In comments published in a Lithuanian newspaper, ECB President Draghi told the Lithuanian business newspaper Verslo Zinios that the Eurozone recovery “seems to have lost momentum recently” and that “clear risks” to growth include heightened geopolitical tensions and insufficient structural reforms. He also the ECB stands ready to use “additional unconventional instruments” to further address the risk of a prolonged period of low inflation. This put renewed pressure on the Euro and boosted EU stock markets, which are coming to the idea that the selloff in the Euro will boost European exports. US economic data was mixed; jobless claims rose less than expected while August durable goods orders (a volatile data series) fell by less than expected. The weekly EIA natural gas storage report is due at 9:30 AM CT; expectations are for an injection of 95 bcf last week.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell day; this suggests we should anticipate a two sided trade today. The Sell day objective is 1992.50 with overnight double bottom support at the session low of 1986.75.
Dec. eMini Russell Futures: Another Taylor Trading Technique Sell day; a break under moving average support at 1120.60 (overnight low) could extend a selloff.
Dec. T Bond Futures: TTT Buy day, so we should look for a rally. Wednesday was an inside day- will a move above the Wednesday high of 137-18 start an upside breakout move? 137-30 would be the first rally objective. There’s a TTT buy day / breakout setup combination in the 10 year T Note futures as well.
Dec. Yen: There have been three consecutive doji days- look to short it on a break below last week’s low of 9143.
Dec. Euro: It’s a “cover breakout sales” day so a TTT Buy day is anticipated- did last night’s selloff exhaust the short side? Watch the last overnight high of 1.2743 as a Buy day reference price; use a stop under the last session low at 1.2715.
Dec. British Pound: It’s a TTT Buy day however yesterday’s inside day gave a downside breakout first. Now I would look to be long above 1.6316; clearing Fibonacci retracement resistance at 1.6334 could extend a rally.
Dec. Gold: It sold off out of a breakout setup; watch 1208.80 (Monday low) as a pivot point for another extension of the selloff.
Dec. Silver: There’s an overnight double bottom at 1739.5; if that’s breaks the next stop would be 1732.5 (Monday low).
Nov. Crude Oil: TTT Sell Short day. 93.29 is the reference price and there’s trend line resistance at 93.48. I would view a break as a buying opportunity.
Nov. Natural Gas: TTT Sell day; look for a potential breakout move after the 9:30 AM EIA NG storage report.
Dec. Lean Hogs: There was an overnight selloff out of a breakout setup; watch the Fib level at 93.60 as a pivot point for a selloff.
Dec. Wheat: Sell Short day- sell a break below the overnight low of 476-2?
Dec. Corn: Sell day; look to sell a test of broken support at 335-6 if the rally can continue.
Essential Guide for Futures Swing Trading
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