Stocks are rallying, following through on yesterday’s recovery. There isn’t any top tier economic news today as traders await the Feb payroll report due on Friday- traders expect an NFP gain of 230K in February following a 257K gain in January. Weekly jobless claims were a nonevent. At 9:30 AM CT is the weekly EIA natural gas storage report; look for a historically large withdrawal of 220 bcf- it’s cold here in the Midwest.
March EMini S&P Futures: It’s a Taylor Trading Technique Sell day, 2104.75 is the Sell day objective.
March EMini Russell Futures: Taylor Trading Sell day; watch Fibonacci retracement resistance at 1232.70 to see if the rally can continue.
June T Bonds: Breakout setup (doji, NR&). Holding below 158-26 keeps the bears in charge; 158-16 is the reference price for a downside breakout. The 5 and 10 Year T Note futures have breakout setups as well; they are still within yesterday’s range.
March Yen: Good selloff out of a breakout setup; the 11 Feb. low of 8302 is a pivot point for extending the selloff.
March Canadian Dollar: Taylor Trading Sell Short day- look to sell a rally back to the 8040 area.
April Gold: It has a breakout setup (ID, NR7) although I suspect it’s not really going to go anywhere today. A downside breakout failed overnight; holding above the $1200 area could encourage a rally today. The 1206 to 1208 area is the primary rally objective.
May Cotton: Breakout setup. 63.82 is the upside reference price; a rally should represent an opportunity to short it.
April Crude Oil: Taylor Trading Sell Short day. 51.99 was the reference price; 51.00 is a pivot point for the selloff with the 50.00 area as the next downside target.
April Natural Gas: Another TTT Sell Short day; 2.783 is the reference price with 2.728 the first downside target. The weekly inventory report is out at 9:30 AM CT; look for a potential breakout move after it.
May Soybeans: It’s a “cover breakout sales” / TTT Buy day; 993-0 is the reference price.
Essential Guide for Futures Swing Trading
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