European stocks got a boost after Ukrainian President Poroshenko said that Russia has withdrawn more than 70% of its troops from his country. There was no significant data released last night and none due from the US today. At 9:30 AM CT is the weekly EIA petroleum inventory report; crude oil stocks are forecast to have fallen by 1.5 million barrels last week. At Noon CT we’ll get the results from a 10 year T Note auction.
Stock Index Futures: Roll over to the December contract for Thursday’s trade.
Sept. eMini S&P Futures: “cover breakout sales” day so a Taylor Trading Technique Buy day is anticipated- use the overnight low of 1985.50 and Tuesday’s low of 1983.25 as reference prices. On the upside watch last Thursday’s low of 1988.25 as a pivot point.
Sept. eMini NASDAQ Futures: Another “cover b.o. sales” / TTT Buy day; watch last Thursday’s low of 4052.00 as a reference price.
Dec. T Bonds: The selloff continues, today out of a breakout setup (NR4). 137-24 is a significant Fibonacci retracement pivot level and the downside breakout is testing support at the 137-08 level (50 day SMA). Trade or Fade (my breakout trade advisory) has the downside breakout level at 137-05 with a first downside target of 136-21.
Dec. Euro: It’s a TTT Sell day; as the daily trend is down I would consider getting short if it’s below the Fibonacci retracement level of 1.2922.
Dec. British Pound: Breakout setup (doji, range contraction); use yesterday’s high of 1.6144 and the overnight low of 1.6039 as reference prices.
Dec. Gold: Breakout setup (NR4), ROC is at a relatively high level and the daily trend is down- don’t be in a hurry to buy it.
Dec. Cocoa: Sell day; it can’t clear the Fibonacci retracement level at 3807. I’d short it on a break below the session low of 3054.
Dec. Cotton: Sell Short day. Yesterday’s high of 65.87 lines up with Fib resistance at 65.83.
Oct. Crude Oil: Sell Short day; Monday’s low of 91.80 is the next downside target. Be alert for a potential breakout move after the 9:30 AM inventory report.
Oct. Live Cattle: Use the previous contract high of 160.75 as a pivot point today- maybe a quick selloff if it remains below there?
Grain Futures: There’s a USDA supply / demand report out at 11 AM CT on Thursday.
Nov. Soybeans: TTT Buy day- scalp only. Yesterday’s low of 992-0 is the reference price; the first rally objective is the 1000 to 1001-2 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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