Stocks are a bit lower on profit taking. We got PPI and industrial production today; neither affected the market much. CDS prices on Greek sovereign debt are lower today; fears of a fiscal crisis in Greece support Treasuries yesterday. The Dollar is higher as Bernanke said yesterday that he, in fact, watches exchange rates. In addition, ECB President Trichet said that the Euro was never intended to be a reserve currency. Both of these things are helping the Dollar. There are no other economic releases today, but we will get reports from a number of retailers; this should sharpen focus on the upcoming holiday spending season.
Dec. S&P: It’s on a sell short signal; support is 1103.50, 1099 and 1097.50. Watch for an intraday break and a good close.
Dec. NASDAQ: There’s been negative ROC divergence on this last rally, and a sell short day today. Support is 1793.50 and 1791.
Dec. T Bonds: It’s on a sell short signal after yesterday’s breakout rally. 120-18 is Fib resistance; first support is 120-01.
Dec. Yen: Sell short day; watch support at the old high of 11183.
Dec. Euro FX: Back down hard on a sell short day; watch trend line support at 1.4836.
Dec. Canadian Dollar: Sell short day; first support is 9435.
Dec. Gold: Sell short day, 1127.80 is first support. If this is still a bull market, I expect the old high at 1123.70 to be support now.
Dec. Silver: Another sell short signal; the old contract high at 1817.5 is first support.
Dec. Copper: Today is an “exit breakout buys” day. Normally I’d expect weakness today, but it’s acting strong. The old contract high at 306.90 is support.
March Cocoa: Breakout setup today; support is 3111 then last week’s low at 3102.
March Sugar: Another exit breakout buys day; support is 2289 then 2272.
March Coffee: Sell short day; 136.70 is the next support.
Jan Crude Oil: After yesterday’s big breakout rally I’d expect a consolidation, return to the middle day to end up with a breakout setup for tomorrow’s inventory report.
Feb Live Cattle: It has an NR7 and doji breakout setup for today. Use 8497 for a downside breakout point and 8555 on the upside.
Feb Lean Hogs: It has an NR4 and doji breakout setup. The broken low at 6255 is resistance; watch 6180 for a downside breakout point.
Jan Soybeans: It’s on a sell short signal; I’m watching Friday’s high at 1009 for resistance. 1000 is first support.
Dec. Soymeal: There’s an ID NR7 breakout setup here, use yesterday’s range for breakout points.
March Corn: It’s a sell short day, also an exit breakout buys day. Watch trend line resistance at 416-0, support at 411-2.
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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