US stocks are recovering today in spite of US Dollar strength. The Euro is getting pounded as the German IFO survey showed a bigger than expected drop in investor sentiment in September. In the US we get the August new home sales report at 9 AM CT; it is expected to be +4.4% at 430K, which would reverse a decline in July. At 9:30 AM is the weekly EIA petroleum inventory report; crude oil stocks are forecast to have risen by 300K barrels last week.
Dec. eMini S&P Futures: It’s on the Buy day of the Taylor Trading Technique cycle. The standard TTT reference price is 1968.25; it would be a big drop to get back there now. I might watch for a test of the overnight low at 1973.00 for a setup to get long, and 1978.00 has been resistance.
Dec. eMini NASDAQ Futures: Breakout setup (NR7, doji). Chart based breakout levels are 4061.00 and 4027.50. Trade or Fade (my breakout trade advisory) has breakout levels at 4053.20 and 4010.30.
Dec. T Bond Futures: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated; Wednesday’s high of 137-18 is the reference price (137-18 is also the level of the 50 day SMA).
Dec. Euro: Another “exit b.o. buys” / Taylor Trading Technique Sell Short day setup; watch Monday’s low of 128.24 as a pivot point for the selloff.
Dec. Swiss Franc: Sell Short day; watch last week’s low of 1.0610 as a pivot point for the selloff.
Dec. British Pound: Yet another “exit b.o. buys” / TTT Sell Short day setup; multiple Fibonacci retracement levels around 1.6335 make it a pivot point on the downside.
Dec. Gold: Sell Short day; from here I would watch the $1221 area as resistance.
Dec. Silver: Breakout setup. Yesterday’s low of 1761 is the reference price for a downside breakout; Monday’s low of 1732 is the first target.
March Sugar: TTT Sell day; 16.07 is the Sell day objective. Look to short it on a rally.
Nov. Crude Oil: It’s a TTT Sell day; 92.09 is the Sell day objective. Be alert for volatility around the 9:30 inventory report.
Nov. Natural Gas: A “cover b.o. sales” day means we should anticipate a Taylor Trading Technique Buy day today- 3.865 is the Buy day reference price with 3.902 the first rally objective.
Dec. Live Cattle: Taylor Trading Technique Sell Short day; I’m still watching the double bottom at 157.45.
Nov. Soybeans: Breakout setup. I’d like to see a breakout rally to be able to short it at a higher price.
Dec. Wheat: Another breakout setup. For the day session watch the overnight high of 481-6 as a reference price for the upside.
Dec. Soymeal: Breakout setup, watch the overnight low of 307.20 as the reference price for a downside breakout.
Dec. Bean Oil: Taylor Trading Technique Sell day; holding above the overnight high of 32.71 could encourage further rally.
Essential Guide for Futures Swing Trading
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