Wednesday’s Futures Setups

• May 28, 2002
• TradingMarkets Editors

Semiconductors and a lack
of trading volume continued to pressure the June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating). The NDM2 has not been this low in two weeks. The SOX is trading just a tad under its key support at 500. If it manages to recover above this level tomorrow, then it will provide a nice boost to the Naz. The Nasdaq 100 formed a cup and handle on the
intraday chart and broke above the resistance right at the close. The Nasdaq 100
for June ended at 1252.50 down 5.00.

The June S&P futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) also dropped to
two week lows. A lack of trading volume primarily cut into any gains for the
S&Ps. To read what Lewis Borsellino said earlier in the day about a failed retest of the
S&Ps, click
here. The S&Ps for June ended above the key
intraday resistance point of 1075.

July soybean oil
(
BON2 |
Quote |
Chart |
News |
PowerRating) is trending
higher and is on the

TradingMarkets.com Momentum 5 List.

July soybean meal
(
SMN2 |
Quote |
Chart |
News |
PowerRating) is rallying
from a pull-back from the high off of the 20-day moving average. Soy meal on the

TradingMarkets.com Momentum 5 List.

July natural gas
(
NGM2 |
Quote |
Chart |
News |
PowerRating) is setting up
for a

Possible Turtle Soup Plus One Buy Setup

Possible Turtle Soup Plus One Sell 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.