Markets were pretty quiet last night. There’s no new news on the Greece and PIIGs front. I also wonder whether the winter weather is dampening trading interest. Washington DC is about shut down, we got a snowstorm (and earthquake!) in Chicago, and NYC is expected to get snow. The DC weather has postponed Bernanke’s planned testimony on the stimulus wind down plan, although I believe we’ll get his prepared comments at 9 AM. The US trade deficit came in higher than expected. This isn’t all bad news, as it reflects more economic activity. Today we get the EIA crude inventory report at 9:30 (I believe; I don’t think the weather postponed it). We also get the results of the 10 year T Note auction at Noon. Tomorrow is a big day. The EU meets to decide what to do about Greece; it’s also the anniversary of the Iranian Islamic revolution. We’ll find out what Iran has planned to “punch the arrogance” of the West.
March SP: Sell day; 1071.25 is Fib retracement resistance.
March NASDAQ: Sell day; there’s trend line resistance at 1755.50.
March Dow: Sell day; 10102 is trend line resistance.
March T Bonds: A ‘cover breakout sales’ day; looks like a Buy day. 118-13 was Fib retracement support, and 118-26 is the first rally objective.
March Yen: Another ‘cover b.o. sales’ day. 1.1126 is Fib retracement support, 1.1184 and 1.1203 are resistance points.
March Euro: Today is an ‘exit breakout buys’ day. There’s old low resistance at 1.3851; first objective for a Sell Short day move is 1.3712.
March British Pound: AS with the Euro, an ‘exit b.o. buys’ day. Downside objectives are 1.5646 and 1.5585.
March Canadian Dollar: A Sell day after yesterday’s Buy day rally. 9379 is a pivot area / Fib resistance; with first support at 9342.
March Australian Dollar: Sell short day; 8658 is the first downside objective.
April Gold: Yet another ‘exit b.o. buys’ day. There’s overhead Fib resistance at 1085.50; support is the old low at 1074.40 then 1064.20.
March Silver: Exit b.o. buys day. 15.80 is big resistance; 15.56 and 15.145 are downside objectives.
March Copper: Sell short day. 297.75 is Fib retracement resistance; 293.80 and 291.70 are downside objectives.
March Cocoa: Breakout setup (ID/NR7); hasn’t really moved yet. Breakout pints are 3031 up and 2955 down.
March Sugar: Breakout setup after two doji / NR days. 26.67 is the downside breakout point, watch yesterday’s high at 27.44 on the upside.
March Coffee: Breakout setup >. Breakout points to watch are 132.25 up and 128.50 down.
March Cotton: Follow through buying from yesterday’s limit up move. Cleared Fib resistance at 71.66; there’s old low resistance in the 73.30 area.
March Crude Oil: ‘Exit breakout buys’ day; will it be a Sell Short day? 73.77 is Fib resistance; I 72.81 is first support.
April Live Cattle: Holding over the old high at 91.35 is key for the bulls.
April Lean Hogs: More downside after yesterday’s Sell Short break; 67.62 is Fib support.
March Soybeans: Buy day; holding support at 922-0 is key for a rally.
March Wheat: Breakout setup; watch yesterday’s range for breakout points- 488-4 and 476-6 respectively.
March Corn: Sell short day; 355-4 is first support.
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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