Stocks are staging a recovery on the back of good earnings from Google and a cooling of tensions in Ukraine and Gaza (at least a temporary lull). In US news, at 8:55 AM CT we will get the July Reuter’s/University of Michigan’s consumer sentiment index; it is forecast to be up 0.5 to 83.0. At 9 Am is the June LEI; it is expected to be up 0.5.
Sept. eMini S&P Futures: Good start to a Taylor Trading Technique Buy day. The Fibonacci retracement level at 1960.25 would be the next rally objective; look for support around 1953.00.
Sept. T Bonds: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated. Watch the May high of 138-10 as a pivot point for the selloff; the 10 July high of 137-23 is the first downside objective.
Sept. Yen: Another “exit b.o. buys” /TTT Sell Short day; breaking below the Fib level at 9862 could extend a selloff.
Sept. Euro: Breakout setup (NR7, doji); is it going to move today?
Sept Swiss Franc: Breakout setup (ID, NR7); I’d look to short a break of Wednesday’s low of 1.1129.
August Gold: “Exit b.o. buys” / TTT Sell Short day. The 1309.50 area is a pivot point for the selloff; 1305 is the next downside target.
Sept. Cocoa: Thursday was an inside day and a doji- look to sell into weakness.
Sept. Crude Oil: Sell Short day. Thursday’s high of 102.91 is the reference price; I’d also watch the 102.66 Fib level as a pivot point this morning.
August Lean Hogs: It’s a “cover b.o. sales” day; Thursday’s low of 12872 is the TTT Buy day reference price.
Nov. Soybeans: TTT Buy day, scalp only. The 1100 level should be an upside pivot; objectives would be 1103-6 and then 1107-6.
Essential Guide for Futures Swing Trading
In this guide, experienced trader and broker Scott Hoffman explains the trading methods he uses to analyze and trade the futures markets and to publish his trade advisory, Swing Trader’s Insight.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
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