Geopolitics is helping the markets today. In spite of rumors that Russia moved APCs into Crimea, traders chose to focus on a statement from Putin, who pledged to put an end to the conflict with Ukraine. There were also comments from EU leaders that they don’t want to impose more sanctions on Russia. In US news, the July PPI report showed wholesale inflation eased in July, while the July Empire State manufacturing survey posted a miss in August. At 8:55 AM CT we get the August Reuters/University of Michigan’s consumer sentiment index; it is forecast to be up 0.5 to 82.3.
Sept. eMini S&P Futures: By the Taylor Trading Technique we would anticipate a Sell Short day today. However, Thursday was an NR7 day so there’s also the potential for a breakout move, which could push it higher. In either case, Thursday’s high of 1955.00 is the reference price.
Sept eMini Russell: As with the Spoos, Thursday was an NR7 day hence the upside breakout move today. Watch Monday’s high of 1147.60 as a pivot point if there’s a downside reversal.
Sept. T Bonds: it’s a Taylor Trading Technique Sell Short day; last week’s high of 140-11 is a reference price this morning.
Sept. Yen: Thursday was a doji day and an ROC is on a Sell signal- short it below yesterday’s low of 9742?
Sept. Euro: Two doji days and an inside bar yesterday would suggest we look for a breakout move today however ROC is up to a sell signal level- I would look to get short around the 1.3400 level with a tight stop.
Sept British Pound: Breakout setup (range contraction, doji). First breakout reference prices would be the overnight high of 1.6697 and low of 1.6673.
Sept. Australian Dollar: TTT Sell Short day. Thursday’s high of 9308 is the reference price; I would also consider shorting on a break of the overnight low of 9292.
Dec. Gold: In last night’s Swing Trader’s Insight I listed gold as a TTT Sell Short day so a selloff wasn’t a surprise. 1304 was a key support level (Fibonacci retracement support); now I would watch 1297.00 (100 day SMA).
Sept Silver: Big selloff out of a breakout setup (ID, NR7); Wednesday’s low of 1970.5 was the primary downside breakout reference price. Trade or Fade (my breakout trade advisory) had the downside breakout level at 1972.4 with targets of 1958.4 and 1934.4.
Oct. Sugar: Yesterday was an NR7 day; the gap lower open today got a rally started. Clearing the 16.00 area could extend the upside.
Dec. Cotton: Yesterday was an inside day; could that yield an upside breakout today? I would consider buying on a move above the 65.00 area.
Oct. Crude Oil: It’s a “cover breakout sales” day; play the anticipated TTT Buy day as a scalp only. The daily trend is down; treat longs as a scalp only.
Nov. Soybeans: TTT Sell day; watch the Fibonacci retracement level at 1064-0 as a pivot point for upside follow through today.
Sept. Wheat: It’s a TTT Sell day and Thursday was an inside day; that can lead to strong rallies. Watch the 544-0 area as a pivot point today.
Dec. Corn: It’s an “exit breakout buys” day; watch the overnight high of 378-4 as a reference price.
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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