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
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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