This is a sample of Scott’s Swing Trader’s Insight advisory. See more about STI HERE.
There wasn’t any significant economic data overnight nor is there any due today. Ukrainian separatists have been less obstructive in the investigation of the Malaysian airliner downing; even the reported downing of two Ukrainian fighter jets didn’t increase concern. The markets liked the EU action on Russian sanctions as they warned of more punitive sanctions but stopped short of concrete action. We’re in the heart of earnings season and thus far it has been a relief. At 9:30 AM CT is the weekly EIA petroleum inventory report; crude oil stocks are forecast to have declined by 2.8 million barrels last week.
Sept. eMini S&P Futures: It’s an “exit breakout buys” day; this suggests we should look for a Taylor Trading Technique Sell Short day. Monday’s high of 1980.50 is the reference price for that trade. Monday’s close was far enough below the high that I would be cautious with shorts- only sell when you see downside momentum.
Sep. eMini NASDAQ Futures: Another “exit breakout buys” day; watch the overnight high of 3968.25 and Monday’s high of 3959.50 as TTT Sell Short day reference prices. Last week’s swing high of 3941.00 is a pivot point on a selloff.
Sept. T Bonds: It’s a TTT Sell day and Monday was an NR4. Watch Monday’s high of 138-21 as a pivot point today; last Friday’s high of 138-27 could be an upside breakout level.
Sept. Yen: There have been three doji days; will today be the day it moves? Watch Monday’s high of 9873 as the reference price for an upside breakout although it really would need to clear the 9900 area to make a worthwhile move.
Sept. British Pound: Look to be short below 1.7028; a move under the 1.7000 could extend a selloff.
Sept. Canadian Dollar: Will a move above last week’s high of 9326 lead to an upside breakout?
August Gold: It’s a “cover breakout sales” day; treat the anticipated TTT Buy day as a scalp.
Sept. Cocoa: Breakout setup (NR4); watch 3149 as a pivot point for the upside breakout.
Sept. Crude Oil: Good start to a TTT Buy day; clearing Fibonacci retracement resistance at 102.62 could help the rally. The weekly inventory report is out at 9:30 AM today; volatility and / or a breakout move are possible in its wake.
Nov. Soybeans: Will it be a Turnaround Tuesday? It’s a TTT Buy day; regaining the 1065 level could help the rally. Treat longs as a scalp only; the daily trend is still down.
Sept. Wheat: “Cover b.o. sales” / TTT Buy day. It’s bullish above 524-0 and there’s Fib resistance at 528-4. Is it trying to put in a bottom?
Dec. Corn: As with wheat, a “cover b.o. sales” TTT Buy day. There was a low violation buy overnight; 372-0 is the first resistance today.
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