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Home / Futures Blog / Swing Trader’s Insight Futures Watch List for December 31

Swing Trader’s Insight Futures Watch List for December 31

December 31, 2014 by Scott Hoffman

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.

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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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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Swing Trader's Insight

About Scott Hoffman

Scott graduated from the University of Chicago in 1986 with a degree in Economics. After graduation, Scott worked on the floor of the Chicago Mercantile Exchange then moved upstairs, serving as the personal broker to a former chairman of the Chicago Board of Trade. There, he worked as a broker and margin manager, starting up the firm’s full service brokerage division.

Today, Scott serves as an educator and mentor for new traders, and as a trading partner and ally for experienced traders. The breadth and depth of Scott’s knowledge make him the “go to guy” for both retail and institutional traders.

Scott also publishes two futures advisories, Swing Trader’s Insight and Trade or Fade. He also writes the futures trading blog at www.futuresinsightblog.com. Scott has written articles for a number of futures publications and has done numerous futures trading seminars, including seminars for both the CBOT and CME.

Scott offers his customers the knowledge he has gained from his more than 25 years of experience in the futures business. Scott is accepting new clients at this time.

Scott lives in suburban Chicago with his wife and three children. In his free time he enjoys coaching his children’s sports and various other athletic activities.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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