There was good news all over the place last night. Dubai World had reassuring comments about its debt; China’s manufacturing grew at its fastest pace in five years. Japan reiterated its easy monetary policy and made explicit comments about using it to stem the Yen’s strength. Euro zone PMI reports were bullish. The only fly in the ointment was EZ unemployment; it rose to 9.8% in October. Looking ahead we get pending home sales and the US PMI report out at 9 AM. It’s expected that both will be down a bit.
Dec. S&P: It’s rallying on what could be characterized a breakout day. Clearing 1100 was bullish, the next big upside target is the 1111 to 1112 area.
Dec. NASDAQ: Also a breakout day; there’s trend line resistance around 1791.50.
Dec. Dow: Another breakout day rally; the double top area around 10470 is the next rally objective.
March T Bonds: A more clear cut breakout setup; so far it’s holding near yesterday’s low of 122-04.
Dec. Dollar Index: Two dojis give today a breakout setup; yesterday’s low of 74.535 is the support preventing a test of the recent 74.21 low
Dec. Yen: Breakout day selloff; there’s Fib support at 1.1413.
Dec. Euro FX: A breakout day rally has to clear yesterday’s high at 1.5084 to continue higher. 1.4985 is Fib support.
Dec. British Pound: Breakout day rally; clearing yesterday’s high at 1.6593 could lead to a test of trend line resistance at 1.6686.
Dec. Canadian Dollar: Big breakout day rally; there’s trend line resistance at 9562 and last week’s high was 9570.
Feb. Gold: Breakout day rally is testing the contract high at 1196.80.
March Silver: Breakout day rally; the double top around 18.95 is the next rally objective. If you want to be long a metal, gold is stronger.
March Cocoa: Buy day, not much conviction yet. Resistance is 3310 then 3327.
March Sugar: ROC labels today a buy day. There’s trend line resistance at 22.90; yesterday’s high of 23.00 is bigger resistance.
March Coffee: It’s a sell short day; yesterday’s high at 143.50 is the reference point. There’s swing high resistance at 142.75.
March Cotton: A sell short day, yesterday’s high of 74.84 is the reference point. 73.82 is the first objective for a selloff.
Jan. Crude Oil: Watch trend line resistance at 78.32. Holding over 78.00 is bullish.
Feb. Live Cattle: Breakout setup, the past two days high at 85.77 is the first breakout point, but I’ll watch 86.00 for an upside breakout.
Feb Lean Hogs: Buy day; it held support at the old high of 66.37. 67.20 is a pivot point today. Consider buying a break over yesterday’s high of 67.70.
Jan Soybeans: This is the third day higher after taking out the double top. Yesterday’s high of 1069-2 is the reference point for a potential sell short day. 1050 is support.
Jan. Soymeal: An NR7 and doji day yesterday give today a breakout setup. Use yesterday’s range as breakout points.
March Wheat: It’s an “exit breakout buys” day; these often turn into sell short days. Resistance is at yesterday’s high of 590; there’s trend lien resistance at 593-4.
March Corn: It’s a sell short day; yesterday’s high at 420-2 is the reference point. Yesterday was an NR4 day.
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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