Markets are quiet on the last trading day of the year. Many European markets close early today; US futures markets trade for the full session. In US news, weekly jobless claims came in a bit higher than expected. At 8:45 AM CT we get the December Chicago PMI for December; the consensus estimate is for it to fall 0.8 to 60.8. At 9:30 AM CT is the weekly EIA petroleum inventory report. Crude oil stocks are expected to have fallen by 900K barrels last week while builds are expected in gasoline and heating oil stocks. At 11 AM CT is the weekly EIA natural gas storage report; traders expect a withdrawal of 40 bcf last week. Trading will likely be thin this afternoon.
March EMini S&P Futures: It’s a Taylor Trading Technique Buy day; 2073.00 would be the reference price on a selloff. On the upside watch 2082.50 as a pivot point.
March Yen: There’s Fibonacci retracement support at .8553, which is also the overnight low- sell a break below there?
March Euro: Yesterday was a doji day with range contraction- sell a break below yesterday’s low of 1.2132.
March Canadian Dollar: “Exit breakout buys” / Taylor Trading Technique Sell Short day; 8609 is the reference price.
March Australian Dollar: Sell Short day; 8159 is the reference price.
March Cocoa: Today it sold off out of a breakout setup; 2920 is a pivot point this morning. This break should be a buying opportunity- TTT Buy day for Friday?
March Cotton: Another selloff out of a breakout setup. 60.69 is a significant Fibonacci retracement level / pivot point; anticipate a Buy day for Friday.
Feb. Crude Oil: Overnight it sold off out of a breakout setup (NR7, doji). 52.70 (Tuesday low) was the reference price for a downside breakout. The weekly inventory report is due at 9:30 AM; look for a potential breakout move (either direction) after it.
Feb. Natural Gas: Another overnight selloff out of a breakout setup; watch the recent low of 3.007 as a pivot point this morning. The weekly natural gas storage report will be released at 11 AM CT.
March Soybeans: We would expect a Taylor Trading Technique Buy day after two bearish sessions however Tuesday was an NR7 day so there may have been residual downside momentum. Watch the overnight low of 1038-4 and the Tuesday low of 1042-2 as reference prices.
Essential Guide for Futures Swing Trading
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