The US Dollar is falling back after the weak housing numbers this week. The correction in the USD is aiding commodities today. Today’s economic numbers offset each other – jobless claims fell but durable goods orders were weak. It’s a half day today; all US markets are closed by about 12:30 PM.
March S&P: Yesterday’s doji could give a directional move today (if anyone wants to trade). It’s about time for a Sell Short day; it may wait until Monday. 1114.25 is now support.
March T Bonds: There was a doji yesterday, but they may not move today. 116-16 is now resistance.
March Yen: Breakout setup; the broken low at 1.1024 is now resistance.
March Euro FX: Sell day, can rally. There’s trend line resistance at 1.4473.
March British Pound: Breakout setup; trying to rally.
March Canadian Dollar: Broke old high support at 9545; the Dec. high at 9608 is next resistance.
Feb Gold: A good rally as it took out resistance at 1098 – 1099 (see the chart here.). Holding over 1100 is bullish; 1109 is the next rally objective.
March Silver: Sell day; can rally. 1729.5 is resistance. 1710.5 is now support.
March Copper: Sell day; the 12/16 high at 321.95 is now resistance.
March Cocoa: Breakout setup, but it looks like no one wants to trade it today.
March Sugar: Breakout setup; the recent swing high at 26.94 is resistance.
March Coffee: Breakout setup, but no one seems to remember it’s open today.
Feb. Crude Oil: Sell Short day; it’s under the reference price of 77.00. Last week’s swing high at 75.62 is the first objective for the break.
Feb. Lean Hogs: Sell Short day; there’s Fib resistance at 65.72.
March Soybeans: Breakout setup; breakout points are the overnight high at 1017-0 up and 1004-4 down.
March Wheat: Sell Short day; there’s Fib resistance at 531. 523-2 is a pivot point for the selloff.
March Corn: Sell day, can rally. 402-3 is a Fib level that’s now support; Monday’s high at 406-6 is 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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