OPEC’s inability to agree on production cuts crushed the crude oil market and is weighing on a number of other commodities. There wasn’t any top tier economic data released overnight; the traders who are present will likely focus on where crude oil goes next and the early report on Black Friday sales. Weekly grain exports came in better than expected for corn and soybeans; this is counterbalanced by a stronger USD and the deflationary effect of the selloff in crude. Market close early today.
Dec. eMini S&P Futures: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated. That being said, I wouldn’t be surprised to see a consolidation day today, and I might be interested in buying a break. Watch the 2067.50 area as a pivot point this morning.
Dec. eMini NASDAQ Futures: Another “exit b.o. buys” / TTT Sell Short day; wait for downside momentum before shorting it. 4323.75 is the reference price.
March T Bonds: Trade or Fade (my breakout trade advisory) labeled today a “Trade” (breakout) day with an upside breakout level at 142-07 targets of 142-19 and 143-02. On the chart there’s a Fibonacci retracement pivot point at 142-22.
Dec. Yen: By the Taylor Trading Technique it’s a Sell Short day while Wednesday’s NR7 also gave it a breakout setup. At this time I’d watch trend line support at 8447 as a pivot point for extending the selloff.
Dec. British Pound: Another “exit breakout buys” TTT Sell Short day; the next downside target is 1.6555. At this point I wouldn’t be chasing the short side; rather I’d start to anticipate a Buy day for Monday.
March Cocoa: Sell Short day. 2884 was the reference price; the 2850 area is support / pivot point for the selloff.
Feb. Live Cattle: TTT Sell Short day; look to be short below the 169.00 area.
Feb Lean Hogs: Breakout setup- watch 89.22 on the downside and 89.95 up.
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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