The Russia / Ukraine tension continues to be front and center in traders’ minds. Russia announced a ban on Ag imports from Western nations that have imposed sanctions on it. At the same time, Putin said he discussed the need to end the conflict with Ukraine when he talked to other FSU counterparts. The ban won’t have much effect on the US but is obviously a drag for Europe. As if to underscore that point, German industrial production posted a big decline in June. The ECB and BoE both left rates unchanged at today’s meeting(s). Draghi said the ECB discussed “intensification” of an ABS purchase program, although there’s a lot of regulatory work to be done. Still it’s more dovish than has previous statements. In the US, weekly jobless claims came in lower than expected. The EIA releases the weekly NG storage report at 9:30 AM CT; traders forecast an injection of 85 bcf last week.
Sept. eMini S&P Futures: It’s a Taylor Trading Technique Sell day. Yesterday’s high of 1923.50 is the TTT objective; holding above there could extend the rally. We should anticipate as TTT Sell Short day for Friday.
Sept. eMini NASDAQ Futures: Another TTT Sell day; yesterday’s high of 3891.25 is the objective.
Sept. T Bonds: With yesterday’s afternoon pullback I would treat today as a Sell day; watch the 29 July high of 139-03 as the first rally objective.
Sept Euro: Another Sell day. There is trend line resistance at 1.3400; I’m really more interested in looking for a Sell Short day for Friday.
Sept. Canadian Dollar: TTT Sell day. With the daily trend down, I would consider shorting on a break below today’s low of 9134.
Dec. Gold: Sell day; I’d be careful about buying higher prices today. There’s overnight double bottom support at the session low of 1303.00; the 1298 area is the next support level.
Dec. Cotton: TTT Sell Short day. Holding below 64.00 should put the pressure on it; 63.55 would be the next downside target. The daily trend is up; I will be interested in a Buy day for Friday.
Sept. Crude Oil: TTT Buy day; Wednesday’s low of 96.69 is the TTT reference price. 97.61 is the next rally objective.
Sept. Natural Gas: Sell Short day; the rally is hitting resistance at 3.947 (20 day EMA). The weekly EIA report is out at 9:30; be alert for volatility and a potential breakout move after it.
Oct. Live Cattle: Breakout setup; watch yesterday’s high of 156.37 as the upside reference price and the overnight low of 155.70 on the downside.
Oct. Lean Hogs: I would consider selling if it breaks below the overnight low of 101.05.
Nov. Soybeans: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated. There’s Fibonacci retracement resistance in the 1085 area; that is an important for the rally. If it is higher of after the 8:30 open, watch 1085 as the SS day reference price level. The first downside target is 1070.
Sept. Wheat: Sell Short day; the 17 July high of 561-6 will be a pivot point for a selloff. The daily trend is up; we should anticipate a TTT Buy day for Friday.
Dec. Corn: Sell Short day; Monday’s high of 371-0 is a pivot point for the selloff.
Dec. Soymeal: Sell day. There’s Fib resistance at 350.20; I would look to short a break below the overnight low of 346.80.
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.
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