Markets are calming down a bit after comments from St. Louis Fed President Bullard’s comment that the Fed any delay its tapering if economic conditions warrant; there also were comments from ECB member Benoit Coeure, who said the ECB may start its asset purchase program “within days”. Fed Chair Yellen’s speech contained nothing about monetary policy and Sept. housing starts came in a better than expected for this volatile data series. At 8:55 AM CT we get the October Reuter’s/University of Michigan’s consumer sentiment index; it is forecast to be down 0.2 to 84.4.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell day; Thursday’s inside day / doji pattern indicates there could be a good rally today. Watch 1869.75 (Thursday high) as a pivot point for extending the rally; resistance is the overnight double top at 1878.75.
Dec. eMini NASDAQ Futures: Another TTT Sell day. As with the Spoos, watch the Thursday high (3786.50); there’s Fibonacci retracement resistance around there as well. 3806 is the next rally objective.
Dec. Yen: Breakout setup (ID, range contraction, doji); watch 9409 as the reference price for a downside breakout.
Dec. Euro, Swiss Franc: Both markets showed breakout setups for Friday however if they’re still within Thursday’s relatively large range by this late into the session I suspect they may consolidate for another session.
Dec. British Pound: It’s a Taylor Trading Technique Sell Short day. 1.6089 is the SS day reference price and there’s resistance at 1.6119 (2o day EMA.)
Dec. Canadian Dollar: TTT Sell Short day, although we need to be careful after Thursday’s inside day and doji. 8892 is the SS day reference price.
Dec. Gold: Breakout setup. On the downside watch Thursday’s low of 1235.20, on the upside start with the overnight high of 1242.10.
Dec. Coffee: Good selloff out of a breakout setup, a close below the 211.00 area could signal a bigger downturn.
Dec. Cotton: Breakout setup- look to be short if it’s below 63.29.
Dec. Live Cattle: Watch the overnight high of 165.70. There’s Fib resistance there; a failed rally there would be a short sale opportunity.
Nov. soybeans: The overnight low of 960-6 was a reference price for a selloff this morning; the next downside level to watch are the 7 Oct. high of 955-0 and then 947-4.
Dec. Wheat: Taylor Trading Technique Sell Short day. 518-2 is the reference price and 512-4 is the first downside target.
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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