Sept. eMini Russell: Last night I labeled the Russell as a breakout candidate; that’s the type of trade we’ve seen thus far today. For now I would watch the Tuesday high of 1146.20 as a pivot point for the rally; 1152.30 would be the next rally target. As with the other stock indices; keep an open mind as to direction post-FOMC.
The eMini S&P was on the Sell day of the TTT cycle for today. Monday was the Buy day of the cycle, and the rally off early morning lows was the result. In addition, the fact that it was the first day of a two day FOMC meeting made a two sided trade more likely, as traders would be less likely to want to commit to new positions with heightened expectations for increased volatility and uncertain direction after the meeting.
Sept. eMini S&P Futures: It’s a Taylor Trading Technique Sell day. That means we can expect some upside follow through from yesterday’s rally but it likely won’t race higher. Tomorrow will be the Sell Short day of the TTT cycle.
Sept. eMini S&P Futures: It’s a “cover breakout sales” day so a Taylor Trading Technique Buy day is anticipated. Friday’s low of 1968.00 is the Buy day reference price; there was a low violation buy overnight. For the day session I’d look for another test of Friday’s low or a rally above resistance- for now that’s 1972.00 and then the overnight high of 1973.25. The 1976 area is the first rally target.
Sept. eMini S&P Futures: Breakout setup (NR7, doji). Watch the overnight low (1975.50) and high (1980.75) as the first breakout reference prices. Trade or Fade (my breakout trade advisory) has breakout levels at 1972.81 down and 1984.69 up.
It has been a very busy week, so without further delay, lets get right to it….
This is the morning update to Swing Trader’s Insight Advisory, reviewing last night’s signals and adapting them to overnight market activity.
Overnight trading can give you additional patterns for trade setups during the regular trading day, especially for markets like the stock index futures.
Wednesday is here…..time to ring the mid-week bell.
In this morning’s Swing Trader’s Insight watch list I reiterated last night’s call that the eMini S&P futures had a Taylor Trading Technique Sell Short day signal for today.