China posted a lower than expected CPI in November; this took away some of the sting from Monday’s loan standards tightening measure. Crude oil fell again overnight as OPEC cut its demand estimate for 2015. The weekly EIA petroleum inventory report is due at 9:30 AM CT; traders look for crude oil stocks to have fallen by 2.8 million barrels last week. There’s no significant US economic data due today; at Noon CT we get the results of a 10 Year T note auction. There’s also a USDA ag report at 11 AM.
Dec. EMini S&P Futures: It’s a Taylor Trading Technique Sell day, which suggests we look for a rally. For the upside objective use Tuesday’s day session high of 2060.75. Clearing broken overnight support at 2055.25 could help a rally; then there’s a double top at the overnight high of 2060.00.
March T Bond Futures: It’s a Taylor Trading Technique Sell Short day; 143-22 is the reference price. I might skip the Sell Short day today and look for an anticipated Buy day for Thursday.
March Euro: TTT Sell Short day. I would look to short it if it drops back under old low support at 1.2368.
March British Pound: Treat today as a breakout setup; look to go long if it rallies above yesterday’s high of 1.5706.
Feb Gold: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated. Bulls could use lower prices as a buying opportunity; the 1 Dec. high of 1221.00 should be support.
March Silver: As with the gold, it’s an “exit breakout buys” / TTT Sell Short day. The 1 Dec. high of 1681 should be support.
March Sugar: It gapped higher overnight. Treat today as a breakout setup; use the overnight high of 15.62 and low of 15.49 as reference prices. Conservative traders could look to short if it drops below Tuesday’s high of 15.45.
March Coffee: Look to short if it breaks under the session low of 179.05.
Jan Crude Oil: It’s a TTT Sell day, although the strong daily down trend overwhelmed any residual upside momentum. Look for a potential breakout trade after the 9:30 AM inventory report. The 1 Dec. low of 63.72 should now be resistance.
Jan Natural Gas: Breakout setup (ID/NR7), for breakout levels watch yesterday’s high of 3.709 and Monday’s low of 3.585 as reference prices.
Feb. Lean Hogs: Breakout setup. On the upside watch old high support of 85.60; on the downside use 84.80. Trade or Fade (my breakout trade advisory) has breakout levels at 85.70 up and 84.50 down.
Grain Futures: There’s a USDA WASDE (supply / demand) report out at 11 AM CT; trade accordingly.
Jan. Soybeans: Breakout setup- on the upside watch 1054-6 (Nov. 26 high) and 1060-2. On the downside use 1047-2 and then 1038-4.
March Wheat: It’s a TTT buy day; for reference prices watch 580-0 and 583-4. On further weakness watch 577-4.
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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