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.
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