Markets continue to trade off the prospect of more monetary easing from the ECB and BOJ. There’s also some hope about a resolution to the Ukrainian conflict as Russian President Putin and Ukrainian President Poroshenko are set to meet today in Minsk. In US news, the July durable goods orders report showed a huge jump overall but it was weak ex- transportation. At 9 AM CT is the Conference Board’s consumer confidence report for August; it is forecast to be down 1.4 to 89.5.
Sept. eMini S&P Futures: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated- Monday’s high of 1999.75 is the reference price. We should look to short it only when we see bearish momentum.
Sept. eMini Russell: The past three sessions have seen an intraday rally and an afternoon fade; yesterday’s low range close makes it difficult to see a clear TTT cycle signal.
Sept. T Bonds: TTT Sell Short day, although yesterday’s NR7 pattern could compound things today. The Monday high of 140-30 is the SS day reference price; watch 140-16 and then 140-11 on the downside. The 5 and 10 year T Notes both have breakout setups.
Sept. Yen: TTT Sell day; look for rallies as an opportunity to get short.
Sept. Euro: Breakout setup (NR7); 1.3222 would fill in the gap on the upside.
Sept. British Pound: Another “exit b.o. buys” / TTT Sell Short day; look for bullish momentum to get short.
Sept. Canadian Dollar: TTT Buy day; there was a good buy when it tested the August low of 9094. Friday’s high of 9146 is the next rally target; there’s Fibonacci retracement resistance there as well.
Sept. Australian Dollar: Buy day rally; look to be long above Friday’s high of 9315.
Dec. Gold: Big rally out of a breakout setup; Friday’s high of 1283.90 was the first upside breakout reference price. The next rally targets would be 1293 and then 1297.
Dec. Coffee: Rallied out of a breakout setup. Last week’s high of 194.80 is a pivot point for the rally, the Fibonacci retracement level at 197.35 is the next rally target.
Dec. Cotton: In spite of yesterday’s late recovery, ROC is low enough that there’s room for a rally- can it break out above last week’s high of 66.67.
Oct. Crude Oil: Rally out of a breakout setup; last week’s high of 94.45 is the key upside level.
Oct. Natural Gas: It’s an “exit breakout buys” day; I’d like to see a selloff (a TTT Sell Short day) for an opportunity to buy it.
Nov. Soybeans: By the TTT today is a Buy day however I would wait for bullish momentum before going long, especially considering the daily down trend.
Dec. Wheat: Another TTT Buy day; go long when momentum turns up (watch Monday’s low of 552-4).
Dec. Corn: Watch the daily double bottom at 365-4 as a reference price today.
Essential Guide for Futures Swing Trading
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