The payroll report showed a higher than expected gain in US payrolls in January and significant upward revisions to new jobs in December and November. This is obviously a positive for the US (and global) economy; will this be enough to offset weaker global economies in the rest of the world?
March EMini S&P Futures: It’s an “exit breakout buys” day; will yesterday’s rally result in a Taylor Trading Technique Sell Short day? Watch for a failed test of the premarket high (currently 2064.50) or the Thursday high of 2058.75.
March EMini Russell Futures: Another “exit breakout buys” / Taylor Trading Sell Short day; 208.10 is the reference price.
March British Pound: Taylor Trading Sell Short day; there was a good high violation sale pre and post NFP. Watch for support in the 1.5260 to 1.5250 area- holding there could represent a buying opportunity.
April Gold: In last night’s STI I labeled gold as a breakout setup and that’s what we got today. The break of the 29 Jan. low of 1252.10 was a nail in the coffin for the bulls. The next downside target is the Dec. highs around 1240.
March Cotton: Taylor Trading Sell Short day, 61.92 was the reference price. There’s Fibonacci retracement support around the low (61.11); I might consider buying if that holds- the uptrend is strong.
March Crude Oil: Taylor Trading Sell day- we anticipated a rally to yesterday’s high, but we wouldn’t expect much more upside. Watch the 51.50 area as a pivot point this morning.
April Live Cattle: Sell day. Yesterday’s action felt like a setup for a breakout / directional move today, and that’s what we’ve seen thus far today. Watch the 150.00 level as a pivot point for the rally.
March Soybeans: Breakout setup (ID, NR4). Use the overnight high (987-4) as the upside breakout reference price today and 977-0 on the downside.
March Wheat: It’s an “exit b.o .buys” / Taylor Trading Sell Short day; use the overnight high (534-0) and yesterday’s high (527-6) as reference prices. The 20 day EMA is at 530-6- watch that as a trend pivot point on the close.
March Corn: Breakout setup (ID, NR4); does it have the buying interest to hold above the recent high of 388-4?
March Soymeal: Breakout setup; we can still use yesterday’s high and low as reference prices.
Essential Guide for Futures Swing Trading
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