We’ve seen a steady stream of disappointing earnings reports, starting with Microsoft and Siemens. A number of US firms have cited the strong USD as a factor in weak sales / earnings. December durable goods orders painted a second consecutive weak month of manufacturing in the US. At 9 AM CT we get December new home sales (exp. 452K) and the January consumer confidence index from the Conference Board (exp. +3.4 to 96.0). It’s day one of a two day FOMC meeting; trade accordingly.
March EMini S&P Futures: If yesterday was a breakout rally then we would expect a Taylor Trading Technique Sell Short day for today. Watch 2033.50 (20 day EMA) as a pivot point this morning with the 2025 area as the next downside target.
March EMini Russell Futures: Another “exit breakout buys” / TTT Sell Short day; downside levels to watch are 1187.40 and then 1185.10.
March T Bonds: It’s a Taylor Trading Buy day and Monday was an NR7- will we see an upside breakout today? Trade or Fade (my breakout trade advisory) has the upside reference price at 150-18; Monday’s high of 150-29 would be next.
March Euro: Look for an opportunity to short it- it’s the second day of it trading higher, and it’s more like two days if you include the second half of Friday. Watch the overnight high of 1.1350 and the Monday high of 1.1300 as reference prices.
March British Pound: It’s an “exit breakout buys” day so a TTT Sell Short day is anticipated. However, we don’t want to sell into a rally; wait for it to turn down. Watch trend line resistance at 1.5168.
March Australian Dollar: It’s a TTT Sell day; look to sell this rally. The old double bottom at 7993 should be resistance.
Feb. Gold: Good TTT Buy day rally after a successful test of the 1275.60 reference price. The 1290 area is the primary rally target.
March Silver: Another TTT Buy day; the reference price (1786.5) has provided support for much of the morning.
March Copper: It’s a TTT Sell day however with a strong daily down trend I might consider jumping the gun and selling early- watch for a break of the overnight low at 2.4880.
March Sugar: Monday was an inside day; consider shorting it if it’s below 15.08.
March Cotton: Sell Short day; look to sell on a drop back below 58.79.
April Lean Hogs: “Exit breakout buys” / TTT Sell Short day, 73.65 is the reference price.
March Soybeans: Another “exit b.o. buys” / TTT Sell Short day; 984-2 is the reference price.
March Wheat: It’s a “cover b.o. sales” / TTT buy day. Broken low support at 523-0 is a pivot point for the rally; the 530 area is the next upside target. This should be a rally to sell.
March Corn: Let’s continue to watch for a break below the recent low(s) at 382-0.
March Soymeal: “Exit b.o. buys” / TTT Sell Short day; 339.30 is the SS day reference price.
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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