US retail sales were stronger than forecast in November; the decline in crude oil and gas prices should give consumer spending a boost for the holidays. ECB financing operations showed smaller than expected refinancing by EU banks; this boosted the case for larger QE from the ECB. The weekly EIA natural gas storage report is out at 9:30 AM CT and is expected to show a withdrawal of 45 bcf as warm weather suppresses demand.
Stock Index Futures: Roll over to March today.
March EMini S&P Futures: It’s a Taylor Trading Technique Buy day; watch for either a retest of the Wednesday / overnight low area or a move above Tuesday’s low of 2026.25 for a buy signal.
March T Bonds: Looking for a TTT Sell Short day. 144-06 is the reference price; watch 143-28 as a pivot point for a selloff. A break should represent a buying opportunity.
March Yen: Good start to a TTT Sell Short day. 8503 was the reference price and 8497 (20 day EMA) was resistance. There’s old low support at 8418; breaking that could target 8373.
March Euro: Although Wednesday was an ID, NR7 day, today is acting more like a TTT Sell Short day than a breakout day. It’s bearish under 1.2454; 1.2379 is the first downside target. Trade or Fade (my breakout trade advisory) has the downside breakout level at 1.2395.
March Swiss Franc: Same setup as the Euro- look to short if it breaks below the session low of 1.0339.
March British Pound: Breakout setup (NR7). An upside breakout attempt failed, will it sell of now? Watch 1.5638 as the reference price for a downside breakout.
Feb. Gold: Downside move out of a breakout setup (ID, NR4). 1221.00 was a pivot point for the selloff; next levels are 1217.30 and then 1212.70.
March Silver: Breakout setup. For a downside breakout watch the session low of 1694.5; 1681 would be a first objective / pivot point.
March Copper: Breakout setup and ROC is on a buy signal- look to buy if it rallies above yesterday’s high of 292.70.
March Sugar: Good start to a selloff out of a breakout setup- watch the Fibonacci retracement level at 15.32 as a pivot point for the selloff.
March Coffee: TTT Sell Short day; consider being short if it’s under the 177.00 area.
Jan Crude Oil: It’s a “cover breakout sales” day so a Taylor Trading Technique Buy day is to be anticipated; 60.43 is the Buy day reference price. Treat longs as a scalp only.
Jan Natural Gas; “Exit b.o. buys” / TTT Sell Short day; 3.743 is the reference price. The weekly NG Storage report is out at 9:30 AM; watch for a breakout move and keep an open mind for it.
Feb. Live Cattle: Breakout setup (ID, NR4). For reference prices watch 163.90 up and 162.55 down.
Feb. Lean Hogs: I’d like to short it today but I don’t yet see a clear setup. For now I would watch for a break under Tuesday’s low of 84.25 or a failed rally of broken support at 85.60.
Jan. Soybeans: “Cover b.o. sales” /TTT Buy day. 1027-6 is the reference price; there’s also support at 1026-2 (20 day EMA).
March Wheat: Treat today as a breakout setup; watch the overnight low of 575-0 as the reference price on the downside.
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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