Wednesday’s Futures Setups

• July 9, 2002
• TradingMarkets Editors

The S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) and the Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) dropped off today and
pretty much wiped all of Friday’s gains out. The September Nasdaq 100 e-mini
(
NQU2 |
Quote |
Chart |
News |
PowerRating) fell below the 1000 point level to close at 994.50. The S&P Futures
dropped 2 1/2% the biggest loss since January. The S&P 500 e-mini for
September
(
ESU2 |
Quote |
Chart |
News |
PowerRating) closed near the lows and is eyeing the 940 support
level. ESU2 closed at 954.00.

Three
currencies that rallied from pull backs from highs, are the September euro

(
ECU2 |
Quote |
Chart |
News |
PowerRating), September Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) and the September
British pound
(
BPU2 |
Quote |
Chart |
News |
PowerRating). All three of these currencies are on the

TradingMarkets.com Momentum List

September cocoa
(
CCU2 |
Quote |
Chart |
News |
PowerRating) has rallied up
again today to make new highs, above the 1700 resistance level. Cocoa is on the


TradingMarkets.com Momentum List.

Possible Turtle Soup Plus One Sell Setup.

Possible Turtle Soup Plus One
Buy Setup

Pullback From The High

 

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.