Markets continue to react to reduced tensions in Ukraine and some good earnings reports. In US data; July CPI came in benign, led by a drop in energy prices. July housing starts were higher than forecast; bullish news. The weekly USDA crop progress report showed US row crops are still in great shape while the Pro Farmer tour is giving evidence of big crops, especially in soybeans.
Sept. eMini SP Futures: It’s a Taylor Trading Technique Sell Short day; Monday’s high of 1969.00 is the reference price. The daily trend is up; wait for downside momentum before shorting it.
Sept. eMini Russell Futures: It’s a TTT Sell Short day; Monday’s high (reference price) roughly lines up with a significant Fibonacci retracement level at 1156.90.
Sept. T Bonds: It’s a TTT Buy day; overnight it held at Monday’s low of 140-00. 140-18 is a pivot point for the rally and 140-27 is the next upside objective.
Sept. Euro: Monday was an NR4 day. Today there was a downside breakout below the 2014 low of 1.3335; use that as a pivot point this morning.
Sept Canadian Dollar: Overnight there was a selloff out of a breakout setup (ID, NR4, doji). At this point I would short on a break below the 9150 level or buy above the overnight high of 9189.
Sept. Australian Dollar: Another breakout setup; look for a move above the overnight high of 9327 to go long. Trade or Fade (my breakout trade advisory) had the upside breakout level at 9326 with a first rally target of 9346.
Dec. Gold: Breakout setup (ID, NR4); it’s still trading within Monday’s range. Longer term I’m watching the 100 day SMA at 1297.10 for trend indication.
Sept. Silver: Yesterday was a doji day with significant range contraction- I would look for a breakout sale on a move below the session low of 1957.
Dec. Cocoa: Sell Short day; the Fib level at 3214 is the next downside target. We should likely anticipate a TTT Buy day for Wednesday however I’m becoming a little more cautious about the bull market for the longer term.
Dec. Coffee: Breakout setup (doji, range contraction); watch Monday’s high (194.80) and low (190.45) as breakout reference prices.
Dec. Cotton: It’s a “cover breakout sales” day so a TTT Buy day is anticipated. Watch the Fib level at 64.53 as a pivot point for the rally; the 65.00 area is next resistance.
Oct. Crude Oil: By the TTT we would anticipate a Buy day today however we should wait for bullish momentum before going long.
Oct. Natural Gas: TTT Sell day; watch the 3.900 area as a pivot point for extending the rally.
Oct. Live Cattle: TTT Sell Short day; yesterday’s high of 149.37 is the reference price (which also lines up with old low resistance of 149.45).
Oct. Lean Hogs: It’s a TTT Sell day; anticipate a short sale opportunity (TTT Sell Short day) coming up.
Sept. Wheat: Monday was an ID / NR7 day; will we get a breakout move today? I would consider buying if it gets above unchanged (542-4) or short if it takes out the overnigh5t low of 535-4.
Dec. Corn: TTT Buy day in a down market- treat longs as a scalp. On the downside watch the overnight low of 367-0; on the upside watch for it to get back above 370.
Essential Guide for Futures Swing Trading
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