Crude Oil is retreating after yesterday’s panic rally. I like the long side of crude however chasing trades like yesterday’s rally is not a formula for successful trading. Copper is lower after it was reported that Shanghai copper stocks rose to a 23 month high. This is a worrisome sign for Chinese economic growth although copper’s use for trade finance obscures the true supply / demand picture. No new is good news on the Greek front today. At 9 AM CT is the final U. of Mich. / Reuter’s consumer sentiment index for March; it is expected to show a rebound of 0.9 to 92.1. Fed Chair Yellen has a speech on monetary policy scheduled for 2:45 PM CT, and there’s a USDA Hog & Pigs report at 2 PM.
June EMini S&P Futures: It’s a Taylor Trading Technique Sell day. It already saw a push to yesterday’s high (the Sell day objective), will there be another? I would treat today as a fade day- I would consider buying a break (the last overnight low was 2041.00) or selling a rally to the overnight high. Depending on how the day goes, I might look to get short near the Thursday high; the 50 day SMA is at 2058 and I would look for it to be resistance.
June EMini NASDAQ Futures: Taylor Trading Sell day. With the daily trend down I would consider shorting on a break below the overnight low (4297.25).
June Euro: Taylor Trading Buy day. 1.0867 is the reference price; clearing the 1.0900 area could boost a rally.
June Australian Dollar: TTT Buy day. 7766 is the Buy day reference price; the 7800 level is the first resistance / objective.
April Gold: Treat the 1200 level as a pivot point. The longer term trend is up; does it need to correct more today?
May Coffee: Breakout setup, use the overnight low of 1.3800 as the reference price for a downside breakout.
May Cotton: Breakout setup; look to short on a break below 62.66 (Thursday low).
May Crude Oil: Sell Short day; let’s see if the 50.00 area can hold as support.
June Live Cattle: Breakout setup (ID, NR4). On the downside watch 151.55; on the upside look for 152.50 (aggressive) and then 152.82.
June Lean Hogs: It’s an “exit breakout buys” day so a TTT Sell Shorty day is anticipated; 75.62 is the reference price.
May Soybeans: TTT Sell day. Look to buy if it holds the lows, with yesterday’s high as the objective.
May Corn: TTT Buy day, 389-2 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.
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