This afternoon I’m giving a webinar on the methods I use for my Swing Trader’s Insight advisory; you can register to attned HERE.
The ECB met today. In his press conference after the meeting, ECB President Draghi said the ECB will reassess the effect of their current stimulus after this quarter. The Euro staged a strong rally after this statement- do traders suspect stimulus will likely be slowed down that quickly? I have a hard time finding anything else that might be Euro-positive this morning, as the ECB cute GDP and inflation forecasts. In US mews, weekly jobless claims came in a bit higher than expected but this wasn’t especially important data with the Nov. employment report due tomorrow morning. (Average estimate is for an NFP gain of 230K after +214K in Oct). At 9:30 AM CT is the weekly EIA natural gas storage report; traders look for a withdrawal of 45 bcf last week.
Dec. EMini S&P Futures: It tested and then back off the last high at 2075.25- where does that leave it for today? I suspect we’ll see a two sided trade- buy breaks and sell rallies.
Dec. EMini Russell Futures: Taylor Trading Technique Sell Short day, look to sell a rally back to the 1179 area.
March T Bonds: It’s a TTT Sell day and Wednesday was an NR7- holding above 141-12 could extend a rally. Upside levels to watch are 141-19 and then 142-02. Keep an eye on the 10 year T Note as well; it has a more clear cut breakout setup.
Dec. Euro: Finally a TTT Buy day rally. There’s old low resistance at 1.2366. A rally should be a selling opportunity.
March Canadian Dollar: Breakout setup; watch the overnight high (8816) and low (8781) as breakout reference prices.
March Silver: It’s attempting to rally after two doji days, watch resistance at 1673.5 (50 day SMA).
March Coffee: Breakout setup (NR7, doji), continue to use yesterday’s high and low as reference prices.
Jan Crude Oil: Sell a break below Tuesday’s low of 66.67.
Jan. Natural Gas: Breakout setup; watch for a breakout trade opportunity after the 9:30 AM EIA report.
Jan. Soybeans: TTT Sell day and Wednesday was an NR4- look for an extension of the rally if it holds above the 1000 area. Tomorrow should be a Sell Short day.
March Wheat: TTT Buy day, watch the overnight low of 577-4 and the Wednesday low of 585-2 as reference prices. Key support is the 14 Nov. high of 567-4.
March Corn: Another TTT Sell day; there’s Fibonacci retracement resistance at 385-4. On strength we should be thinking about a Sell Short day for Friday.
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.
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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.
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