Greek debt talks have reached a stalemate as private investors are unwilling to take as large a haircut as the Greeks are seeking. This is weighing on the financial services sector. Traders are also looking at Portugal again, seeing if Portugal would be the next domino to fall. January PMI reports for Europe came in better than expected, kind of offsetting the Greek news. There’s no US data out today; it’s day one of a two day FOMC meeting. In the grains there is no confirmation to yesterday’s rumor of a Chinese purchase of US corn; South American weather is weighing as well.
March eMini S&P Futures: It’s an ‘exit breakout buys’ day so a Taylor Trading Technique Sell Short day is anticipated. At this point I may wait for the 8:30 AM open to look for a trade. Yesterday’s low was 1305.50; 1295.50 is the next downside target.
March eMini NASDAQ Futures: I’d look to sell a break under yesterday’s low at 2420.75.
March T Bonds: It’s a Taylor Trading Technique Buy day; I used the 16 Jan. low at 141-101 as the reference price. The first rally objective / pivot point is 141-27.
March Euro: I labeled today a Sell day but there’s also an exit breakout buys day so it could see more downside – a SS day. 1.2973 is a Fibonacci retracement pivot point then watch trend line support at 1.2943.
March Swiss Franc: It has the same exit b.o. buys / SS day setup as the Euro. 1.0755 is a downside pivot point; the next target is 1.0728.
Feb. Gold: It’s a Sell Short day. The 1663.50 area is a pivot point for extending the selloff; 1655 is the next downside target.
March Silver: Will there be a directional move after yesterday’s doji and range contraction? Watch yesterday’s low at 3179 as a potential downside breakout point.
March Cocoa: Good rally out of a breakout setup, last week’s high at 2350 is the next rally objective.
March Cotton: Sell Short day, 97.57 is the first downside target.
April Live Cattle: Sell day and yesterday gave a breakout setup. Friday’s high at 129.32 is the next rally objective.
March Soybeans: It’s a TTT Sell day although there could be a bigger downside move with yesterday’s WR4 a move under the overnight low at 1203-6.
March Wheat: Sell Short day. There’s a gap from 613-4 to 612-0 and a swing high from last week at 611-6.
March Corn: It’s a TTT Sell short day and yesterday was an NR7 day – can it breakout down this morning? The overnight low was 614-4 and yesterday’s low was 612-0. The first downside target would be 607.
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.
