Markets shook off weaker than expected Q2 GDP figures from France and Germany, choosing to focus on good earnings reports instead, notably ThyssenKrupp AG, Germany’s largest steelmaker. In US news, weekly jobless claims came in higher than expected last week; this didn’t have much market impact. At 9:30 AM CT we get the weekly EIA natural gas storage report; expectations are for an injection of 82 bcf last week.
Sept. eMini S&P Futures: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated- Wednesday’s high of 1946.50 is the reference price for it. There’s support in the 1941 area- Monday’s swing high and the 20 day EMA.
Sept. eMini Russell: TTT sell day, we should anticipate two way trade. A drop below the session low of 1136.10 could see downside follow through.
Sept. 10 Year T Notes: It’s another “exit breakout buys” day although the TTT Sell Short day may wait for tomorrow. The 2014 high of 126-17.5 is the next upside reference price.
Sept. Yen: TTT Buy day. yesterday’s low of 9754 is the Buy day reference price; watch the Fibonacci retracement level at 9772 as a pivot point for extending the rally.
Sept. Euro: Sell day; Wednesday’s high of 1.3417 is the Sell day objective.
Sept. British Pound: TTT Buy day. Yesterday’s low of 1.6681 lined up with the late May low of 1.6680- a good reference price for the Buy day. The big selloff makes it tempting to buy it however the daily trend is down so I would be careful with the long side.
Sept. Canadian Dollar: Decent start to a of a breakout setup (NR4, doji). The next rally objective is 9188 (20 day EMA). Trade or Fade (my breakout trade advisory) has the upside breakout level at 9177 with targets of 9199 and then 9228.
Dec. Gold: Watch Wednesday’s high of 1316.40 as a pivot point this morning. It failed to clear Tuesday’s high of 1319.30; will the downside see follow through now? The 1314 area is next support.
Dec. Cocoa: TTT Sell day. With the daily trend up; held trade above Tuesday’s 3244 high could extend the rally.
Oct. Sugar: Breakout setup; look to be short below the 16.00 level. Trade or Fade has the downside breakout level at 15.85 with targets of 15.70 and then 15.50.
Dec. Coffee: Breakout setup (ID, NR7) although it hasn’t done anything with that setup (yet).
Oct. Crude Oil: By the TTT I would anticipate a Sell Short day. Additionally, Wednesday was an NR7 day. I would look to be short, starting with the 96.20 level and then Wednesday’s low of 95.84.
Oct. Natural Gas: It’s a “cover breakout sales” day; yesterday’s low of 3.843 is the reference price for a TTT Buy day. Rallying above Fibonacci retracement support of 3.891 could extend a rally.
Oct. Live Cattle: Yesterday was a doji day; I would consider pressing the downside on weakness- watch for a sale opportunity after the pit open.
Nov. Soybeans: It’s a TTT Buy day. Consider going long above the overnight high of 1049-4, treat it as a scalp only. 1054-0 would be first rally resistance.
Dec. Soymeal: Breakout setup (ID, NR7). Use yesterday’s high of 345.80 and the overnight low of 341.00 as reference prices.
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.
Risk Disclosure
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.
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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.
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