European news was mixed. Things are getting tighter on the Greek front as the ECB continues to tighten credit on Greek banks. EZ finance officials have a conference call scheduled today to discuss Greece amid fears Greece will run out of cash in early April. Offsetting the Greek news was a stronger than expected German Ifo survey for March. Chicago Fed President Evans said inflation remains too low to justify a rate hike this year, in spite of the improved labor market. In the US, Feb durable goods orders came in weaker than expected. This is a volatile data series however the manufacturing sector continues to look weak. At 9:30 AM CT is the weekly EIA petroleum inventory report; traders look for crude stock build of 5.0 million barrels with draws in both gasoline and heating oil.
June EMini S&P Futures: It’s a “cover breakout sales” day so a Taylor Trading Technique Buy day is anticipated; 2083.00 is the reference price.
June EMini Russell Futures: It has a breakout setup (ID, NR7). Watch the Friday low of 1257.40 as the downside reference price. With other index futures on a TTT Buy day; I’d also watch for a failed downside breakout and subsequent rally- a TTT move.
June T Bonds: “Exit breakout buys” day so a TTT Sell Short day is anticipated; watch 165-27 and 165-16 as reference prices. The longer term up trend is strong; be careful with the short side.
June Euro: Last night I labeled the Euro as either a TTT Buy day or a breakout day (NR4, doji on Tuesday). Will it have the momentum to clear resistance (1.1011 and then 1.1041)?
June Canadian Dollar: Taylor Trading Buy day- look to be long if it’s above the 8000 level.
April Gold: Breakout setup (NR7, doji); watch 1194.50 as a pivot point for the upside.
May Silver: Breakout setup (ID, NR7); watch 1709 as the upside reference price.
May Sugar: “Cover b.o. sales” / TTT Buy day; 12.36 is the reference price. Is it working on putting in a longer term low?
May Coffee: TTT Buy day; let’s see if we can get an early pullback in order to get long- first support is in the 137.50 area.
May Crude Oil: For this morning I’d look to be long if it’s above the 48.00 level. The weekly inventory report is out at 9:30 AM- look for a breakout move after it.
June Live Cattle: Breakout setup; watch 153.35 up and 152.25 down.
May Soybeans: Breakout setup; use 985-0 and 975-6 as the reference prices.
May Wheat: It’s a “cover b.o. sales” / TTT Buy day; watch the 520-0 level as a pivot point this morning.
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.
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