There were strong numbers from China overnight. Sovereign CDS are lower again; credit default worries continue to narrow. The Dollar is rallying; were good US retail sales behind it? Treasuries are lower; the retail sales report is bearish for Treasuries. They’re not getting their usually post-auction bounce; yesterday’s 30 year auction went poorly – poor bid to cover, and dealers took down too much. Will treasuries start working to enforce fiscal responsibility? No more reports today.
March S&P: Bullish over 1100; 1107 is resistance. Monday looks to be the Sell Short day.
March NASDAQ: Yesterday was a narrow range day (NR4) could give a directional move. The recent high at 1813.75 is the key price level.
March T Bonds: It’s on a Buy day signal; yesterday’s low at 117-28 is the reference price. The broken low at 118-15 is resistance.
March Yen: Breakout setup (ID / NR7); it’s currently testing Fib support at 1.1239.
March Euro FX: Another breakout setup; the upside breakout area is 1.4777 to 1.4788 (Weds. and 11/20 highs respectively.) 1.4698 is trend lien support.
March British Pound: Breakout setup; use yesterday’s high and low as breakout reference points.
March Canadian Dollar: Getting to a sell short day. There’s trend line resistance at 9536; yesterday’s high at 9545 is the Sell Short reference price.
Feb. Gold: Breakout setup; 1143.60 is the first rally objective.
March Silver: Another breakout setup: so far it’s having trouble clearing yesterday’s high at 17.575. 1738.5 is now support.
March Copper: Buy day rally; clearing old Fib support at 314.80 is the first key to the rally. 317.85 is the next objective.
March Cocoa: Gap higher open created an Oops setup. The gap is now filled, but taking out today’s low could lead to follow though selling. 3045 is the first support, then 3382.
March Sugar: Took out the last swing high at 2357; the 11/18 high at 2367 is the next resistance.
March Coffee: Breakout setup; there’s trend line support around today’s low and 144.57 is Fib retracement resistance. Use those as reference points for a breakout trade.
Jan. Crude Oil: A doji and narrow range day (NR7) yesterday give today a breakout setup. Use yesterday’s range as breakout reference points.
Jan Natural Gas: Today should be a Sell day but yesterday’s wide range (WR7) clouds that – yesterday may have created the “excess”. Holding over the Weds. high at 5.230 is bullish.
Feb. Live Cattle: Breakout setup. Reference points are 81.92 (Weds. low) and trend line resistance at 82.87.
Jan. Soybeans: Breakout setup (NR7); 1042-0 is the first rally objective.
Jan Soymeal: Breakout setup; it held old low support in the low 302 area yesterday. 309.00 is the first rally objective.
March Wheat: It held Fib support at 531-6 yesterday; the doji leaves an unfulfilled breakout setup from Weds. Breaking above today’s high could see follow though.
March Corn: Sell day rally; 400 is Fib (and psychological) resistance.
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.
Copyright © 2009
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
f2ea78dd95959aa32f651cec20a16e23)
