The August employment report was a disappointment. August payrolls rose by 142K, much less than the +230K consensus. A slight upward revision to July doesn’t mitigate the weakness shown in August. This report will tamp down talk that the Fed will move up the timing of the first rate hike. Financial markets are unclear today as they are still in the wake of yesterday’s surprise moves by the ECB. I would trade cautiously today as a large percentage of markets don’t have clear signals today.
Sept. eMini S&P Futures: With the overnight selloff today looks like a Taylor Trading Technique Buy day; the Thursday low of 1990.75 is the Buy day reference price. The overnight high of 1999.50 is the first rally target- back to the middle of the recent range.
Sept. eMini Russell Futures: Another TTT Buy day. The selloff held the 20 day EMA (1159.15); 1163.20 is the Buy day reference price.
Sept. Euro: It’s a “cover breakout sales” day so a TTT Buy day is anticipated. Use the pre- NFP high of 1.2966 as a pivot point for a rally; treat longs as a scalp only.
Dec. Gold: Holding above the 1268.50 Fibonacci retracement level could encourage a rally; the 21 August low of 1273.40 is the next upside objective.
Oct. Sugar: TTT Buy day. 15.06 is the Buy day reference price; the 25 August low of 15.30 is the first rally objective.
Dec. Cotton: Follow through selloff on a TTT Sell Short day; the 65.00 area should now be resistance. I’d be interested in selling into a rally.
Oct. Crude Oil: Breakout setup (ID, NR4); the Thursday low of 94.16 is the reference price for a downside breakout.
Nov. Soybeans: Will we see a TTT Buy day for a bounce?
Dec. Wheat: Look to sell a rally to the 540 area (if we get it).
Essential Guide for Futures Swing Trading
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