This afternoon I’m presenting a webinar on the trading methods I use for Swing Trader’s Insight. You can sign up to attend it HERE.
It was another night without a lot of news. Crude oil made new 5 ½ year lows although there wasn’t any new news to cause it. The slide in crude is pressuring equities, and European stocks continue to be pressured over concerns about the upcoming Greek elections and the effects that may have on Greece’s exit from its bailout. The Euro got a bit of a boost from faster than expected EU money supply growth in November. In the US we get the Conference Board’s consumer confidence index for December; it is expected to be up 5.2 to 93.9.
March EMini S&P Futures: It continues to stall at recent highs, and I’d look for more downside if it remains under 2082.50. That being said, I’d watch yesterday’s low of 2076.00 as a pivot point- I suspect that may hold as support.
March EMini NASDAQ Futures: Breakout setup (ID, doji, range contraction). Watch Monday’s low of 4298.25 as the downside reference price.
March T Bonds: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated. 144-09 is the SS day reference price and there’s Fibonacci retracement resistance at 144-15. The 5 and 10 year T Notes have the same “exit b.o. buys” / TTT sell Short day setup.
March Euro: TTT Buy day. 1.2151 is the Buy day reference price. Watch 1.2173 as a pivot point for a rally; next resistance is 1.2194.
March British Pound: “Cover b.o. sales” / TTT buy day. 1.5498 is the Buy day reference price; watch the 1.5534 area as a pivot point for a rally.
March Canadian Dollar: It acts like a TTT Buy day (there was a low violation buy overnight); clearing trend line resistance at 8598 could boost a rally.
March Copper: TTT Sell day; I would consider shorting another failed rally above 284.70.
March Coffee: It’s a TTT Buy day and it gapped lower on the open- buy if it rallies above the session high of 166.45?
Feb. Crude Oil: The bulls need to push it back above the 16 Dec. low of 53.94.
Feb. Natural Gas: ROC is up in sell signal territory- look to short on a break of Fibonacci retracement support at 3.109.
March Soybeans: Watch Monday’s low of 1046-0 as a reference price for either a downside breakout or for a TTT Buy day.
March Wheat: It looks ready to breakout down- watch 608-2 (20 day EMA) to 606-2 (24 Dec. low) as reference prices.
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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