Markets reached a (temporary?) nadir early this morning. I’m not sure there’s any one factor you can point to for the turnaround, I think the trends just ran out of steam. This seems to be traders recent pattern- there’s a first reaction to new developments and then a turnaround after they have time to think about it. Geopolitics is on the front burner today, especially in the absence of any US data.
Sept. eMini S&P Futures: It looks like we have a “cover breakout sales” day so a Taylor Trading Technique Buy day is in order. 1908.00 should be a pivot point for the rally; the 1914.00 area would be the next target.
Sept. eMini NASDAQ Futures: TTT Buy day; 3871 is the next rally target.
Sept. eMini Russell: Another TTT Buy day. The 1118 area should be a pivot point for extending the rally; the next upside objective would be 1127.
Sept. T Bonds: Sell Short day; 139-14 is the “official” reference price for it. Trade shorts as a scalp only.
Sept. British Pound: Breakout setup (ID, NR7). Watch last week’s swing low of 1.6805 as a reference price for a downside breakout.
Sept. Canadian Dollar: Breakout setup. 9129 is a reference price for extending the downside breakout; the Wednesday low of 9094 is the first downside target.
Sept Australian Dollar: TTT Buy day. It’s bullish above last week’s swing low of 9248; 9283 is the next rally target.
Dec. Gold: Sell Short day. Yesterday’s high of 1316.40 is the SS day reference price; the 1304 area is the next downside target.
Sept. Copper: Breakout setup (ID, NR7). The upside breakout level is 3.1860; on the downside watch 3.1570.
Sept. Cocoa: Sell Short day; it’s another selloff after a failure to clear recent highs. I would be anticipating a Buy day for Monday.
Oct. Sugar: Buy day; treat it as a scalp only. I’ll be looking to short it on a rally.
Sept. Coffee: “cover b.o. sales” / TTT Buy day. Yesterday’s low of 1833.70 is the reference price; there’s Fibonacci retracement support at 183.30.
Dec. Cotton: Breakout setup. On the upside there are two levels to watch. First is yesterday’s high of 64.45; more important is the Wednesday high of 65.08. On the downside watch 63.55.
Sept. Crude Oil: Sell day, although I would consider shorting on a break below the session low of 97.35.
Sept. Natural Gas: Buy day. I like the long side although it’s difficult to find a setup to buy. The 20 day EMA is at 3.938; that might be a pivot point for a rally.
Nov. Soybeans: Breakout setup (NR4, doji); is it going to move today?
Sept. Wheat: Breakout setup (ID, NR4). Overnight saw a downside breakout (reference price was 558-4). Will the downside see follow through today? In higher timeframes I like the long side and would look for an opportunity to go long- either when a downside breakout runs out of steam or if it reverses higher for the day session.
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.
GLOBAL ASSET ADVISORS, LLC (“GAA”) (DBA: DANIELS TRADING, TOP THIRD AG MARKETING AND FUTURES ONLINE) IS AN INTRODUCING BROKER TO GAIN CAPITAL GROUP, LLC (GCG) A FUTURES COMMISSION MERCHANT AND RETAIL FOREIGN EXCHANGE DEALER. GAA AND GCG ARE WHOLLY OWNED SUBSIDIARIES OF STONEX GROUP INC. (NASDAQ:SNEX) THE ULTIMATE PARENT COMPANY.