Markets continue to be supported by stories that Greece is near an agreement to reformat their debt. After two good days for “risk on” assets we’re due for some correction but I thought yesterday’s shallow correction showed underlying strength in equities. Grains were mixed on South American weather and good demand, but higher prices will serve to choke off some demand. Crude oil is in the middle of its range, hemmed in by Iran and the effects that higher crude prices would have on demand.
March eMini S&P Futures: It’s a Taylor Trading Technique Buy day; yesterday’s low at 1309.25 is the reference price. Yesterday saw negative action in the stock indices; I’d be playing for a reversal up off early weakness.
March T Bonds: I’d treat today as a TTT Sell Short day; yesterday’s inside day argues for caution. I’d watch the 143-00 area as the reference price; Wednesday’s high at 143-16 is the next point of interest. I’d watch the 143-00 area as a longer term trend tell.
March Euro: Treat as a breakout setup. On the downside watch the overnight low at 1.3078 and Fibonacci retracement support at 1.3060; on the upside watch 1.3135 and today’s high at 1.3163.
March Canadian Dollar: It’s a Sell Short day and yesterday was an NR4 day – will it be worth trading today?
Feb Gold: By the Taylor Trading Technique today is a Sell Short day. For the bulls, I wouldn’t be excited about owning it unless it can close over major Fib retracement level at 1724.50. I would be looking to buy a break, watching the 1700 area as key support.
March Silver: Sell Short day. Bulls should watch the previous 3277.5 pivot high as a support point.
March Copper: Sell Short day. Bulls should watch the previous 3.8340 pivot high as a support point.
March Sugar: Breakout setup; look for more downside under Wednesday’s low at 24.39.
March Coffee: Breakout setup. I’m watching the Jan low at 216.60 as the downside breakout point.
March Cotton: Breakout setup; I’m interested in buying but on strength only.
March Crude Oil: The 99-100area is the middle of the recent range; there’s just not much to do in the middle for the time being.
March Natural Gas: It’s due for a TTT Buy day. Yesterday’s low was 2.588 and there’s Fib support at 2.564.
April Live Cattle: Buy day, yesterday’s low at 127.67 is the reference price; the first rally objective at 128.67 is the first rally objective.
March Soybeans: It’s an ‘exit breakout buys’ day, watch the 1230 area as the reference price level for a Sell Short day.
March Corn: It fell back to make a doji yesterday; will there be a Buy day today? I’d consider buying on strength this morning as long as there’s not a big gap higher open.
March Bean Oil: It’s an exit b.o. buys day. Yesterday’s high at 52.00 is the reference price; watch the Fib retracement level at 51.92 as a longer term trend pivot point.
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. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
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