Wednesday’s Futures Setups
Corn prices powered ahead
for the second day
in a row, continuing the rally started on Monday. Momentum is looking to continue. Once again, traders are
worried about drought conditions in the Midwest and about positioning themselves
ahead of Friday’s acreage and quarterly stocks report from the government.
December corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating) rose 3 1/2 cent or 1.49% to $2.39 a bushel.
Wheat for Sept. delivery
(
WU2 |
Quote |
Chart |
News |
PowerRating)
climbed 1 3/4 cent to $3.00 a bushel.
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 106 |
| Sept British pound ( BPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.47 |
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 |
| July lean hogs ( LHN | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 50 |
| Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1100 |
| Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1020 |
| Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 9400 |
In the July lean hogs we had a false
breakout above the 50 trigger point, but on Tuesday, June 18, lean hogs broke
out to begin a new rally. On Friday, June 21, lean hogs closed at 51.475. Lean
hogs ended positive today Monday 06-24-2002
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| Sept wheat ( WU2 | Quote | Chart | News | PowerRating) |
Pullback from the high | UP | break above 3.00 |
| July silver ( SIN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 5.04 |
August gold ( GCQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 325.00 |
July frozen orange juice ( JON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 91 |
July bean oil ( BON2 | 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.