Stocks are trading largely sideways today as weak results from VW was offset by relief over the German Parliament’s approval of the new Greek bailout plan. 4Q14 GDP saw another downward revision although the revision was due to smaller inventory growth, which is bullish going forward. At 8:45 AM CT is the February Chicago PMI report, which is expected to be down 0.7 to 58.4. At 9 AM is the February Reuters / U. of M. consumer sentiment index; it is expected to be up 0.4 to 94.0.
March EMini S&P Futures: Thursday was a doji day and a WR4. Look for a “Z” day today- buy breaks, sell rallies for a mean reversion trade.
Dec. EMini NASDAQ Futures: Taylor Trading Technique Sell Short day. 4464.75 is the reference price; watch 4450 as the first downside target / pivot point for a selloff.
June 10 Year T Notes: It’s a “cover breakout sales” day so a Taylor Trading Buy day is anticipated. 127-14.5 is the reference price; 127-27 is the first rally target.
March British Pound: Taylor Trading Buy day. 1.5393 is the Buy day reference price; 1.5665 is the first rally target.
April Gold: Taylor Trading Sell Short day, although the close was low in the range for a good setup. The longer term trend is down; another break of the 1205 area could get a selloff going.
May Cocoa: Taylor Trading Sell day. Holding above 2992 is bullish; 3037 is the next rally target.
May Sugar: Breakout setup, watch the Wednesday low of 13.75 as the reference price for a downside breakout.
May Cotton: Taylor Trading Buy day; 65.07 is the reference price.
April Natural Gas: Taylor Trading Buy day (scalp only); 2.689 is the reference price.
April Live Cattle: TTT Sell Short day; 149.85 is the reference price; there’s Fib resistance at 149.92.
April Lean Hogs: “Cover breakout sales” / TTT Buy day. 66.55 is the Buy day reference price; that level is also a pivot point for the longer term trend.
May Soybeans: Watch Tuesday’s high of 1032-0 as a reference price- a failed rally attempt is a Taylor Trading Sell Short day trade opportunity.
May Wheat: Taylor Trading Sell day. I might look to short it this morning; looking for a drop back under the 500 area.
May Corn: Sell Short day; 390-4 is the 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.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.