February NFP was a bit better than expected at -36K. At the beginning of the week the estimate was for -20K, but it kept dropping during the week; I saw an average estimate of -70K yesterday. There was a slight downward revision to the Jan NFP. This was a friendly number for ‘risk exposure assets’ – equities and commodities.
March SP: Breakout day; it’s approaching my first profit target at 1132.
March NASDAQ: Sell day; bullish over the 3/2 high at 1862.25. The first profit target was 1869; 1878 is next.
June T Bonds: Sell Short day; there’s now a double top at 11802. The 117 area was the first downside target.
June Yen: Follow through weakness from yesterday’s Sell Short day. For now it’s trading under Fib retracement support at 1.1099.
June Euro FX: By the Taylor count it could be a Buy day, but it broke Fib support at 1.3539. That is the reference price.
June British Pound: Minor breakout setup (NR4); there’s trend line resistance at 1.5096.
June Canadian Dollar: Breakout setup; use yesterday’s high and low as breakout points
April Gold: Buy day; there’s resistance at 1136.80.
May Silver: Breakout setup; use yesterday’s high and low as breakout points.
May Copper: Buy day; will yesterday’s NR4 be a kicker? There’s trend line support at 338.50; resistance at 345.70.
May Cocoa: Breakout setup (2 doji days). There’s trend line resistance at 28.53; watch the overnight low at 28.18 for the downside breakout point.
May Cotton: Still coiling up for a breakout move.
April Crude Oil: Buy day; the 80.80 area is the reference price. There’s trend line support at 80.41; there’s resistance at Wednesday’s high of 81.23.
April Live Cattle: Breakout setup; watch the Weds. high at 93.22 as the upside breakout point; yesterday’s low at 92.62 down.
April Lean Hogs: Breakout setup; use yesterday’s range as breakout points.
May Soybeans: It’s a ‘cover breakout sales day’; the Fib retracement level of 948-0 has to be regained for it to be a Buy day.
May Soymeal: Another ‘cover b.o. sales’ day; bearish under the last major low of 259.90.
May Wheat: Buy day; there’s trend line support at 499.
May Corn: Buy day. There’s Fib support at 383; trend line resistance at 386.
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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