Wednesday’s Futures Setups
Crude oil and products futures at the NYMEX
had been moving higher due to supply concerns, but in today’s trade, profit
takers and new supply data reversed the market, pushing crude below $29.00 a
barrel. Regardless of falling demand and supply restrictions in Iraq and
Venezuela, U.S. oil imports in April rose nearly 1 million barrels a day from
the previous month, according to the latest industry data released Wednesday.
June
crude oil
(
CLM2 |
Quote |
Chart |
News |
PowerRating) had been forming a cup-and-handle pattern on the daily
chart and broke out to move higher. Crude oil for delivery in June dropped 1.20
or 4.12% to $28.12 a barrel
in late-afternoon trading at the New York Mercantile Exchange.
June unleaded
gasoline
(
HUM2 |
Quote |
Chart |
News |
PowerRating) lost 3.81 cents to 78.82 cents a gallon. June
heating oil
(
HOM2 |
Quote |
Chart |
News |
PowerRating) was pushed lower to 67.79 cents a gallon, a 8.89
cent drop. June natural gas
(
NGM2 |
Quote |
Chart |
News |
PowerRating) was reduced by .22 of a cent to $3.64 per million British thermal units. June
crude oil, June heating oil and June natural gas are on the
TradingMarkets.com Momentum 5 List.
Today in the
currency market, several foreign currencies had been pulling back from their
highs and today had positive days to the upside. The
June British pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating) is rallying from a pull back from
the highs. The British pound rose 1.10 or .76% to 145.71. The June Swiss franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating) rallied to 62.66 a .70 gain. The June Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating) was been rallying from a pullback from the high on a daily
chart. Today the Canadian dollar rallied .09 to 64.23 attempting to hit a new
high. The Japanese yen for June
(
JYM2 |
Quote |
Chart |
News |
PowerRating) rose .52 or .67% to end at 78.43.
The June euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating) is rallying from a pull back off of the high.
Today the euro closed at .91 up .01. After putting in two days of solid gains,
the June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) lost .95 or .82% to end at 114.29. SFM2, ECM2 and
JYM2 are on the
TradingMarkets.com Pullbacks Off The Highs List
Possible Turtle Soup Plus
One Buy Setup
For more information about how to use this
indicator,
click here.
Contract |
Setup |
Direction |
Trigger |
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 63.80 |
| June Dow Jones Indus. ( DJM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 10000 |
July Wheat ( WN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 2.72 |
| June Nasdaq 100 ( NDM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1240 |
| June S&P 500 ( SPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1092.60 |
Possible Turtle Soup Plus One Sell Setup
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| June British Pound ( BPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.45489 |
| June Euro ( ECM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .902302 |
Swiss Franc ( SFM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .620448 |
Pullbacks Off Highs
Contract |
Setup |
Direction |
Trigger |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Pullback Off High |
UP |
Break above 310.00 |
To learn more about how to trade pullbacks
successfully,
click here
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.