A fair number of financial markets have breakout setups for today. The best catalyst for breakout moves may be Fed Chair Yellen’s speech at 9 AM CT as traders want to see if she gives any insight as to the Fed’s exit strategy from its asset purchase QE. Her speech is titled “Labor Markets” which doesn’t give away much about what she may say. There’s no other US economic news due today. Tensions are back up in Ukraine as Russia sent a truck convoy into Eastern Ukraine. Russia said it was an aid convoy while the head of Ukraine’s Security Council claimed that Russia is invading under the cover of the Red Cross.
Sept. eMini SP Futures: By the Taylor Trading Technique we would expect a Sell Short day today. Thursday was an NR7 day, which means we could get a breakout move today, and a breakout move could go in either direction. On the downside I would watch the overnight low of 1983.00 and then yesterday’s low of 1980.75. On the upside use yesterday’s high of 1992.00.
Sept. eMini NASDAQ Futures: It has the same TTT Sell Short day and NR7 combination as the Spoos; I would use the overnight high and low as reference prices.
Sept. T Bonds: 140-16 is Fibonacci retracement resistance today; use that as a pivot point today.
Sept 5 and 10 Year T Notes: Both have breakout setups today.
Sept. Yen: Breakout setup; I would sell a break of the overnight (and Thursday) low of 9621.
Sept. Euro: It’s a TTT Sell day, although with the daily trend down, I might consider shorting on a break below the overnight low of 1.3259.
Sept. Swiss Franc: Same setup as the Euro- consider shorting a break below the overnight low of 1.0959.
Dec. Gold: Look for a “Z” day after yesterday’s wide range- buy breaks or sell rallies as the market consolidates. Don’t get married to the long side; the daily trend is down.
Sept. Silver: Consider shorting on a break below the overnight low of 1939.5.
Sept. Copper: Breakout setup (doji, range contraction) – buy if it takes out the session high of 3.2065.
Oct. Sugar: Sell Short day; 15.72 is a pivot point for a selloff.
Dec. Cotton: Breakout setup; watch the 65.20 area as a downside reference price.
Oct. Crude Oil: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated; watch the 93.50 area as a pivot point for the selloff.
Oct. Live Cattle: Breakout setup (ID, NR7). On the upside watch 146.85; on the downside use the overnight low of 145.55.
Nov. Soybeans: Breakout setup (?). I put the question mark on it because it would be a TTT Sell day and I am skeptical about buying into rallies.
Dec. Wheat: There was an overnight rally out of a breakout setup; will it see upside follow through for the day session?
Essential Guide for Futures Swing Trading
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