Ukrainian news was mixed overnight. There was talk of Russian troops in Eastern Ukraine (Ukraine aired a video of what they claimed were four Russian paratroopers captured in Ukraine) however talks continue. The Euro saw some short covering after German Finance Minister Schaeuble said that Draghi’s Jackson Hole comments were “over interpreted”. The only US data today is the weekly EIA petroleum status report at 9:30 AM CT; crude oil stocks are forecast to have declined by 2.0 million barrels last week.
Sept. eMini S&P Futures: By the Taylor Trading Technique we should be looking for a Sell Short day today (it’s actually a carryover signal from yesterday) – Tuesday’s high of 2002.75 is the reference price. On the downside watch trend line support at 1997.50 and then yesterday’s low of 1992.25. A selloff would be a move against a daily up trend.
Sept. eMini NASDAQ Futures: Breakout setup (ID, NR7). For breakout reference prices watch Monday’s high of 4078.50; on the downside start with the 4067 area. Trade or Fade (my breakout trade advisory) has its breakout levels at 4083 on the upside and 4063.50 down.
Sept. eMini Russell: TTT Sell Short day; yesterday’s high of 1175.00 is the reference price.
Sept. T Bonds: It’s a “cover breakout sales” day so a TTT Buy day was anticipated. Holding yesterday’s low encouraged the rally. There’s trend line resistance at the session high of 140-31; next would be yesterday’s high of 141-02.
Sept. Euro: Yesterday’s low range close led to downside follow through last night, which in turn gave at TTT Buy day rally. On a continued rally there’s a gap from 1.3215 to 1.3222 to fill in. A rally should be an opportunity to get short.
Sept. British Pound: As with the Euro, today is a TTT Buy day rally. The 1.6600 area will be a pivot point this morning, and rally should represent an opportunity to get short.
Sept Canadian Dollar: This is the second day of the rally so we should be looking for a TTT Sell Short day. I wonder if the trend is turning up after it made the double bottom at the 9100 area.
Sept. Australian Dollar: As with the Loonie, we should be looking for a TTT Sell Short day and a potential trend change up. There’s a significant Fibonacci retracement pivot point at 9327.
Dec. Gold: It’s an “exit b.o. buys” day however the relatively low ranger close took away the TTT Sell Short day setup. For now I would treat gold as a short term trade; the daily trend isn’t very clear. On a rally watch overnight double top resistance at the session high of 1288.20; on the downside there’s an overnight double bottom at 1285.00.
Oct. Sugar: TTT Sell day; the next resistance is at last week’s high of 16.05. Anticipate a Sell Short day although I’m watching to see if the daily trend turns up.
Dec. Cotton: TTT Sell Short day; watch last week’s high of 66.67 as a reference price for the selloff. The 66.00 area is the first downside target. A selloff should be an opportunity to get long.
Oct. Crude Oil: It’s an “exit b.o. buys” day so a TTT Sell Short day is anticipated. Watch last week’s high of 94.45 as a reference price for the rally, and watch for a potential breakout trade opportunity after the 9:30 AM inventory report.
Oct. Natural Gas: TTT Buy day- watch 4.021 (Tuesday high) and 4.041 (August high) as reference prices on a rally.
Oct. Live Cattle: Breakout setup (NR7, doji); keep an open mind as to direction.
Nov. Soybeans: TTT Sell day; yesterday’s doji gave today a breakout setup. There’s resistance in the 1034 to 1035 area.
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.
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