Stocks were working lower after a weak earnings and sales forecast report from SAP and then IBM’s weak earnings added to the pressure. Trading has calmed down but it still feels tentative and nervous. There’s no economic data due today. Grains are falling as harvest weather improves in the Midwest.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell Short day. There was a high violation sale overnight (Friday high was 1891.75). From here there is resistance at 1883.50 and double bottom support at 1870.
Dec. eMini Russell Futures: Breakout setup. Watch the overnight low of 1071.30 as the reference price for a downside breakout; there’s MA support around there.
Dec. Yen: It’s a “cover breakout sales” day so a Taylor Trading Technique Buy day. Friday’s low of 9354 is the Buy day reference price; 9399 is the next rally objective.
Dec. Euro: Breakout setup (ID, NR7). Use the overnight high of 1.2795 and low of 1.2736 as reference prices for a breakout move.
Dec. British Pound: By the TTT we would anticipate a Sell Short day today however Friday’s NR4 makes a breakout move possible; that could go in either direction. Watch Friday’s high of 1.6119 as a reference price for either move- more upside move (breakout) if it stays above there or a Sell Short day if it fails.
Dec. Canadian Dollar: Breakout setup. Treat it as with the Euro- use the overnight high (8874) and low (8841) as breakout reference prices.
Dec. Australian Dollar: Breakout setup; it’s still within Friday’s range.
Dec. Gold: It’s attempting an upside breakout move after two doji days; the rally needs to clear last week’s swing high of 1250.50.
Dec. Silver: Breakout setup. Trade or Fade (my breakout trade advisory) has the upside breakout level at 1753.6.
Dec. Crude Oil: Breakout setup; watch 8175 (Friday low) and 8150 (Fibonacci retracement support) as reference prices for a downside breakout.
Nov. Soybeans: Looking for a TTT Buy day; watch the overnight low of 938-2 and 942-4 as potential reference prices for an upside reversal.
Dec. Wheat: Overnight selloff out of a breakout setup; do we see downside follow through today? The 505 area would be the next 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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