Equities are staging a recovery in spite of weak and deflationary economic news (German ZEW survey, EU industrial production, UK CPI). There’s no US economic data due today. Crude oil is lower as there’s been no talk from OPEC about a production cut in the face of weak demand / economic growth. Soybeans are higher as wet weather delays the harvest, and background concerns about SA dryness around planting time.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell day- look for a rally, and we should likely anticipate a Sell Short day for Wednesday. There’s trend line resistance at the overnight high of 1881.00; the Fibonacci retracement level at 1884.75 would be next.
Dec. eMini Russell Futures: Another Taylor Trading Technique Sell day. Clearing MA resistance at 1060.10 would target yesterday’s high of 1064.50.
Dec. 10 Year T Notes: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated. Monday’s high of 127-12.5 is the SS day reference price. Treat shorts as a scalp only- the trend is up.
Dec. Euro: Consider shorting a break below the session low of 1.2645, looking for a downside breakout.
Dec. Canadian Dollar: Breakout setup (ID, NR7, doji). There was a downside breakout overnight; for the morning I would look to buy on a sustained move above 8891 (last Friday’s low).
Dec. Gold: It’s an “exit b.o. buys” / Taylor Trading Technique Sell Short day. 1238.00 is the reference price; last Thursday’s high of 1234.00 is a pivot point for extending a selloff.
March Sugar: Breakout setup. On the upside watch for a move above 16.79 (overnight high) and 16.86 (Fib level). On the downside use 16.52 as a reference price.
Dec. Cotton: Treat today as a breakout setup with the session high (65.50) and low (64.84) as reference prices.
Nov. Natural Gas: It’s an “exit breakout buys” day; the Monday high of 3.927 is the reference price for a Sell Short day move.
Dec. Live Cattle: Another “exit b.o. buys” day; I would consider shorting if it break below yesterday’s low of 165.95.
Dec. Lean Hogs: Breakout setup, watch the Friday low of 94.12 as the reference price for a downside breakout.
Nov. Soybeans: TTT Sell day; watch last week’s swing high of 955-0 as a pivot point for trend today.’
Dec. Wheat: Watch the 500 level as a pivot point today.
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.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.