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There weren’t any significant economic releases overnight, leaving traders to continue to ruminate on yesterday’s selloff. Weak German data and the IMF’s cut of global growth forecasts are weighing on sentiment. There’s also talk about the end of Fed asset purchases; we may get more clarity on that when the FOMC releases the minutes of its latest meeting; we get that at 1 PMCT. The only other data due today is the weekly EIA petroleum inventory report; crude stocks are forecast to have risen by ~1.4 million barrels last week.
Dec. eMini S&P Futures: It’s a “cover breakout sales” day so a Taylor Trading Technique Buy day is anticipated. First support is 1930.00; watch the overnight low of 1925.75 as a potential Buy day reference price. There’s resistance at 1933.50; clearing that area could target 1939.
Dec. eMini Russell: Looking for a Taylor Trading Technique Buy day move. 1069.80 is the “official” Buy day reference price; cautious traders could watch for a rally back above last week’s swing low of 1072.00.
Dec. T Bond Futures: “Exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated (flip side of the Spoos). 140-25 is the SS day reference price; watch 140-16 (previous contract high) as a pivot point for a selloff. A break should be a buying opportunity.
Dec. Euro: Treat today as a breakout setup- watch 1.2691 (overnight high) as the reference price on the upside; the first downside level to watch is 1.2644 (most recent overnight swing low).
Dec. British Pound: Breakout setup. It’s still within Tuesday’s range so we can use yesterday’s high and low as breakout reference prices.
Dec. Canadian Dollar: Another breakout setup; I would look to short a break under yesterday’s low of 8915.
Dec. Gold: The breakout setup (NR4) trumped the TTT Sell Short day signal as it continues to show strength above Tuesday’s high (for now). I would continue to watch the 1215 to 1214 area as a pivot point for today- either as a support for another rally or a failure for a TTT Sell Short day move.
Dec. Cocoa: It’s a “cover b.o. sales” / TTT Buy day; clearing Fibonacci retracement resistance at 3074.
March Sugar: Selloff out of a breakout setup. A break should be a buying opportunity; support is in the 1660 to 1650 area.
Dec. Coffee: It’s a TTT Buy day. An early session break held at old high support in the 21100 area; stay long above 218.25.
Nov. Crude Oil: From here I would treat today as a breakout day- watch the last overnight high of 88.38 on the upside and the overnight low of 87.39 down. Watch for volatility after the 9:30 AM inventory report.
Dec. Live Cattle: It’s an “exit breakout buys” day so we should anticipate a TTT Sell Short day. Watch last Friday’s swing high of 167.67 as a reference price for a selloff- shorts should be a scalp only.
Dec. Wheat: It’s a Taylor Trading Technique Sell Short day; 509-4 is the reference price. I would watch for a break below 502-0 (overnight low) as well.
Essential Guide for Futures Swing Trading
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