Markets are still digesting last Friday’s employment report. It’s just one month however it was strong enough to pull forward many estimates for the first US rate hike; many predict we’ll see the first move in September. There are some renewed concerns about the Greek debt workout; European officials said that the latest Greek proposals were “far from complete” and Greece will likely not receive a disbursement at the end of the month. There is no US data due today; a few regional Fed Presidents have speeches scheduled today. Grain markets are waiting for a USDA supply & demand report tomorrow.
March EMini S&P Futures: It’s a “cover breakout sales” day so a Taylor Trading Technique is a likely scenario. Watch the 2070.00 area (old overnight high) as a reference price this morning; I don’t expect a move back to test Friday’s low.
March EMini Russell Futures: TT Buy day; 1221.70 (last Weds. high) will be resistance on a rally.
Currency Futures: Roll to June today.
June Euro: It’s a TT Buy day, although I would be careful with the long side. Watch 1.0850 and the session low of 1.0836 as reference prices.
June Australian Dollar: TT Buy day. 7659 is the Buy day reference price; last week’s swing low of 7708 is the first rally target.
April Gold: Although it’s on a TT Buy day signal, I would consider pressing the short side if it drops below the 1170 area.
May Cocoa: TT Buy day; watch the 26 Feb low of 2924 as the reference price. Conservative / long term traders should be looking to sell a rally; the longer term trend is turning down.
May Sugar: Breakout setup; watch last Thursday’s low of 13.36 as the reference price for a downside breakout
May Coffee: Sell short day. 140.10 is the reference price; watch 138.55 (4 March swing high) as a reference price for the downside.
May Cotton: Breakout setup; I’d look to short a break below Friday’s low of 62.50.
April Crude Oil: TT Buy day; clearing the 50.00 area could help a rally.
May Soybeans: Breakout setup (NR7, doji); watch the overnight low (985-0) as the reference price for a downside breakout.
May Wheat: Breakout setup (NR7, doji). It had a breakout rally overnight; I might watch the overnight high (493-0) as the reference price for a TTT Sell short day trade- the longer term trend is down.
May Soymeal: Treat the day session as a TTT Sell Short day, using 330.10 (overnight high) as the reference price.
Essential Guide for Futures Swing Trading
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