The Scottish vote is over and today is Alibaba’s IPO- will there be interest in trading futures today? There’s really no significant data today. At 9 AM CT is the August Leading Economic Indicators, which is forecast to be +0.4% after a big 0.9% rise in July. At 2 PM the USDA releases cattle on feed report.
Dec. eMini S&P Futures: Thursday was a rally out of a doji; anticipate an “exit breakout buys” / Taylor Trading Technique Sell Short day today. Yesterday’s high of 2005.50 is the SS day reference price and you can also watch the overnight swing low at 2007.50 as a reference price. Downside levels to watch are 2004.50 (daily trend line) and 2002.75 (9/3 swing high).
Dec. eMini NASDAQ Futures: It has the same “exit b.o. buys” / TTT Sell Short day as the Spoos; watch the 3 Sept. high of 4106.00 as a reference price.
Dec. eMini Russell: By the TTT I would still be looking for a Sell Short day however Thursday was an NR4 day, and a breakout move could go in either direction. There’s trend line resistance at 1161.00; on the downside the first level to watch is 1158.25 (Fibonacci retracement level).
Dec. 10 year T Notes: Breakout setup (doji, range contraction). Thursday’s high of 123-30.5 is the reference price for an upside breakout, although the strong daily downtrend makes it difficult to be really enthusiastic about the long side. The next upside level to watch would be 124-02.
Dec. Euro: It’s a TTT Sell day however it’s in a strong daily down trend- will the selloff see more follow through? Watch the 9 Sept. low of 1.2871 as a pivot point this morning; Thursday’s low of 1.2843 is the next target / pivot point.
Dec. British Pound: Today is a great example of a “buy the rumor, sell the fact” trade as Cable gapped higher on the open last night and then proceeded to head straight down. In last night’s edition of Swing Trader’s Insight the comment was “exit breakout buys, Sell Short day” which is what we got. I’m not sure I’d still be shorting it down here- it’s a long way off last night’s high and the trend is neutral.
Dec. Australian Dollar: Breakout setup, watch yesterday’s high of 8942 and low of 8873 as reference prices.
March Sugar: It gapped lower on the open and then rallied. Hopefully this rally will see follow through to give us an opportunity to short it at a decent price.
Nov. Crude Oil: It’s a “cover breakout sales” day so a TTT Buy day is anticipated; yesterday’s low of 91.81 is the Buy day reference price. Treat any longs (if we get a signal) as a scalp trade only.
Nov. Soybeans: It’s another “cover b.o. sales” / TTT Buy day however breaking below the 11 Sept. low of 969-4 kept the pressure on. Look to go long only if we see upside momentum.
Dec. Corn: There’s a double bottom at 355-6; that’s our reference price for today.
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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