Equities are rebounding from yesterday’s rout, which was in response to Wednesday’s rally. We may see a quiet session today; there’s no major data scheduled today. Nike and Micron Technologies earnings are boosting US equities, and the USD continues its rally. A measure of German consumer confidence fell in October, which kept the pressure on the Euro. In US news, 2Q14 GDP was left at 4.6% in the final revision. At 8:565 AM is the Reuters/University of Michigan’s consumer sentiment index for late September; it is forecast to be unchanged at 84.6. At 2 PM is a quarterly USDA Hog and Pig crop report. Grains are lower as traders look for corn and soybean harvest to accelerate and we hear stories of astounding yields. Trade finance problems in China add to the pressure as does the strong USD.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Buy day. Look for support in the low 1960s; the 1968 double bottom will be resistance/ pivot point for a rally.
Dec. eMini Russell Futures: Treat today as a Taylor Trading Technique Sell day after yesterday’s recovery rally off the 1100 area. Watch the Weds. low of 1108.90 as a pivot point for a rally today; 1112.40 will be the next upside objective.
Dec. T Bonds: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day can be anticipated; 138-00 is the SS day reference price. 137-30 is a significant Fibonacci retracement level and an indication for longer term trend.
Dec. Yen: It’s an “exit breakout buys” / TTT Sell Short day. There was high violation sale overnight; will today be the day it breaks below the recent low at 9143?
Dec. Gold: Treat today as an “exit b.o. buys” / TTT Sell Short day. I would look to be short below $1220- sell a break of the 1215.10 low?
Dec. Cocoa: Will there be more downside today? I like the long side but we need to make sure it wants to be heading higher before going long. The 3300 area should be support.
Nov. Crude Oil: Breakout setup, reference prices are 93.54 and 92.05. Trade or Fade (my breakout trade advisory) has the upside breakout level at 93.31 with a first target of 94.14.
Nov. Natural Gas: Taylor Trading Technique Sell Short day; 4.017 is the reference price with targets of 3.968 and 3.943. A weak close would mean we should anticipate a Buy day for Monday.
Dec. Live Cattle: Sell Short day, 159.85 is the reference price. The 159.15 area has been the middle of the recent range; is it ready to move away from there?
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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