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Home / Futures Blog / Swing Trader’s Insight Futures Watch List for October 23

Swing Trader’s Insight Futures Watch List for October 23

October 23, 2014 by Scott Hoffman

Decent manufacturing PMI reports from China and Europe boosted the markets last night. In the US, weekly jobless claims rose by more than expected however the increase follows a big drop last week. At 8:45 AM CT we get the US manufacturing PMI; it is expected to be down 0.9 to 57.0 (The PMI has largely been supplanted by the ISM index but it’s still a data point today.) At 9:30 AM CT is the weekly EIA natural gas storage report; traders look for another above average injection of 97 bcf last week.

Dec. eMini S&P Futures:  Wednesday was an NR7 day so we should anticipate a breakout move- look to buy a rally above 1943.75 (Weds. high) or a break below 1920.25 (Weds. low).  By the Taylor Trading Technique today is a Buy day; I might also look to buy a failed selloff.

Dec. eMini NASDAQ Futures:  Also had an NR7 yesterday so we should anticipate a breakout move. Use the overnight high of 3985.75 as the reference price for an upside breakout. Trade or Fade  (my breakout trade advisory) has the upside breakout level at 3992.2

Dec. eMini Russell Futures:  Taylor Trading Technique Buy. There was a low violation buy overnight. It might be too much of a reach for it to get back down that far today- watch support in the 1098 area and 1103.50 as a pivot point for extending the rally.

Dec. Yen:  This is what makes trading the currencies so tough. I was looking for a selloff yesterday but it ended up with a doji and NR7, giving a breakout setup for today. Then the anticipated selloff came, but it was at 3 AM Chicago time. There’s a significant Fibonacci retracement level at 9307 and a close under there is bearish for the longer term trend.

Dec. Euro:  Taylor Trading Technique Buy day. 1.2641 is the Buy day reference price; watch 1.2675 as a pivot point for the rally.

Dec. British Pound:  It’s a “cover breakout sales” day so a TTT Buy day is anticipated. There was a double top at the most recent high of 1.6033; watch that as a resistance / pivot point on a rally.

Dec. Gold:  The NR4 breakout setup trumped a TTT Buy day signal for today; yielding a downside breakout, and it’s testing support at 1233.80 (20 day EMA). The market’s inability to stay above $1250 is disappointing for the bullish case.

March Sugar:  Breakout setup. Downside breakout reference prices are 16.36 (Tues. low and Fib support) and then 16.28 (16 Oct. low).

Dec. Cotton:  Another breakout setup; watch 62.10 (Tuesday low) as the reference price for a downside breakout.

Dec. Crude Oil:  “Cover b.o. sales” / Taylor Trading Technique Buy day.  80.22 was the Buy day reference price; the 81.55 area is the next rally target.

Dec. Natural Gas:  Breakout setup. Trade or Fade has the first downside objective at 3.661. The weekly EIA NG storage report is out at 9:30 AM: Be cognizant of the potential for volatility after it and keep an open mind as to direction.

Dec. Live Cattle:  It’s a TTT Sell day. Wednesday’s inside day and range contraction could give an upside breakout today- look to be long above 168.47 with a target of 169.75.

Nov. Soybeans:  Buy day. 960-2 is the Buy day reference price; upside levels to watch are 967-4 and then 969-4.

Swing Trader's Insight Essential Reference Guide Cover

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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Risk Disclosure

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.

Filed Under: Swing Trader's Insight

About Scott Hoffman

Scott graduated from the University of Chicago in 1986 with a degree in Economics. After graduation, Scott worked on the floor of the Chicago Mercantile Exchange then moved upstairs, serving as the personal broker to a former chairman of the Chicago Board of Trade. There, he worked as a broker and margin manager, starting up the firm’s full service brokerage division.

Today, Scott serves as an educator and mentor for new traders, and as a trading partner and ally for experienced traders. The breadth and depth of Scott’s knowledge make him the “go to guy” for both retail and institutional traders.

Scott also publishes two futures advisories, Swing Trader’s Insight and Trade or Fade. He also writes the futures trading blog at www.futuresinsightblog.com. Scott has written articles for a number of futures publications and has done numerous futures trading seminars, including seminars for both the CBOT and CME.

Scott offers his customers the knowledge he has gained from his more than 25 years of experience in the futures business. Scott is accepting new clients at this time.

Scott lives in suburban Chicago with his wife and three children. In his free time he enjoys coaching his children’s sports and various other athletic activities.

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Risk Disclosure

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.

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