Wednesday’s Futures Setups

• April 9, 2002
• TradingMarkets Editors

Stocks declined Tuesday
as hopes for a strong
earnings season faded with each corporate announcement.

The June S&P 500-stock index
futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating) lost 7.10 to end at 1120.40. Support is at 1116.72 and
initial resistance is at 1150.00. When looking at the daily chart from December
2001 to the current day, it looks as if an inverted head and shoulder is taking
shape. If the SPM2 can stay above this level and rally upwards, completing the
right shoulder, the neckline would be a resistance level of 1177.00.

In mid afternoon trading, June Dow
futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating), up for most of the day slipped to
test its 10,200 support level before attempting a come back. The DJM2 lost 43.00
to end at 43.00.

The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating)

moved down
47.00 or 3.255% to 1356.00 after gaining the previous session.

The June Dow Jones Industrial Average, Nasdaq
100, and Standard & Poor’s 500 futures are on the

TradingMarkets.com New 10 Day Lows List.

The June 10-year note
(
TYM2 |
Quote |
Chart |
News |
PowerRating)

continued its move upward today closing up .220 or .21% to 104.219. this is just
above the key 50% retracement level. This 104.00 area will be initial support
and secondary support will be at 103.26. Resistance is at 104.463. A break above
the resistance level, will set up a target point of 104.917 the secondary
resistance point. TYM2 is on the

TradingMarkets.com Momentum 5 List.

The June 30-year bond
(
USM2 |
Quote |
Chart |
News |
PowerRating)
continued its move upward today closing up .28 or
.28% to 100.500. This is just above the key 50% retracement level. This 100.00
area will be initial support and secondary support will be at 99.59. Resistance
is at 101.278. A break above the resistance level, will set up a target point of
101.913 the secondary resistance point. USM2 is on the

TradingMarkets.com Momentum 5 List.

Crude-oil prices retreated, aided by signs of a
possible Israeli withdrawal from some Palestinian-held areas and a lack of
support for Iraq’s oil embargo. May crude oil futures
(
CLK2 |
Quote |
Chart |
News |
PowerRating) were
down 71 cents in afternoon trading at $25.82 a barrel on the New York Mercantile
Exchange, up from the day’s low of $25.62 a barrel. Crude oil has support at
25.35 and secondary support at 24.45. Resistance is at 26.15 and secondary
resistance is at 26.71.

May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) lost
0.80 cent or .95% to 83.39 cents a gallon; May natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating)
slid 1.30 cents to $3.20 per million British thermal units and May
heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) dropped 1.5 cent or 2.16% to 67.80 cents a gallon.
May crude oil, May unleaded gasoline and May heating oil are on the

TradingMarkets.com Momentum 5 List.

June Japanese yen
(
JYM2 |
Quote |
Chart |
News |
PowerRating) closed above
its key resistance level of .007641. Yen has been building this bottoming base
since mid January of this year. If the yen can stay above this support level
(.007641) it has an overhead resistance level at .007800. The yen is on the

TradingMarkets.com Pullbacks Off The Lows List.

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.