An appetite for risk seems to be returning today- the “English Speaking” currencies are all higher, and safe havens (gold, Treasuries) are lower. Euro zone GDP fell by 1.5% in Q4. This was the largest decline since they began keeping records in 1995.The U. of Mich. Consumer Confidence report is out at 9 AM, it’s supposed to show a small decline.The cash Treasury market is closing at Noon for President’s Day.
March SP: Small range overnight, 839.25 is a 50% retracement of the past week’s selloff.
March Dow Jones:The 50% retracement level for the Dow futures is 7971.
March T Bonds:Digesting this week’s auctions, 12809 is a pivot point today.
March British Pound:14555 is resistance, looks bullish.
April Gold: It was running out of gas yesterday; 931 to 931 is support.
March Copper:Breakout mode today, I’ll consider buying it if it makes new highs for the day.
March Cocoa:2760 is resistance/upside objective.
March Coffee:Momentum buy day has to hold yesterday’s low.
March Soybeans:965 is support, watch for a selloff if that’s taken out.
March Wheat:I’d consider selling it if yesterday’s low is taken out.
March Bean Oil:Another market I’ll look to sell below yesterday’s low.
This is the morning update to my Swing Trader’s Insight advisory
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