Wednesday’s Futures Setups

With the lack of any
market-moving news and light volume, the broader index futures gave
in to some profit-taking. Both the Sept. S&P 500 futures and Nasdaq 100 futures
retested their 50-day moving average, a key support level. The Sept. S&P 500
(SPU2)
closed lower by 9.30 to 939.70 just above the -1.0 Volatility band. The
Nasdaq 100 (NDU2)
traded in a choppy pattern and ended lower by 7.50 at 1030 just above the 50-day
moving average. 

At the Chicago Board of Trade (CBOT), the grains
got clobbered again, due to weather and some profit taking. Dec. wheat
(
WZ2 |
Quote |
Chart |
News |
PowerRating) lost 10 1/2 cents or 2.91% to close at $3.50 1/2 a bushel. Corn for
December
(
CZ2 |
Quote |
Chart |
News |
PowerRating) gave up 6 3/4 or 2.43% to end at $2.70 3/4 a bushel and
Nov. soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) lost big, closing at $5.34 a bushel.
Soybeans lost 15 3/4 cents or 2.86%. In the chart above soybeans broke below the
20-day moving average. It now could possiblt test the next level of support at
the 38.2% retracement level (521.04). This is also around where the 50-day
moving average is. If it can hold above this key technical level, we could see
another leg up. Be sure to use stops on all of your trades.

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