The situation between Russia and Ukraine cooled down after Russia said it ended exercises near the Ukrainian border. European stocks gained after a good earnings report from Banco Popolare, one of Italy’s larger banks. There’s no US data due today so traders will look either to geopolitics (Ukraine, Gaza, Iraq) to influence the markets today. There a USDA supply / demand report out tomorrow. The weather has been about perfect for US corn and beans but the USDA’s estimates have surprised before.
Sept. eMini SP Futures: It’s a Taylor Trading Technique Sell day. Friday’s high range close made it likely we’d see further rally. Last week’s high of 1937.50 is the next rally objective. We should be anticipating a Sell Short day- either a reversal today or for Tuesday.
Sept. eMini Russell: As with the Spoos, it’s a TTT Sell day. Clearing Fibonacci retracement resistance at 1132.35 helped the rally while next resistance is 1135.30 (20 day EMA). We should be anticipating a Sell Short day here as well.
Sept. T Bonds: Was Friday’s big downside reversal the Sell Short day of the TTT cycle? The Friday low of 139-06 is the Buy day reference price with support at 139-03 and then 138-31.
Sept. Euro: TTT Sell Short day; I would consider selling it on a break below the overnight low of 1.3385.
Sept. British Pound: It’s a “cover breakout sales” day so a TTT Buy day is anticipated. Clearing the 1 August low of 1.6805 could boost a rally; although the daily trend is down.
Sept. Canadian Dollar: As with Cable, it’s a “cover b.o. sales” / TTT Buy day; watch the Fib level at 9130 as a pivot point for the rally.
Sept. Australian Dollar: Breakout setup (NR4, doji). Watch Friday’s high of 9265 as the upside breakout reference price and the overnight low of 9239 down.
Dec. Gold: I like the long side however I’d like to see a break first. The 1304- 1305 area should be support.
Oct. Sugar: Breakout setup (NR7). Use Friday’s high of 16.20 and low of 16.01 as reference prices.
Dec. Cotton: Friday was a doji day when it had a breakout setup- will we get the breakout move today? Watch last week’s high of 65.08 as the key level for an upside breakout. The daily trend is up; will an upside breakout lead to a liftoff?
Sept. Crude Oil: Will it see a directional move after Friday’s doji? I think it may wait a day; I would look for mean reversion (buys breaks, sell rallies) trade today.
Sept. Natural Gas: It’s a TTT Sell day and Friday was an inside day; then it gapped higher last night. I would treat today as a breakout day, using the overnight high of 4.012 as the upside reference price and Friday’s high of 3.975 down.
Nov. Soybeans: Watch Friday’s high of 1085-0 as a reference price; either for an extension of the rally (would need to clear 1008-0) or as the reference price for a TTT Sell Short day.
Sept. Wheat: It’s a “cover breakout sales” day so a TTT Buy day is anticipated. Friday’s low of 547-0 is the Buy day reference price; I’d also watch the 545-2 Fib level as support.
Dec. Soymeal: It’s an “exit b.o. buys” day so a TTT Sell Short day is anticipated. Friday’s high of 351.10 is the SS Day reference price; moving back below the 350 area could extend a selloff.
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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