Stocks are a bit higher, regaining some of Friday’s losses. Europe got a bit of a boost after the leader of opposition party Syriza leader Tsipras said if they win in the upcoming election, Greece would repay the debt maturing in March and Greece would remain in the EU. There wasn’t much other news last night and there’s no US economic news due today. Expect traders to follow crude oil. There’s a USDA report out at 11 AM CT.
March EMini S&P Futures: It’s A Taylor Trading Technique Buy day. Look to go long on a failed early selloff (2037.25 was the last overnight low); 2046.75 will be a pivot point / resistance on a rally.
March T Bond Futures: Taylor Trading Sell day. 147-30 is Fibonacci retracement resistance; watch 147-14 as a pivot point for a selloff.
March Euro: It had a breakout setup (ID, NR4) for today; it gapped open higher and then sold off last night. The daily trend is down however I wouldn’t chase the short side this morning; this morning it looks as likely to rally.
Feb. Gold: It’s a Taylor Trading Sell day; watch 1224.00 (Friday high) as a reference price for trend this morning.
March Sugar: Sold off out of a breakout setup. Watch 14.80 as the pivot point for the downside or buy if it rallies above 14.86.
March Cotton: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated; watch for a break below Fibonacci support at 60.35 to extend a selloff.
Feb. Crude Oil: I would press the short side if it’s under the recent low at 46.83.
Feb. Natural Gas: It’s selling off out of a breakout setup; will today be the day it breaks below the recent low of 2.805?
Grain Futures: There’s a significant USDA crop production and supply / demand report out at 11 AM CT; trade accordingly. I don’t like taking trades into these reports.
March Soybeans: Taylor Trading Sell day; a break of Friday’s low of 1044-0 could lead to a bigger selloff.
March Wheat: Friday was an NR 7 day; I would consider shorting on a break below the overnight low of 561-2.
March Soymeal: As with the beans, it’s a TTT Sell day. Watch 348.50 as a pivot point for a selloff; downside levels to watch are 346.20 and then 345.00.
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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