There wasn’t much news overnight. Chinese stocks rose after a weak industrial profits report raised expectations for additional stimulus from the PBOC. European stocks are nervous about the situation in Greece as the current Greek PM will be forced to call early elections. An anti-austerity party is leading in the polls; traders are worried they will come to power as the current EU bailout to Greece is due to expire. There is no US economic data due today.
March EMini S&P Futures: It’s a Taylor Trading Technique Sell Short day. Watch 2080.50 as a pivot point today; 2072.75 would be the next downside target.
March EMini NASDAQ Futures: It’s an “Exit breakout buys” day so a TTT Sell Short day is anticipated; watch the overnight low of 4298.25 as a pivot point (Fibonacci retracement level).
March T Bonds: Breakout setup (NR7, doji). For reference prices watch 143-31 on the upside (overnight double top); on the downside start with 143-20. The 5 and 10 year T Note futures have breakout setups as well and are holding gains better than the bonds.
March Yen: Breakout setup; look to short it if it breaks the session low of 8296.
March Euro: Taylor Trading Buy day; there was a decent rally after it held the recent low of 1.2173. I’m interested in selling a rally; watch the Friday high of 1.2237 as a reference price.
Feb. Gold: “Exit breakout buys” / TTT Sell Short day; look to sell into a break.
March Cocoa: Buy day; watch 2935 (Friday low) as the reference price.
March Sugar: Last night I wrote that it’s a “cover b.o. sales” / TTT Buy day. Today I’m not so sure- watch the 17 Dec. low of 14.62 as a reference price (downside breakout?)
March Soybeans: Sell Short day; watch the overnight high of 1062-4 and the Friday high of 1054-6 as reference prices.
March Wheat: Overnight saw some rally out of a breakout setup. For the day session we can watch 615-4 on the downside and 620-2 on the upside. There’s trend line and moving average resistance just above the overnight high.
March Corn: Watch last week’s high of 415-6 as a pivot point today- sell a failed rally?
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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