A surprise drop in German unemployment aided the Euro; which was also helped by a bigger than expected jump in EZ CPI. A survey on the Treasury market from Morgan Stanley indicates that Treasuries may be about washed out to the downside. Today we get factory orders and pending home sales at 9 AM. The API report is out at 3:30.
March S&P: Unchanged after yesterday’s big runup; last week’s high at 1128.50 is the key price for today.
March NASDAQ: 1881.50 is the key price here.
March T Bonds: I’d treat today as a breakout day after yesterday’s doji and inside day. Last week’s high at 115-29 is key resistance; the old low at 114-26 is support.
March T Notes: Rallying on a Sell day; clearing last week’s high at 115-27.5 is bullish.
March Yen: Sell day, can rally. Watch 1.0888 as a pivot point today.
March Euro FX: It’s an “exit breakout buys” day; last week’s high at 1.4457 is resistance today.
March British Pound: 1.6030 is a 50% retracement of the past three day’s rally.
March Canadian Dollar: By the Taylor count today is a Sell Short day. Yesterday’s high at 9660 is the reference price today; last week’s high at 9650 is another level to watch.
Feb Gold: Today is an “exit breakout buys” day; 1133.40 is my next rally objective. Yesterday’s high at 1124.60 is the reference price if today turns into a Sell Short day.
March Silver: Last week’s high at 17.69 is the key price level for silver today; it’s also an “exit breakout buys” day here. The mid Dec. high at 17.805 would be the next rally objective.
March Copper: Another “exit breakout buys” day; 334.40 is support.
March Cocoa: Buy day; the 3275 area is resistance.
March Sugar: Still rallying on an “exit breakout buys” day. I’d view 2800 as a pivot point here; 2773 is the next support.
March Coffee: With yesterday’s big rally I’d view today as a potential Sell short day. 142.65 is Fib retracement resistance.
March Cotton: Another failure to take out multiple highs around 76.60 is pressuring cotton. 75.75 is first support; the 75.00 area is a selloff objective.
Feb. Crude Oil: Sell Short day; watch yesterday’s high at 81.68 as the reference price.
Feb. Live Cattle: Rallying on a Buy day. 85.27 is support; 86.07 is the first rally objective.
Feb. Lean Hogs: I’m looking for a directional move here; watch trend line support at 65.70 and yesterday’s high at 66.42 as reference prices.
March Soybeans: There are two trend line points to watch today; 1054-6 down and 1070 up. By the Taylor count today would be the Sell Short day; but yesterday’s retracement may have blunted that signal.
March Wheat: 559-4 is a 50% retracement of the Nov. – Dec. selloff; that’s key resistance for the bulls. First support is at 550.
March Corn: The double top around 425 is key 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.
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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