Stocks gave up some ground after the ADP employment report. ADP said jobs fell by 254K in Sept; traders were expecting a drop of 200K. It’s the end of the month and the quarter, window dressing is likely today. We also get the Chicago PMI at 8:45 and crude inventories at 9:30. The Dollar is weaker on profit taking from last week’s rally; the Dollar’s weakness is helping commodity prices. Crude oil is higher in spite of a bearish inventory report from the API last night. Gold rallied out of a little channel and regained $1000.
Dec S&Ps: Yesterday’s range contraction gave a breakout signal for today. Watch 1064 and 1051. There are breakout setups for the NASDAQ and Dow as well.
Dec T Bonds: A doji yesterday as it regained resistance at 121-11. It’s on a momentum sell short signal today; the 121-11 area is support.
Dec. Dollar Index: Couldn’t hold over resistance at 77.33; there was negative momentum divergence yesterday. 76.89 and 76.69 are support. The bulls shouldn’t give up just yet, but it needs to clear 77.33.
Dec. Yen: It held Fibonacci retracement support at 11077 and it’s on a momentum buy signal. The 111 area is also support. 11203 is the first upside objective.
Dec. Euro FX: Also on a momentum buy signal; 14682 is the first rally objective.
Dec. British Pound: Followthrough from yesterday’s rally. It cleared old low resistance at 1.6022; the early Sept lows at 1.6112 and 1.6133 are next resistance. Tomorrow will be a momentum sell short day if it holds up today.
Dec. Canadian Dollar: A doji yesterday gives today some oomph. It’s currently trading over trendline resistance at 9300; tomorrow will be a momentum sell short day.
Dec. Gold: Broke out of the little pennant today; 1005.70 is Fib retracement resistance. Momentum will be on a short sell signal for tomorrow; 1000 is a psychological pivot.
Dec. Silver: An upside breakout after an NR day yesterday. It’s bullish over 16.25; 16.50 is the first rally objective.
March Sugar: A small selloff on a momentum sell short signal. 2438 is old high support.
Dec. Coffee: It’s bearish under 127; regaining that could lead to some short covering.
Dec. Cotton: It’s on a fresh bearish MACD crossover; watch Fib retracement support at 60.87.
Nov. Crude Oil: It has rallied some; it also has an ID and NR breakout setup. 67.66 is old low resistance. Watch for a breakout move around the 9:30 report.
Dec. Cattle: It has a breakout signal today; watch 85.95 and 85.20 for breakout points.
Dec. Hogs: It’s on a momentum sell short signal; support is 49.47.
Nov. Soybeans: It’s moving closer to the apex of the triangle. The bottom line of the triangle is at 909, with resistance at 924. The USDA stocks report this morning was deemed bearish for beans.
Dec. Soymeal: A doji and NR give a breakout signal for today. Watch 286.70 and 281.00 for breakout points.
Dec. Wheat: The USDA report was bearish for wheat. Holding under 450 is bearish.
Dec. Corn: The USDA report was a bit bullish, but we have a huge crop to be harvested. Watch trendline support at 336-4 today.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
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