Overnight China announced an extension of their plan to cap credit growth, raising fears that global growth will take a hit. S&P put Japan on credit watch for a downgrade. The SP Case Shiller Home Price Index declined by 0.2% for November-old data. Consumer Confidence for January is out at 9 AM; it’s expected to have risen a bit. It seems like about every market was on a breakout setup today, we’ll see who has fireworks.
March SP: Breakout setup (ID/NR4); it already broke and hit a first breakout sale objective at the 12/9 low of 1280.50. Use Friday’s low at 1086.25 as the reference point for a second sale.
March NASDAQ: Another breakout setup; Friday’s low at 1789.50 is the downside breakout point. 1744.25 is a 50% retracement of the rally off the 11/2 low.
March Dow: 10054 is the low from the Thanksgiving Day Massacre; it’s also on a breakout setup.
March T Bonds: Today is a ‘cover breakout sales’ day 118-24 is big Fib resistance, above there is Friday’s high at 119-03 and trend line resistance at 119-06. Breakout setups in the 5 and 10 years could aid a bond rally.
March Yen: Breakout setup, Friday’s high at 1.1141 was the upside breakout point. Rally objectives are 1.1198 then 1.1234.
March Euro: Breakout setup; the 1/21 low at 1.4027 is the next downside objective.
March British Pound: Yesterday’s inside day is giving us today’s directional move. It failed at Fib resistance at 1.6263; the first selloff objective is the 1.6070 to 1.6060 area.
Feb Gold: Breakout setup (NR7 and doji). Friday’s low at 1081.90 is the first downside objective; the 12/22 low at 1075.20 is next.
March Silver: Another market with a breakout setup (NR7 and doji); it got crushed after breaking the 12/30 low at 16.765. There’s really nothing on the charts until the 10/28 low at 16.155.
March Copper: Sell short day; watch Fib support at 333.40.
March Cocoa: Breakout setup; watch Fib support at 3354.
March Sugar: Today is an ‘exit breakout buys’ day; held trade under the recent swing high at 29.82 could lead to selling.
March Crude Oil: Breakout setup (ID/NR7); Friday’s low at 74.01 is the downside breakout point.
March Natural Gas: Yesterday’s inside day held Fib support at 5.618, which gave way today. Now I’m watching trend line support at 5.514.
March Soybeans: The 1/20 low at 940-6 is now resistance. The next downside objective is the 920 area.
March Corn: Breakout setup; watch for a test of the 1/20 low at 362-2.
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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