Markets continue to trade off the “tale of two economies” – optimism about US economic growth and concern about weakness in Europe. Germany posted a weak retail sales report for July and rising tensions over Ukraine ratchet up concern over the effect it will have on European growth. In US news, personal income and consumption were soft in July. At 8:45 AM CT is the Chicago PMI for August; it is forecast to be up 3.8 to 56.4. At 8:55 AM is the final Reuter’s/University of Michigan’s consumer sentiment index for August; it is expected to be up 1.3 to 80.5. Some of the trading pits close early today and US markets are closed Monday for Labor Day.
Sept. eMini S&P Futures: It’s a Taylor Trading Technique Sell day; yesterday’s wide range may keep a follow through rally from going too far. Tuesday’s high of 2002.75 is a pivot point on the upside; 1995.50 is first support.
Sept. eMini Russell Futures: Treat today as a TTT Sell day. I would look for upside momentum before going long- maybe a move over the 1171.00 area.
Dec. T Bonds: TTT Sell Short day. The 15 August high of 140-06 was a reference price for the selloff; 139-23 is the first downside target.
Sept. Canadian Dollar: Breakout setup (ID, NR7); use the Wednesday of 9231 as the reference price for an upside breakout.
Dec. Gold: It’s an “exit breakout buys” day. Normally we would anticipate a TTT Sell Short day however it has already dropped enough that I would be interested in buying on bullish momentum. Look to buy if it clears 1288 with a first target of 1292.
Dec. Cocoa: It’s a TTT Sell day and Thursday was an inside day – would a rally above Fibonacci retracement resistance at 3246 see follow through?
Oct. Sugar: Breakout setup (NR7, doji); use yesterday’s high (15.72) and low (15.48) as reference prices.
Oct. Crude Oil: Treat the Fib level at 95.13 as a pivot point today; next resistance is 95.35 (20 day EMA). The daily trend is turning up however the TTT will likely be on a Sell Short signal for Monday / Tuesday.
Oct. Lean Hogs: Breakout setup (ID, doji); for upside reference prices watch 97.17 (Weds. high) and the 97.55 (20 day EMA).
Nov. Soybeans: Treat Wednesday’s high of 1034-6 as a pivot point this morning- Sell Short day or upside follow through.
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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