Asian stocks were higher overnight; they were helped by an upbeat budget and economic report in India. Elsewhere, there was a rumor that Deutsche Bank CEO Ackermann was meeting with Greek officials to discuss a €15 Bln. loan to ease pressure on Greece. DB denied the rumor. US Q4 GDP showed a higher than expected revision. Later this morning we get the Chicago PMI at 8:45, Consumer Sentiment at 8:55 and existing home sales at 9 AM. Lots of news to chew on for the last trading day of the month. There’s yet another big snowstorm out East; will it slow trading>
March SP: Doji, had a good recovery yesterday. Treat as a Sell day
March NASDAQ: Same as the SP.
June T Bonds: Rollover day for Treasuries. Sell day; can rally.
March Yen: Exit breakout buys; will it be a Sell Short day? There’s Fib retracement resistance at 1.1235.
March Euro: I’m looking for a breakout move after two doji days. There’s a double bottom around 1.3445, and trend line resistance at 1.3619.
March British Pound: Today is a ‘cover breakout sales’ day. It’s breaking long term Fib support at 1.5267.
March Canadian Dollar: Another ‘cover breakout sales’ day; looks like a Buy day.
April Gold: Sell day; there’s Fib retracement resistance at 110.00.
May Silver: Sell Short day; 16.00 is the first downside target.
May Sugar: It’s breaking the recent lows; there’s trend line support at 23.12.
May Coffee: It’s a cover breakout sales day; regaining the 2/8 swing low at 130.35 helped the bulls.
April Crude Oil: Another ‘cover breakout sales’ day; staying under the 78.50 area is bearish.
April Live Cattle: Buy day; the bulls need to regain the 76.12 Fib level.
May Soymeal: Could get a Buy day rally if support in the 266.50 area holds.
May Wheat: Buy day; can it get some help from the corn?
May Corn: Yesterday’s inside day are giving us the overnight strength. The recent high at 387-6 is important resistance.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.
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