Crude oil rallied overnight after Libya’s National Oil Corp. declared force majeure on exports out of two of its ports because clashes with rebels forced their closure. In US news, the Dec. Empire State manufacturing survey showed a surprise contraction; this was balanced out by stronger than expected industrial production in November. The FOMC meets Tuesday and Wednesday and Fed Chair Yellen has a press conference after the meeting. It is thought the Fed will remove language about keeping rates low for a “considerable time” but will soften this by talking about rate moves being data dependent and patience about raising rates.
March EMini S&P Futures: It’s a “cover breakout sales” day so a Taylor Trading Technique is anticipated, and there was a good low violation buy signal overnight. There’s double top resistance at the session high of 2008.50 and support at 2002.50.
March EMini NASDAQ Futures: Another “cover b.o. sales” / TTT Buy day; watch the 9 Dec. low of 4216.75 as a pivot point for today’s rally.
March T Bonds: TTT Sell Short day; 145-18 is the reference price. The daily trend is up; on a weak close today we should be thinking about a Buy day for Tuesday.
March Yen: Breakout setup (ID, NR4). An upside rally attempt failed last night, will the downside see follow through? For a downside breakout watch the overnight low of 8407 and then Friday’s low of 8398.
March Swiss Franc: I would consider shorting on a break below the session low of 1.0348- for a scalp.
March British Pound: Downside move out of a breakout setup; watch the Fibonacci retracement level at 1.5638 as a pivot point this morning.
March Australian Dollar: Breakout setup (ID, NR4, doji); short on a break under the session low of 8149.
Feb. Gold: If it’s a bull market, the 1205 area (50 day SMA) should prove to be support.
March Copper: It’s a Taylor Trading Technique Sell Short day and Friday was an NR7- look to short on a break under the session low of 2.9220.
March Sugar: An early rally attempt failed, will the downside see follow through now? Let’s see if a break of 14.96 (Friday’s low) sees follow through.
March Cotton: Was Friday the TTT Sell Short day? See if it can take out resistance at 61.14 (Fibonacci retracement level) and 61.25 (Friday high).
Jan. Crude Oil: It rallied overnight after a gap lower open; a rally should represent a selling opportunity. I might also short on a break of the last overnight low at 57.58.
Jan. Natural Gas: It sold off after a gap higher open last night. Watch the 3.800 level as a pivot point this morning; 3.761 is the next downside target.
Jan. Soybeans: Taylor Trading Technique Sell Short day. Overnight saw a high violation sale (Friday high 1054-0); a break under the overnight low of 1045-4 targets the 1040 area.
March Wheat: Will Friday’s failure to clear the 2 Dec. high lead to a correction today? I’d like to get long on a break.
March Corn: Sell Short day today. Look to get long on a break; the 400 area should be support.
Essential Guide for Futures Swing Trading
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