Stocks are trading sideways after Friday’s rally. The British Pound and European stocks are lower as polls show a narrow majority of Scottish voters favor independence from the UK: a referendum vote is scheduled for September 18. European stocks were also pressured from an investor sentiment survey (Sentix), which showed a larger than expected drop in September. There is no US data due today.
Sept eMini S&P Futures: It’s on the Sell day of the Taylor Trading Technique cycle; this suggests we look for a two sided trade today. It spent much of the night in a channel between 2001.75 and 2004.50.
Sept. eMini NASDAQ Futures: Another TTT Sell day, another channel- here it’s between 4080 and 4086.
Dec. T Bonds: It’s rallying on a TTT Buy day; there’s Fibonacci retracement resistance at the session high of 138-19.
Dec. Euro: Breakout setup (ID, range contraction, doji). For reference prices use last Thursday’s low of 1.2921; on the upside use Friday’s high of 1.3005.
Dec. Swiss Franc: Another breakout setup; on the downside use Friday’s low of 1.0724.
Dec. Canadian Dollar: It sold off out of a breakout setup. Friday’s low of 9150 was the first downside breakout reference price; now I would watch for a break below the session low of 9140. Trade or Fade (my breakout trade advisory) has the downside breakout level at 9135 with a first target of 9104.
Dec. Gold: TTT Sell day. With the daily trend down, a break below 1262.80 (Friday’s post NFP low) could see downside follow through.
Dec. Silver: Another TTT Sell day. The rally was unable to clear old low resistance at 1935.5; there could be a bigger downside move if it breaks below the session low of 1917.
Oct. Sugar: Breakout setup; I would continue to watch Friday’s high and low as breakout reference prices.
Dec. Coffee: Good selloff out of a breakout setup; a daily trend line at 192.00 is the next downside target.
Nov. Natural Gas: Breakout setup. A downside move failed last night; is there more to the rally? Watch Friday’s high of 3.848.
Nov. Soybeans: TTT Sell day; will a break of the overnight low (1011-2) see downside follow through?
Dec. Wheat: Look for downside follow through if it remains below the Thursday low of 527-4.
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.
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.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.