Europe is giving the markets a boost. Germany posted a stronger than expected growth (GDP) in 4Q14 and there is increased optimism about talks to restructure Greece’s debt as government sources said both sides are signaling a willingness to compromise. The continued rally in crude oil is helping to reflate some of the commodity sector. The only US economic news is the preliminary Reuter’s/ U. of Michigan consumer sentiment index for February; it is forecast to be up 0.1 to 98.2 after a sharp jump in January. US markets are mostly closed on Monday for President’s Day; there will be some limited trade in some financial futures.
March EMini S&P Futures: Watch the 26 December high of 2088.75 as a reference price for either a continuation of the rally or a Taylor Trading Technique Sell Short day move.
March EMini Russell: 1214.60 (Thursday high) 9s the reference price for a Taylor Trading Sell Short day; watch the Dec. double top at 1220.20on a further rally.
March T Bonds: It’s an “Exit breakout buys” day so a Taylor Trading Sell Short day is anticipated. At this point I’d look to sell a rally to the 146-18 area.
March Euro: Another “exit b.o. buys” / TTT Sell Short day; 1.1427 is the reference price. Holding below the 1.1400 level should encourage a selloff with 1.1360 to 1.1350 the next downside objective.
March British Pound: “Exit b.o. buys” / TTT Sell Short day. A break should be a buying opportunity; the 6 Feb. high of 1.5349 should be support.
April Gold: Taylor Trading Sell day. 1232.80 is the Sell day objective; a rally above 1230 should be an opportunity to get short.
May Cotton: It’s a Sell day; I’d like to be long if it’s above Thursday’s high however a rally would need to clear 63.45 (Tuesday high).
March Crude Oil: Taylor Trading Sell Short day; look for resistance at 52.78 (50 day SMA).
March Natural Gas: TTT Buy day; 2.679 is the reference price.
April Lean Hogs: Breakout setup; watch 63.67 (Wednesday low) as the reference price for a downside breakout.
March Soybeans: Sell Short day. Use the overnight high of 993-0 as the reference price and 986-2 as a pivot point for a selloff.
March Wheat: Breakout setup (ID, NR7); we can still use Thursday’s high and low as reference prices.
March Corn: Sell day; clearing Fibonacci retracement resistance at 386-4 (overnight high) could boost a rally.
Essential Guide for Futures Swing Trading
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