Overnight S&P cut Greece’s credit rating and threatened further cuts unless it gets thing in order. Greece has the largest budget deficit in the EU, and comments from the PM and Fin. Min. have been confusing. Retail sales fell in the UK in November. A member of China’s PBOC said that the US dollar is set to fall further and it will get more difficult for other nations to buy US debt. A report from Nomura said that Asian asset prices could fall sharply if fund flows reverse. Yesterday’s FOMC meeting statement didn’t have any surprises, but why did they reiterate that a number of their liquidity facilities will be wound down in Feb? US Jobless claims fell, continuing claims rose last week. L.E.I. and the Philly Fed survey are out at 9 AM. The Dollar’s strength post-FOMC is encouraging a move out of risk exposure assets.
March S&P: Another failure to stay over 1107. 1096.75 was the midpoint of last week’s rally, and it’s currently testing trend line resistance off the past 3 swing lows at 1095.
March NASDAQ: Failed at resistance; currently testing Fib support at 1785.
March T Bonds: Looking for a breakout move; 118-15 is the top of the recent channel, there’s additional resistance at 118-23. 117-18 is key support.
March Yen: Will it keep up the slow move lower to the Dec low at 1.1030?
March Euro FX: Breakout setup; dropped out of the bottom of the channel (see the chart in my post here.)
March British Pound: A big reversal, dropping through the bottom side of the triangle and the recent low at 1.6150. The Oct. low at 1.5718 is the next big downside target.
March Canadian Dollar: Broke support at last week’s low of 9369, the 11/27 low at 9305 is the next support.
Feb. Gold: Sell Short day, stopped at resistance around 1140 (see my post here.) .1125.40 was support; the recent low at 1110.20 is next. It should have a Buy day tomorrow.
March Silver: Another Sell Short day; 1735.3 is a 50% retracement of the rally of the last week.
March Copper: A case of an “exit breakout buys” day turning into a Sell Short day. The 314 area is support, then 312.50.
March Cocoa: Sell Short day; 3430 to 3420 is support.
March Sugar: Sell Short day; Tuesday’s high at 25.72 is the first support.
March Coffee: Sell Short day; the double top at 147.90 was the SS day reference price. 144.90 is the first downside objective.
March Cotton: It’s up! No, it’s down! No, well you get it. The late Nov. high at 75.74 is proving to be tough to clear. It’s currently testing some support at 74.94.
Jan Crude Oil: Sell Short day; 71.39hen 71.07 are support.
Jan Natural Gas: Breakout day (NR7) and a Buy day. Yesterday’s high was 5.569.
Feb. Live Cattle: Looks like a breakout setup (ID and doji). Tuesday’s high at 85.27 is the upside breakout point, watch yesterday’s low of 84.32 down.
Feb. Lean Hogs: Buy day; yesterday’s low of 66.30 is the reference price. 65.77 is key support, the first rally objective is 66.95.
Jan. Soybeans: Sell short day; 1050 is the first support point. 1066-4 is resistance.
Jan Soymeal: 2 dojis give today a breakout setup. Watch 313.50 for a downside breakout point and the overnight high at 317.00 up.
Jan Bean Oil: Sell Short day; testing support around 39.90.
March Wheat: It looks like it’s trying to break away from Fib support at 531-7. Yesterday’s low of 527-6 is a downside breakout point.
March Corn: Exit breakout buys means a Sell Short day today. 405 is first support; 400 is more important support.
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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