I didn’t see many markets with decent setups for today and I wouldn’t be surprised if many markets end up not doing much today ahead of tomorrow’s holiday. Equities saw pressure last night off poor earnings reports from Google, IBM and SAP, and then GE and Morgan Stanley came in better and balanced things out a bit. In economic news, jobless claims were better than forecast. At 9 AM CT we’ll see the Philly Fed survey for March; it is expected to be up 1.0 to 10.0. At 9:30 AM is the weekly EIA natural gas storage report, expectations are for an injection of around 35 bcf.

June eMini S&P Futures:  By the Taylor Trading Technique today is a Sell Short day; Wednesday’s high of 1857.00 is the reference price for it. Wednesday was an NR7 day so it also has a breakout setup and Wednesday’s high would be the reference price for an upside breakout as well. I would also watch the overnight low of 1847.25 for a downside breakout.

June eMini NASDAQ Futures:  Wednesday was an NR7 and a doji day- will there be a breakout move the day before the holiday?

June T Bonds:  Breakout setup (ID, NR4). The pit (and I believe cash bonds) close at Noon CT so I’d probably do something early or leave it be. Trade or Fade (my breakout trade advisory) has the downside breakout level at 134-18 with a first target of 134-04.

June British Pound:  So far it’s been another failed attempt to clear last week’s high of 1.6812-  will the downside see follow through? It’s on the Sell Short day of the TTT cycle; treat shorts as a scalp only.

June Australian Dollar:  It looks like it could be ready for a breakout move- watch yesterdays low of 9296 as the first downside breakout reference price.

June Gold:  Wednesday was an inside day, doji and there was substantial range contraction. That being said, I expect another “Z” day ahead of the holiday.

June Natural Gas:  Wednesday was an inside day and the weekly inventory report is out at 9:30 AM, so there’s the potential for a breakout move. On the downside watch Tuesday’s low of 4.511.

June Live Cattle:  Breakout setup (ID, doji) – another case of “will it move today?” There’s trend line support at 135.30.

July Soybeans:  It’s due for a Sell Short day. Wednesday’s high of 1510-0 is the reference price; watch the Fibonacci retracement level at 1505-4 as a pivot point for a selloff. Treat shorts as a scalp only.

This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice.

THE RISK OF LOSS IN TRADING COMMODITY FUTURES AND OPTIONS CONTRACTS CAN BE SUBSTANTIAL. THERE IS A HIGH DEGREE OF LEVERAGE IN FUTURES TRADING BECAUSE OF SMALL MARGIN REQUIREMENTS. THIS LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU AND CAN LEAD TO LARGE LOSSES AS WELL AS LARGE GAINS.

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Stocks were buoyed overnight by good earnings reports from Intel and Yahoo (which was helped by its stake in Alibaba). China posted a slightly better than forecast Q1 GDP and the UK showed a better than forecast labor market in March. In the US, March housing starts were a minor positive as single family starts were better than expected. Fed Chair Yellen is giving a speech beginning at 1:15 AM today and the Fed Beige Book will be released at 1 PM.  At 9:30 AM is the weekly EIA petroleum inventory report. Crude oil stocks are forecast to have risen by about 1.8 million barrels, yesterday’s API showed a huge 7.5 million bbl. rise. The funds continue to pile into old crop soybeans as higher prices haven’t yet rationed demand (as evidenced by the crush figures). Wheat is getting a boot from the Ukrainian tension and some weather concerns for spring wheat.

June eMini S&P Futures:  I use the Taylor Trading Technique but I’m not rigid in my cycle count. Because of yesterday’s strong close and second day of rally I labeled today as a TTT Sell Short day. That being said, we shouldn’t look to short it until we see downside momentum. Monday’s high of 1844.00 is the SS day reference price; the Fibonacci retracement level at 1847.88 is a pivot point above there.

June T Bonds:  It’s a TTT Sell day; this would tell us to look for sideways to higher trade. I’d be suspicious of a move below yesterday’s low; there’s Fibonacci retracement support at 134-07.

June Euro:  It’s a TTT Sell day and Monday was a doji, so a breakout move higher wasn’t a surprise. Watch 1.3845 as a pivot point this morning.

June British Pound:  Big rally after two doji days- today was a TTT Sell day. It’s up near the recent high of 1.6812 and tomorrow will likely be a Sell Short day. That tells us to look for a potential short sale. The daily trend is up and suggests caution.

June Canadian Dollar:  I would consider buying if it takes out yesterday’s high of .9110; .9131 is the next upside reference price. The Bank of Canada releases its meeting communique at 9 AM CT- be careful around that.

June Australian Dollar:  It’s a “cover breakout sales” day and the anticipated TTT Buy day is doing well thus far. .9358 is the first rally target.

June Gold:  Last night’s comment was to anticipate what LBR calls a “Z” day- mean reversion trade, buy breaks and sell rallies. There’s Fib resistance at 1307.90; the bulls would need to regain the 1311 area to get things on a better footing.

July Sugar:  Monday was an ID / NR7 day; I would use the overnight high of 17.60 and low of 17.44 as reference prices for a breakout trade.

June Crude Oil:  Rallying out of a breakout setup; it’s bullish above Friday’s high of 103.48.  Be on the lookout for a potential new breakout move after the 9:30 AM inventory report.

June Lean Hogs:  Monday was a doji day and the 20 day EMA is at 123.00 today- I would consider buying if it breaks above there, targeting Monday’s high of 124.67.

May Soybeans:  It’s an “exit breakout buys” day; if you’d like to try the (potential) TTT Sell Short day trade, watch the overnight high of 1522-6 and last week’s high of 1512-0 as reference prices.

July Wheat:  It’s on a TTT Sell Short day signal; Monday’s high of 711-0 is the SS day reference price.

This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice.

THE RISK OF LOSS IN TRADING COMMODITY FUTURES AND OPTIONS CONTRACTS CAN BE SUBSTANTIAL. THERE IS A HIGH DEGREE OF LEVERAGE IN FUTURES TRADING BECAUSE OF SMALL MARGIN REQUIREMENTS. THIS LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU AND CAN LEAD TO LARGE LOSSES AS WELL AS LARGE GAINS.

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