The October employment report didn’t quite reach (lofty) expectations although any month with plus 200K job growth is good news for the economy. In the longer run it’s probably the best kind of news (strong enough for growth but not so strong as to raise worries about wage inflation) but given this week’s advance, is it enough to extend the rally today? There are no other economic releases today; Fed Chair Yellen is speaking at a panel discussion about policy since the economic crisis and will be taking questions; that is scheduled to begin at 9:15 AM CT.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell Short day; 2028.75 is the reference price. The longer term trend is up- be careful with shorts and don’t try to sell into strength.
Dec. eMini NASDAQ Futures: Taylor Trading Technique Sell day so the rally isn’t a surprise. Watch 4176.25 (Weds. high) as a pivot point this morning.
Dec. T Bond Futures: It’s a “cover breakout sales” day to a TTT Buy day is anticipated; 1140-15 is the reference price. There are equivalent “cover b.o. sales” / TTT Buy day setups in the 5 and 10 years.
Dec. Euro: TTT Buy day, scalp only. 1.2367 is the reference price.
Dec. Canadian Dollar: Breakout setup (ID, NR4). Look to be long above 8779; clearing the 8800 could help a rally.
Dec. Gold: Breakout setup; watch the 1150 area as the reference price for an upside move. On the downside watch 1145 and then 1142.
March Sugar: It gapped higher on the open today and then sold off- look to get short if it’s under 15.63.
Dec. Cotton: Sell Short day; sell a break below the session low of 62.85.
Dec. Crude Oil: Breakout setup; watch 79.00 and then 79.35 as reference prices for an upside breakout.
Dec. Live Cattle: A move under 164.90 (Weds. low) could lead to a downside breakout.
Dec. Wheat: Overnight it sold off out of a breakout setup- will it see follow through today? The next downside targets would be 510-4 and then 506.
Dec. Soymeal: It’s an “exit breakout buys” day (read my post about that HERE) so a TTT Sell Short day is anticipated today. It’s already $10 below the overnight high and the daily trend is up- will there be more downside today?
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.
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.
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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 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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