It’s Veteran’s day, so trading may be thin. Stocks are higher; S&Ps and the NASDAQ took out their October highs. Overnight there was strong factory data from China and comments from Fed officials reiterating that US interest rates would stay low. This is giving the green light for the new carry trade-sell the Dollar, buy equities and commodities. There are no reports out today.
Dec. S&P: Good rally from an NR7 and doji breakout setup. 1099 was the October high. I have 1109.50 as a rally target for the week.
Dec. NASDAQ: Same setup as the S&P, its Oct. high was 1779.25. 1815 is a weekly rally target.
Dec. T Bonds: There have been four straight doji days. With the holiday today its unlikely today will be the day we get a breakout from them.
Dec. Yen: There’s a breakout setup today. Overnight it tested and failed at the last high of 11183. Watch trend line support at 11104; 11078 is a breakout point.
Dec. Euro FX: Breakout setup; it cleared the first breakout point at 1.5019. The last high of 1.5062 is the first rally objective and resistance.
Dec. British Pound: Is this a pause or an imminent trend change? Watch yesterday’s low at 1.6597.
Dec. Canadian Dollar: Yesterday’s close over Fib resistance of 9508 is bullish; look to buy a pullback. There’s resistance today at 9593.
Dec. Gold: Breakout setup today; the old contract high at 1111.70 was the first breakout point. The first Trade or Fade rally objective is 1119.80.
Dec. Silver: Rallying on a buy day after holding Fib support of 17.14 yesterday. Clearing yesterday’s high of 17.65 is bullish; Monday’s high of 17.78 is the next rally objective.
Dec. Copper: A big rally out of the recent congestion / triangle. Last week’s high of 301.85 is resistance.
Dec. Cocoa: It’s on a strong trend run down; did it get ahead of itself yesterday? There’s trend line support at 3058 today.
March Sugar: There’s a double bottom at 21.78. It’s a buy day today; watch trend line resistance at 22.56.
Dec. Coffee: Another double bottom with a buy day today. With both sugar and coffee I’d be interested in selling a break out the double bottom.
Dec. Crude Oil: The IEA crude inventory report is delayed until tomorrow because of the holiday. After a doji day yesterday we could see a rally today in a forming triangle.
Dec. Lean Hogs: 2 doji and narrow range days give hogs a breakout setup today. Use yesterday’s range for breakout points.
Jan Soybeans: An NR4 day and a doji give today a breakout setup. Use the overnight high of979-4 for an upside breakout point, targeting 986-2.
Dec. Bean Oil: It had a breakout setup today and it’s breaking trend line resistance-what’s not to like? Last week’s high of 38.07 is the first rally target.
Dec. Wheat: Is it getting started on a trend run up? There’s Fib resistance at 531-2; trend line resistance at 547-5 is the next rally objective and test for the bulls.
Dec. Corn: It’s looking better as well, but it needs to clear last week’s high of 398-6 then psychological resistance of $4.00.
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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