Wednesday’s Futures Setups

• April 2, 2002
• TradingMarkets Editors

The June S&Ps 500 futures

(
SPM2 |
Quote |
Chart |
News |
PowerRating) closed near its support on the daily chart at 1134.80. It has
not been at this level since early March. Wednesday’s 04-03-2002 Pivot Points
are as follows: Pivot 1139.40, S1 Pivot 1135.60, S2 1133.29, R1 1141.71, R2
1145.51. To understand more about how to use Pivot Points on futures, read

“How To Get The Floor Trader’s Edge Using Pivots” By Dave Landry.

Crude-oil futures soared above $28 a barrel
today for the first time since September amid mounting worries that the
heated tensions in Israeli-Palestinian violence could destabilize supplies out
of the Middle East. May Crude oil
(
CLK2 |
Quote |
Chart |
News |
PowerRating) ended up .83 to $27.71 a
barrel. May crude oil has broken out of an ascending triangle. Resistance is
at $28.00 a barrel and support is at 26.00.

Elsewhere, May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) rose 2.08 cents to 86.98
cents a gallon and May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) rose 2.26 cents or 3.29%
to 70.95 cents a gallon.
May crude oil, May heating oil and May unleaded gasoline
are all on the
TradingMarkets.com
Momentum 5 List.

June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) traded higher today breaking above its $305.00 an
ounce resistance level. Two reasons that have helped gold move above the
$300.00 an ounce level are the Middle East Tensions and Japan. Gold has been a
major beneficiary of portfolio diversification by Japanese investors worried
about their economy and seeking to protect their wealth. Today June gold
rallied to close at $307.00 an ounce up 2.80. Gold now has initial support at
305.00 and secondary support at 300.00. Overhead resistance is at 309.40. June gold is on the

TradingMarkets.com Momentum 5 List.

Arabica coffee futures trading at the
Coffee, Sugar & Cocoa Exchange rose higher again today. In a speculative-led
rally that pushed the May coffee contract
(
KCK2 |
Quote |
Chart |
News |
PowerRating) through its 56.00
resistance level last Thursday, the move carried over into today’s trade. May
Coffee closed at 59.35 up .85 or 1.45%. For the past couple of sessions on
the Nightly Futures Report, we noted that coffee was on a pullback off the
high and were looking for a break above 54.00. On Monday 03-25-2002, May
coffee closed above 54.00. It continued higher all last week through today.
May coffee has initial resistance at 60.65 and has secondary resistance at
62.83. Support is at around 54.86. May coffee is on the

TradingMarkets.com New 10 Day Highs List.

Contract	Setup	Direction	Trigger
June Swiss franc ( SFM2 | Quote | Chart | News | PowerRating)	Pullback Off High	            UP	     break above .6050
May pork bellies ( PBK2 | Quote | Chart | News | PowerRating)	New 10 Day Low	          DOWN	    break below 72.00
May pork bellies ( PBK2 | Quote | Chart | News | PowerRating)	Pullback Off Low	          DOWN	     break below 77.00
May copper ( HGK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above .7570
May orange juice ( JOK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above  92.70
May cotton ( CTK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above 39.00

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.