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Sept. eMini NASDAQ Futures: Breakout setup (ID, NR7). For breakout reference prices watch Monday’s high of 4078.50; on the downside start with the 4067 area. Trade or Fade (my breakout trade advisory) has its breakout levels at 4083 on the upside and 4063.50 down.
I wasn’t able to get any Pre-Dawn Updates out last week but I will do my best to get another one out this week before the 3 day Holiday weekend! Markets are closed on Monday for Labor Day.
Sept. eMini S&P Futures: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated- Monday’s high of 1999.75 is the reference price. We should look to short it only when we see bearish momentum.
This weekly feature examines chart formations, along with technical indicators, of two to three commodity markets. Breakouts of these formations may lead to trading recommendations published by the Trade Spotlight advisory service.
The Chicago Mercantile Exchange lowered the margin at the close of the day to an initial of $5,060 from the $5,940 and the maintenance to $4,600 from $5,400 for the 100 troy ounce Gold contract! This may reflect a decreased volatility prediction.
Sept. eMini SP Futures: Rally out of a breakout setup (ID, NR7). Thursday’s high of 1992.00 was the first reference price for an upside breakout; watch it as a pivot point now.
A fair number of financial markets have breakout setups for today. The best catalyst for breakout moves may be Fed Chair Yellen’s speech at 9 AM CT as traders want to see if she gives any insight as to the Fed’s exit strategy from its asset purchase QE.
Here are a few charts that I encourage bean, corn and cotton traders to pay some attention.
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