The OECD called for further easing by the ECB due to weak EZ growth and the risk of deflation; this gave stocks a bit of a bid. In economic news, US GDP for Q3 saw a big upward revision to 3.9% (compare that to today’s report of a +1.2% y/y GDP in Germany). Traders had forecast a decline from the original 3.5% reported. The Case-Shiller / S&P home price index showed a gain in September after four straight months of decline. At 9 AM CT is the Conference Board’s consumer confidence index for November; it is forecast to be up 2.0 to 96.5.
Dec. eMini S&P Futures: Treat Friday’s high of 2072.25 as a pivot point- look to buy if it’s above there (breakout setup, Monday was an ID, NR4 day) or consider shorting a failed rally above it (for a Taylor Trading Technique Sell Short day trade).
Dec. eMini Russell Futures: Same setup combination as with the S&Ps; use the 13 November high of 1190.50 as the pivot point.
Dec. T Bonds: After a failed attempt to rally above the 142-09 double top, will the downside see follow through? I would look to be short if it’s below 142-07 (Monday high) with downside targets of 141-28 and 141-24.
Dec. Euro: It’s only the Sell day of the Taylor Trading cycle however I would consider shorting on a break below 1.2400.
Dec. Gold: Breakout setup (ID, NR7). It’s bearish under 1192.20; watch 1189.50 (20 day EMA) as the next reference price for a downside breakout.
March Cocoa: It’s an “exit breakout buys” day so a Taylor Trading Sell Short day is anticipated. A break below the 2850 level could extend a selloff.
Jan. Crude Oil: TTT Buy day, although there hasn’t been a clear buy setup (yet). The 75.50 area is support; 76.22 is first resistance.
Jan. Soybeans: There was an overnight rally out of a breakout setup. For today I would watch the 1240 area as a pivot point for the rally, while holding above the Fibonacci retracement level at 1045-0 would encourage further upside.
March Wheat: A straight TTT count would label today a Buy day, but it has a breakout setup as well (Monday was an ID, NR7 day). For the day session I would use the overnight range as breakout reference prices- consider buying if it rallies above 551-0 (overnight high) or sell a break of 546-0 (overnight low).
Jan. Soymeal: TTT Buy day and Monday was an NR7- will a day session rally over 369.70 (Monday high) see follow through?
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.
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 TRADING SYSTEM, NEWSLETTER OR OTHER SIMILAR SERVICE. DANIELS TRADING DOES NOT GUARANTEE OR VERIFY ANY PERFORMANCE CLAIMS MADE BY SUCH SYSTEMS OR SERVICE.
GLOBAL ASSET ADVISORS, LLC (“GAA”) (DBA: DANIELS TRADING, TOP THIRD AG MARKETING AND FUTURES ONLINE) IS AN INTRODUCING BROKER TO GAIN CAPITAL GROUP, LLC (GCG) A FUTURES COMMISSION MERCHANT AND RETAIL FOREIGN EXCHANGE DEALER. GAA AND GCG ARE WHOLLY OWNED SUBSIDIARIES OF STONEX GROUP INC. (NASDAQ:SNEX) THE ULTIMATE PARENT COMPANY.
