The US jobs report was good news for the US economy, although it wasn’t a shocker as November was. The payroll numbers were big but other parts of the report painted a less rosy picture as hourly earnings fell and the average workweek was unchanged. The upshot is that the economy continues its strength but is not so strong as to remove some doubt among FOMC members as to the actual strength of the labor market. Germany and the UK posted weak economic numbers overnight; there’s concern as to whether an expected round of QE from the ECB will be enough to jumpstart the European economy. Stocks have had a big rally this week; is it time to take some profits?
March EMini S&P Futures: Yesterday’s high range close indicated an early rally today if it stays above the Thursday high of 2058.50. We should be alert a downside reversal; it’s on a Taylor Trading Technique Sell Short day signal.
March EMini Russell Futures: Same high range close / TTT Sell Short day setup as the Spoos; watch the overnight high of 1195.20 and the Thursday high of 1193.70 as reference prices.
March T Bonds: TTT Buy day; rally targets are 147-25 and then 147-31.
March Yen: Taylor Trading Buy day and Thursday was an NR4 day- look to be long if it’s above Thursday’s high of 8397.
March Canadian Dollar: It’s on the Sell Short day of the TTT cycle and Thursday was an NR7- look to be short if it’s below 8430. 8408 will be a pivot point for the selloff.
Feb. Gold: TTT Buy day. Watch the 1210 area as support; the 1214 area is a pivot point for a rally.
March Silver: It’s a “cover breakout sales” day so a Taylor Trading Buy day is anticipated. 1632 is the reference price; there’s support at 1622.
March Coffee: It’s a Taylor Trading Buy day- holding above 182.35 (Thursday high) could extend a rally.
Feb Crude Oil: Thursday was an NR4 and doji day- consider shorting if it drops below the session low of 48.30.
Feb. Natural Gas: Will a break below the session low of 2.892 lead to a bigger selloff?
March Soybeans: “Cover breakout sales” / Taylor Trading Buy day; 1047-0 is the reference price.
March Wheat: TTT Buy day. 565-6 is the reference price; 574-6 should be resistance on a 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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