European stocks opened higher after the EU bank stress test results were deemed positive but things turned lower after the October German Ifo survey came in weaker than forecast; Rousseff’s victory in Brazil was also a negative. Grain futures continued Friday’s decline as the harvest rolls on. There’s no significant US data due today.
Dec. e Mini S&P Futures: It’s a Taylor Trading Technique Sell Short day. 1961.25 is the SS day reference price; 1950.75 is the first downside target (100 day SMA) and 1943.00 is next.
Dec. eMini NASDAQ Futures: Another TTT Sell short day; 4038.50 is the reference price.
Dec. eMini Russell Futures: Breakout setup (ID, NR7, doji). Trend line support at 1110.00 was the first downside breakout level; the Fibonacci retracement level at 1106.10 and then Friday’s low of 1105.00 are next.
Dec. T Bonds: Breakout setup (ID, NR7, doji). The first upside breakout level is 142-05 (MA resistance); Friday’s high of 142-17 is Fib resistance. The 5 and 10 year T Notes have breakout setups as well.
Dec. Euro: Breakout setup (NR7); I would look to short if it breaks below the session low of 1.2669.
Dec. British Pound: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated. 1.6092 is the reference price; we can also watch 1.6104 as a pivot point (20 day EMA).
Dec. Gold: Breakout setup. On the upside watch 1233.00 and then 1234.70; on the downside use last Thursday’s low of 1226.30.
March Sugar: Breakout setup. Look to short another break below 16.00 or buy if it regains Friday’s low of 16.23.
Dec. Crude Oil: Downside move out of a breakout setup. Look to be short under 80.00; the 16 Oct. low of 79.10 is the next downside target.
Jan. Soybeans: It’s a TTT Buy day but we need to wait for bullish momentum before going long. The Fib level at 976-2 is a pivot point; watch 981-0 to 982-4 as the reference price for the Buy day.
Dec. Wheat: TTT Buy day; watch 517-2 as the reference price.
Dec. Corn: Another TTT Buy day; 352-2 is the reference price.
Dec. Soymeal: Breakout setup (NR4, doji); watch the overnight high of 350.20 and low of 346.00 as the reference prices.
Essential Guide for Futures Swing Trading
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