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Gold is currently trading at $1,232.50 (Z4) per troy oz., off its highs at $1,255.00 creating a bear flag.
The Taylor Trading Technique often looks for retests of a previous day high or low for trade entry signals. However, in trending markets we may not get pullbacks. In these situations overnight activity can give us additional trade setups to look for.
Soybean meal has been leading soybeans higher along with the rest of the grain markets.
Dec. eMini S&P Futures: Wednesday was an NR7 day so we should anticipate a breakout move- look to buy a rally above 1943.75 (Weds. high) or a break below 1920.25 (Weds. low). By the Taylor Trading Technique today is a Buy day; I might also look to buy a failed selloff.
We saw a nice rally recently from sub-3.00 and it was rejected at old 340.0 support levels…
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Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell Short day. There was a high violation sale overnight (Friday high was 1891.75). From here there is resistance at 1883.50 and double bottom support at 1870.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell day; Thursday’s inside day / doji pattern indicates there could be a good rally today. Watch 1869.75 (Thursday high) as a pivot point for extending the rally; resistance is the overnight double top at 1878.75.
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Dec. eMini S&P Futures: It’s a Taylor Trading technique Sell Short day so we should anticipate the market moving lower today. As Tuesday was an inside day, watch 1864.75 (Monday’s low) as downside pivot this morning, and then the 1850 area.