Optimism over Q2 earnings is supporting the equity markets as a two day FOMC meeting begins today. European stocks saw some drag from news that new sanctions are being considered for Russia. The thought is that new sanctions will lead to slower growth in Europe; this pushed German 10 year Bund yields to a new post-unification low. On the data front, the May Case-Shiller / S&P home price index showed a decline in May, following a decline in April. At 9 AM CT is the Conference Board’s consumer confidence index for July; the forecast is for a gain of 0.3 to 85.5.
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 Russell Futures: TTT Sell day. Monday’s high of 1144.90 would be the Sell day objective but I wouldn’t overstay the long side- the daily trend is down.
Sept. T Bonds: Trade or Fade (my breakout trade advisory) labeled today a breakout trade day; with 138-26 as the upside breakout level and targets of 139-06 and then 139-22.
Sept. Yen: Breakout setup (ID, NR7); look for a break of the overnight low of 9794 or a retracement to 9816.
Sept. Euro: Breakout setup; watch last Friday’s low of 1.3422 as the reference price for the downside.
Sept. British Pound: Breakout setup (NR7, doji). 1.6932 is a significant Fibonacci retracement pivot / support level.
Sept. Canadian Dollar: Another breakout setup. It failed on the first downside breakout attempt however the daily trend is down. Regaining the 9250 area could lead to an upside breakout.
Dec. Gold: Another breakout setup. There’s support in the 1311 to 1310 area.
Oct. Sugar: It’s a “cover breakout sales” day however the break below the recent low of 16.87 kept the downside pressure on. Watch that level as a pivot point today.
Dec. Cotton: Breakout setup; look to be short if it remains below the Monday low of 65.32.
Sept. Crude Oil: Breakout setup (NR7, doji); look to be short below the 101.00 area.
Oct. Live Cattle: It’s a TTT Buy day, the daily trend is up and it’s still above the previous high of 158.00. The only problem with the Buy day signal is finding a setup.
Nov. Soybeans: A Great example of how an upside breakout day yields a TTT Sell Short day- will there be downside follow through for the day session?
Sept. Wheat: Treat the Monday low of 532-0 as a reference price today- it could see either a downside breakout or a TTT Buy day.
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.
THIS MATERIAL IS CONVEYED AS A SOLICITATION FOR ENTERING INTO A DERIVATIVES TRANSACTION.
THIS MATERIAL HAS BEEN PREPARED BY A DANIELS TRADING BROKER WHO PROVIDES RESEARCH MARKET COMMENTARY AND TRADE RECOMMENDATIONS AS PART OF HIS OR HER SOLICITATION FOR ACCOUNTS AND SOLICITATION FOR TRADES; HOWEVER, DANIELS TRADING DOES NOT MAINTAIN A RESEARCH DEPARTMENT AS DEFINED IN CFTC RULE 1.71. DANIELS TRADING, ITS PRINCIPALS, BROKERS AND EMPLOYEES MAY TRADE IN DERIVATIVES FOR THEIR OWN ACCOUNTS OR FOR THE ACCOUNTS OF OTHERS. DUE TO VARIOUS FACTORS (SUCH AS RISK TOLERANCE, MARGIN REQUIREMENTS, TRADING OBJECTIVES, SHORT TERM VS. LONG TERM STRATEGIES, TECHNICAL VS. FUNDAMENTAL MARKET ANALYSIS, AND OTHER FACTORS) SUCH TRADING MAY RESULT IN THE INITIATION OR LIQUIDATION OF POSITIONS THAT ARE DIFFERENT FROM OR CONTRARY TO THE OPINIONS AND RECOMMENDATIONS CONTAINED THEREIN.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. THE RISK OF LOSS IN TRADING FUTURES CONTRACTS OR COMMODITY OPTIONS CAN BE SUBSTANTIAL, AND THEREFORE INVESTORS SHOULD UNDERSTAND THE RISKS INVOLVED IN TAKING LEVERAGED POSITIONS AND MUST ASSUME RESPONSIBILITY FOR THE RISKS ASSOCIATED WITH SUCH INVESTMENTS AND FOR THEIR RESULTS.
TRADE RECOMMENDATIONS AND PROFIT/LOSS CALCULATIONS MAY NOT INCLUDE COMMISSIONS AND FEES. PLEASE CONSULT YOUR BROKER FOR DETAILS BASED ON YOUR TRADING ARRANGEMENT AND COMMISSION SETUP.
YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. YOU SHOULD READ THE "RISK DISCLOSURE" WEBPAGE ACCESSED AT WWW.DANIELSTRADING.COM AT THE BOTTOM OF THE HOMEPAGE. DANIELS TRADING IS NOT AFFILIATED WITH NOR DOES IT ENDORSE ANY TRADING SYSTEM, NEWSLETTER OR OTHER SIMILAR SERVICE. DANIELS TRADING DOES NOT GUARANTEE OR VERIFY ANY PERFORMANCE CLAIMS MADE BY SUCH SYSTEMS OR SERVICE.
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