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Home / Futures Blog / Swing Trader’s Insight Futures Watch List for November 26

Swing Trader’s Insight Futures Watch List for November 26

November 26, 2014 by Scott Hoffman

Early US economic data was disappointing as October durable goods orders were weak, ex-transportation and jobless claims were higher than expected. At 8:45 AM CT is the Chicago PMI for November which is forecast to be -3.0 to 63.2. At 9 AM CT is the Reuter’s/University of Michigan’s consumer sentiment index which is expected to be +0.6 to 90.0. The EIA releases its weekly reports today. At 9:30 AM is petroleum inventories; traders look for a gain of 500K barrels of crude last week. At 11 AM is the natural gas storage report; the estimate is for a withdrawal of 140 bcf last week. OPEC is meeting in Vienna and their communique is expected to be released around 9 AM tomorrow. It’s Thanksgiving Day but energies will be trading on Globex, so volatility is a definite possibility tomorrow.

It’s FND for Treasuries and metals tomorrow; I’ll be rolling over for the next STI.

Dec. eMini S&P Futures:  Yesterday it had a breakout setup and closed with a doji and I would anticipate another “mean reversion” day- buy breaks and sell rallies. A break below 2065.00 could target yesterday’s low to 2061.50. I would be more cautious about the short side; the daily trend is up and it’s likely a matter of time before it breaks out to the upside again.

Dec. eMini Russell:  Breakout setup (NR7, doji) although I think the odds are low for a breakout move today.

Dec. Yen:  It’s a Taylor Trading Technique Sell day, with resistance at 8522 (daily swing high) and 8536 (Fibonacci retracement level). Anticipate a TTT Sell Short day for Thursday / Friday.

Dec. Euro:  Sell Short day. There’s resistance at 1.2514; watch the Tuesday high of 1.2489 as the reference price.

Dec. British Pound:  It broke out above the recent double top at 1.5736. It’s also on a Sell Short day signal; I would consider shorting a break below the last intraday low of 1.5762- for a scalp only.

Dec. Silver:  It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated. Watch 1646 (Fibonacci retracement level) as a pivot point on the downside.

March Cocoa: It’s a TTT Buy day and Tuesday was an inside day- could it make an upside breakout today? Consider buying a rally above 2878, playing for a breakout.

Jan. Crude Oil:  It’s a “cover b.o. sales” / TTT Buy day. 73.71 is the Buy day reference price; we can also watch the 14 Nov. low of 73.22. The EIA inventory report is out at 9:30 AM; be ready for volatility after it.

Jan. Natural Gas:  TTT Sell Short day. 4.444 is the reference price; we can also watch a Fibonacci retracement level at 4.422 as a pivot point. The weekly NG storage report is out at 11 AM CT; be alert for a potential breakout move after it.

Feb. Lean Hogs: TTT Buy day, 89.25 is the reference price. Be careful with longs- the trend is turning down.

Jan. Soybeans:  It’s an “exit b.o. buys” / TTT Sell Short day. 1054-0 is the reference price. On the downside watch 1045-0 (overnight low and a Fib level) and then 1040-0.

March Wheat:  It’s an exit breakout buys day today. On a further rally watch the 14 November high of 567-4 as a pivot point.

Dec. Soymeal:  Another “exit b.o. buys” / TTT Sell Short day. Watch 375.80 as the reference price; I would also consider selling another break below the overnight low of 373.60.

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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