The Eurozone posted a low CPI figure for September, bolstering speculation that the ECB will boost stimulus. Unrest in Hong Kong remains peaceful however a holiday weeks begins tomorrow in China and there are fears that protests may grow, raising fears of a crackdown. In US news, the S&P / Case-Shiller home price index showed a sharp drop in July- its old data, but troubling. At 8:45 AM CT is the September Chicago PMI; it is expected to be down 2.3 to 62.0. At 9 AM is the Conference Board’s consumer confidence index for September, which is expected to be +0.1 to 92.5.
Dec. eMini S&P Futures: By the Taylor Trading Technique I have today as a Sell Short day; 1977.00 is the reference price. Make sure there’s downside momentum before shorting it.
Dec. eMini NASDAQ Futures: Another Taylor Trading Technique Sell Short day. 4051.25 is the reference price; we can also watch the Fibonacci retracement level at 4058.50 as a pivot point.
Dec. T Bond Futures: It’s a Taylor Trading Technique Sell day so a consolidation day is anticipated. Watch the 137-30 as a trend reference price today and there’s trend line support at 137-27.
Dec. Yen: Breakout setup; look to be short below Monday’s low of 9117.
Dec. Euro: It already made a big downside move out of a breakout setup; there really aren’t any obvious objectives on the chart. Trade or Fade (my breakout trade advisory) has the second downside objective.
Dec. Canadian Dollar: It has a breakout setup (NR7, doji) however it sold off and came back into Monday’s range- what’s next?
Dec. Gold: Another market that saw an overnight downside move out of a breakout setup and it likely cleared out a lot of weak longs- will there be more upside from here? 1218.50 will be resistance on a rally. The daily trend is still down but I’m keeping an eye out for a bottom.
Dec. Silver: Another market with a selloff out of a breakout setup; watch 1227.0 (last week’s low) as a pivot point this morning. If you want to look for a metal to buy, I would choose gold over silver, although neither has a bottom in yet.
March Sugar: Good start to a Taylor Trading Technique Sell Short day; there was a high violation sale overnight. A break should represent a buying opportunity.
Nov. Crude Oil Futures: Taylor Trading Technique Sell Short day. 94.64 is the SS day reference price; watch 94.12 as a pivot point for a selloff.
Nov. Natural Gas: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated. . A selloff should be a buying opportunity- the daily trend is up.
Dec. Live Cattle: Sell Short day, scalp only. The daily trend is still up so be careful with shorting it- I’m watching to see if it can break below the previous contract high of 163.87.
Grain Futures: There’s a quarterly stocks report from the USDA coming out at 11 AM CT today. I’ve read that wheat is the most likely market to see volatility after the report.
Nov. Soybeans: It’s a TTT Sell day, although any rally appears to be a shorting opportunity these days.
Dec. Wheat: I’d look to short it on a break below the session low of 475-0.
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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