It’s a short trading day today and the overnight news flow was light. US stocks are consolidating yesterday’s gains. Weekly jobless claims came in lower than expected while continuing claims rose. There’s a 7 year T Note auction today; results are due at 10:30 AM CT. The EIA releases its weekly energy reports today. At 9:30 AM is petroleum inventories- crude oil stocks are forecast to have fallen by 2.3 million barrels, while heating oil is expected to see a small drop and gasoline stocks an increase. Natural gas storage is out at 10 AM and is expected to show a withdrawal of 65 bcf last week. Markets close early today, trade accordingly.
March EMini S&P Futures: It’s an “exit breakout buys” day. This would tell us to anticipate a Taylor Trading Technique Sell Short day today, 2084.50 is the reference price. With the short trading session and tomorrow’s holiday I don’t know if I have much faith in that signal.
March EMini NASDAQ Futures: Strange day- the Naz is a “cover breakout sales” / TTT Buy day. I like this more than the Spoo signal.
March T Bonds: “Cover b.o. sales” / TTT buy day. 142-21 is the Buy day reference price; the bulls need to push it back above last Friday’s high of 143-03.
March Euro: “Cover b.o. sales” / TTT Buy day. Resistance is 1.2236 and then 1.2248. A rally should represent a selling opportunity.
March Canadian Dollar: Taylor Trading Sell day. 8628 (Friday high) is resistance; we should anticipate a Sell Short day for Friday.
Feb. Gold: It has a breakout setup but I’m not sure anyone wants to push it too far today. Holding below 1180 to 1182 keeps the bears in control; I would look to take a downside breakout if I wanted to trade today.
March Silver: As with gold, it has a breakout setup. There’s Fibonacci retracement resistance at 1388.5; on the downside watch double bottom support at 1553.
March Copper: It’s trying to sell off out a breakout setup. I would consider shorting on a break under the session low at 2.8450; 2.8270 is the next downside target.
March Sugar: Breakout setup (NR7, doji) – is it going to move today?
March Cotton: Taylor Trading Buy day; 61.56 is the reference price.
Feb. Crude Oil: I would consider shorting on an early break of the Tuesday low at 55.06.
Feb. Natural Gas: Breakout setup (NR4, doji) – look to be short if it’s under 3.143.
March Wheat: TTT Sell day, although a break under the overnight low of 631-6 could see downside follow through.
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