Stocks are unchanged overnight. With all the data coming out later this week, and the fact that it’s the end of the month and Q3, maybe everyone’s resting to trade it up later this week. The Case/Shiller Home Price was a bit better (actually less bad) than expected, but the consumer confidence report was worse. The jobs component showed a big decline.
Dec. S&P: The day after a breakout buy day is often a momentum sell short day. Resistance is at yesterday’s high of 1061, next is 1064. Support is 1058 then the overnight low of 1056.
Dec. NASDAQ: Another momentum sell short signal. 1720.50 is a pivot point today. Resistance is 1728.50, support is 1712.
Dec. T Bonds: Momentum sell short day; breaking back under the double top at 121-11 pushed them lower. There were breakout setups in the 5 and 10 Year T Notes that may add to the pressure on Treasuries.
Dec. Dollar Index: It’s clearing resistance at 77.33 and MACD is on a bullish crossover. Look to buy dips. The next upside target is the old low at 77.835.
Dec. Yen: Yesterday’s bar was bearish (inverted hammer). 111 is old high support, and 11077 is Fibonacci retracement support.
Dec. Euro FX: Staying under support around 146 is bearish, and MACD is on a bearish crossover. 14440 is old high support, and 14425 is Fib retracement support.
Dec. British Pound: It’s on a momentum buy signal, there’s resistance at the old low of 1.6022.
Dec. Canadian Dollar: It’s on a momentum sell short day. Resistance was at a Fib level of 9269. 9180 then 9153 are support.
Dec. Gold: It’s a breakout day; use yesterday’s high and low for breakout points (998 and 986.70).
Dec. Silver: Momentum is bearish; it’s trading under old high resistance at 1625. The first downside target is at yesterday’s low of 15.76.
Dec. Copper: It looks ready to break down. Momentum is bearish; support is at the mid-August low of 266.00.
Dec. Cocoa: Breakout setup; Friday’s low of 3035 is a downside breakout point if it goes back down.
March Sugar: It’s a strong market with followthrough buying after yesterday’s breakout rally. Clearing the last swing high at 24.38 is bullish. Momentum will have a short sell signal for tomorrow.
Dec. Coffee: Breakout setup; it’s currently under the first breakout point at 127.00. I have 125.30 as the next downside point to watch.
Dec. Cotton: OK, it bounced yesterday after Friday’s big selloff. Can it build on that? I don’t think so. Support is 61.75, with a downside target of 60.87. Resistance is 63.05; regaining 63.50 would turn the trend neutral.
Nov. Crude Oil: This looks like a little bear flag here. There’s resistance at the old low of 67.66. Momentum is bearish. Inventory reports are tonight and tomorrow morning.
Dec. Live Cattle: It’s a momentum sell short day (and bearish momentum divergence). Watch support at 85.50.
Dec. Lean Hogs: They’re looking good, but they have to clear Fib retracement resistance at 50.62. Momentum is on a short sell signal; there’s support at 50.00.
Nov. Soybeans: Triangle forming; might take a day or two to reach a breakout.
Dec. Bean Oil: Testing the bottom line of a triangle; the bottom line is at 3375 or 3360 depending on how you draw it. If it breaks that, the July low at 3280 is the first downside target.
Dec. Wheat: A bottom will form if it can hold 450; watch resistance at 465.
Dec. Corn: Breaking the upper line of the triangle; Friday’s high at 340-6 is also resistance. The Sept. high at 347-6 is next resistance.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
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