On Wednesday I’m giving a webinar on futures swing trading using the Swing Trader’s Insight methodology; register to attend HERE.
Weak October PMI data from China last night blunted the stock rally, although US stocks are loathe to trade lower. European PMI reports were mostly underwhelming as well. In the US we get the Markit manufacturing PMI at 8:45 AM CT; it is forecast to be down 1.4 to 56.1. At 9 AM is the October ISM manufacturing index; it is forecast to be down 0.6 to 56.0. Later this week we get the lead up to the October NFP on Friday and ECB and BoE meetings on Thursday.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell Short day; reference prices are 2016.75 and 2014.50. The ISM report at 9 AM has the potential for a breakout move.
Dec. eMini NASDAQ Futures: Another TTT Sell Short day. 4163.50 is the SS day reference price; the 4141 area could be a pivot point for a bigger selloff.
Dec. T Bonds: TTT Sell day, clearing trend line resistance at 141-21 could boost a rally.
Dec. Euro: Holding above the 3 Oct. low of 1.2506 helps a rally; think about a Sell Short day on a further rally.
Dec. Gold: TTT Sell day; look to short it on further rally.
Dec. Silver: Another TTT Sell day. There’s Fibonacci retracement resistance at 16.13; on a rally we should be thinking about a Sell Short day for tomorrow.
March Sugar: It’s a “cover breakout sales” day so a Taylor Trading Technique Buy day is anticipated; 16.00 is the reference price.
Dec. Crude Oil: TTT Sell day; 81.27 is the Sell day target.
Dec. Natural Gas: Treat today as a breakout setup with the overnight high (4.065) and low (4.007) as reference prices.
Jan. Soybeans: I would consider shorting a break below the overnight low of 1036-6; it’s a TTT Sell day but I think it could be ready for a selloff.
Dec. Soymeal: Breakout setup (NR4); use the overnight high (389.30) and low (382.20) as reference prices.
Dec. Bean Oil: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated. There’s Fib support at the overnight low of 34.40; a break should be a buying opportunity. On a selloff watch double top support at 33.80.
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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