Stocks are higher on follow through from Friday’s US employment report; they also got a boost as the protests in Hong Kong appear to be dwindling without violence. The US Dollar is lower on profit taking; this is boosting commodity prices. Grain futures are higher on concerns that we may be moving to a wetter weather pattern, which would slow harvest pressure.
Dec. eMini S&P Futures: By the Taylor Trading Technique it’s a Sell Short day, 1964.50 is the “official” reference price. For the day session I would use the overnight high of 1970.50; the 20 day EMA provides a pivot point there as well. Watch the Fibonacci retracement level at 1966.50 for longer term trend indication.
Dec. eMini NASDAQ Futures: Another Taylor trading Technique Sell Short day. Friday’s high of 4034.75 is the SS day reference price; there’s trend line resistance around there as well.
Dec. eMini Russell Futures: TTT Sell Short day; although an NR4 on Friday could mean a breakout move (which potentially could go in either direction).
Dec. T Bond Futures: Taylor Trading Technique Sell day; look for a two sided trade today.
Dec. Euro: It’s a “cover breakout sales” day so a TTT Buy day is anticipated. Last Tuesday’s swing low of 1.2578 is a pivot point; the 1.2600 area would be the next rally objective. Treat longs as a scalp only.
Dec. Gold: Another “cover b.o. sales” / TTT Buy day; but don’t get married to the long side. Resistance is $1200 area and then $1204.
March Sugar: It’s an “exit breakout buys” day; a Taylor Trading Technique Sell Short day often follows however there’s no sign of downside momentum (yet). Last week’s high of 16.94 is the next upside reference price. A selloff should represent a buying opportunity.
Nov. Crude Oil: Watch Friday’s low of 89.36 as a reference price – either for a TTT Buy day or a downside breakout (Friday was an NR4). We can also watch the 11 Sept. low of 89.56 as a reference price.
Nov. Soybeans: TTT Buy day; watch last week’s high of 930-0 as a pivot point for the upside.
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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