Wednesday’s Futures Setups
The June Euro currency futures
(
ECM2 |
Quote |
Chart |
News |
PowerRating)
has built a rally with momentum. On the daily chart, the euro defied a
longer-term downtrend line. In addition to that, the euro has created a nearly
three-month-old up-trending channel on the daily chart. If the euro can push
prices above the upper trend line of the channel there could be further movement
to the upside.
June euro is on the
TradingMarkets.comMomentum 5 List.Â
For a fifth day in a row, the June Nasdaq 100
futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) has closed negative. This is now a 20 day low for the Nasdaq 100 futures. The close is roughly right around its support line at
1330.00. A break below this level, could possibly mean that June Nasdaq 100
futures could retest the 1300 level. One strategy when playing a 20-day new low
is the
“Turtle Soup Plus one Buy Setup” The Nasdaq was very choppy today and
not much good news has surfaced to put the market on a strong reversal uptrend.
The June Nasdaq 100 lost 23.50 or 1.74% to end at 1330.
Like the Nasdaq 100 futures, the June
S&P 500 futures
(
SPM |
Quote |
Chart |
News |
PowerRating) has put in a similar pattern and is a possible
Turtle Soup Plus one buy setup. The June S&Ps have support at 1100. If there is
a break below this level, SPM2 could retrace back to its 1080 support level. If
there is a bounce in the SPM2, look for over head resistance at 1129.45 and
secondary resistance at 1147.70. Take a look at
Lewis Borsellino’s comments on the S&Ps. the June S&Ps closed out the
session at 1103.29 down 5 or .45%.
|
Contract |
|
|
|
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
           UP | break above 63.80 |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Cup and Handle | Â Â Â Â Â Â Â Â Â Â Â UP | break above 305.00 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP |
break above 70.00 |
| British pound ( BPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup | Â Â Â Â Â Â Â Â Â Down | break below 1.4360 |
| June natural gas ( NGM2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | break above 3.500 |
| July cotton ( CTN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP | break above 39.00 |
| July soybeans ( SN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP | break above 464 |
| July wheat ( EWN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
           UP |
break above 2.76 |
| June Canadian dollar ( CDM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup | Â Â Â Â Â Â Â Â Â Down |
break below .63200 |
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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