Overnight the German IFO business confidence index fell; this fall put pressure on the Euro. BoE Governor King made downbeat comments on the UK and EU economies. An ECB member said that the EU will have to help Greece, but not less than had been reported. The January Consumer confidence report is out at 9 AM; it is expected to have fallen a bit from December.
March SP: Breakout setup; 1102.50 is the first downside breakout point. A drop below 1100 is bearish.
March NASDAQ: Another breakout setup; watch 1810 for a downside breakout point.
March T Bonds: Breakout setup (ID/NR7). I’ll watch Friday’s high at 116-28 as an upside breakout point. See yesterday’s blog post HERE for more.
March Yen: Third day higher. Cleared trend line resistance at 1.1031; the next objective is Fib retracement resistance at 1.1073.
March Euro: Breakout setup (doji, NR7). The first downside breakout point is 1.3567.
March British Pound: Another breakout setup (NR7); overnight it stopped at Fib resistance of 1.5575. The recent low at 1.5336 is the first downside objective.
Marc h Canadian Dollar: Light follow through selling from yesterday’s Sell Short day. 9570 is a pivot point, and 9550 is first support.
April Gold: It’s the day after a Sell Short day, so it could go either way. 1114.80 is a pivot point, and there’s trend line support at 1112.70. First resistance is 1119.00.
March Silver: Breakout setup (NR7). 15.12 was the first downside breakout point; there’s trend line support at 1603.5.
March Copper: With the other metals having breakout setups; watch for a breakout trade in copper as well. 327.25 is first support.
May Cocoa: Follow through selling; the last swing low was 2988.
May Sugar: Cover breakout sales / Buy day. Yesterday’s low at 24.02 is the Buy day reference price.
May Coffee: Buy day; the 133 area is the first resistance.
April Crude Oil: Breakout setup (doji, NR7). 78.75 is a pivot point; use the overnight low at 78.40 as the downside breakout point.
April Lean Hogs: Breakout setup; use Friday’s high at 70.85 as an upside breakout point.
May Soybeans: By the Taylor count today is a Sell Short day. Overnight it stopped at the swing high of 975-0; yesterday’s high of 970 is the Sell Short day reference price.
May Bean Oil: Sell Short day. Resistance is at the recent swing high of 39.49; that area is also big Fib resistance. Look to sell a break of trend line support at 38.98.
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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