Thursday. May soybeans fell 3.00
cents or .65% to $4.61 1/2 a bushel.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June Swiss franc ( SFM2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 61.00 |
| May sugar #11 ( SBK2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 6.0 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Pullback Off Low | Â Â Â Â Â Â Â Â Â DOWN |
    break below 77.00 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May coffee [KCK2|KCK2 | Pullback Off High |            UP |
    break above 54.00 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
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.Â
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