Sept. eMini S&P Futures: By the Taylor Trading Technique it’s a Sell Short day. Friday’s high of 2003.75 is the reference price; I would also watch last week’s swing high of 2002.75 as a pivot point for a selloff.
Sept. eMini S&P Futures: It’s a Taylor Trading Technique Sell day; yesterday’s wide range may keep a follow through rally from going too far. Tuesday’s high of 2002.75 is a pivot point on the upside; 1995.50 is first support.
Sept. eMini S&P Futures: Breakout setup (ID, NR7, doji). Yesterday’s low of 1993.50 was the first reference price for a downside breakout; now I would watch it on the upside. On the downside start with the overnight low of 1987.50.
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.
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.
By the Taylor Trading Technique today was a Sell day in the TTT cycle. However, Monday’s range contraction, doji bar and the daily down trend meant a short sale opportunity might come a day early.
Sept. Euro: Monday was an NR4 day. Today there was a downside breakout below the 2014 low of 1.3335; use that as a pivot point this morning.