The Dollar is slightly lower, which is helping commodities and stocks. Personal Income was a non-event; later this morning we get consumer sentiment at 8:55 and crude inventories at 9:30. Inventories are expected to have fallen by about 1.6 MB, but the API report showed a much larger decline of 3.7 MB. It looks like holiday lethargy is setting in.
March S&P: By the Taylor count today could be a Sell Short day, but it needs to drop back under yesterday’s high at 1115.75.
March T Bonds: Buy day rally, yesterday’s low at 115-30 was the reference price. The Nov. low at 116-16 is resistance.
March Yen: The late Oct low at 1.0847 is support.
March Euro FX: Lrthargic start to the session. There’s an unfulfilled breakout setup still in play, if anyone noticed. There’s also trend line resistance at 1.4291.
March Canadian Dollar: Upside breakout over Monday’s high at 9491; the mid Nov. high at 9545 is the next rally objective.
Feb. Gold: There’s support at the Oct. highs around 1072; resistance is the broken low at 1095.70.
March Silver: Doji yesterday could give a directional move today. 16.90 is support and 17.14 is resistance.
March Copper: Held trend line support yesterday (that line is at 311.70) , and there’s trend line resistance at 318.50, the top of a big triangle.
March Sugar: Came within sight of the recent high at 26.94 before turning lower; leaving today looking like a Sell Short day. 26.02 is first support.
Feb Crude Oil: Sell day, can rally. 75.13 is the 20 day EMA – resistance. There’s Fib resistance at 75.62, which was also the last swing high.
Feb Natural Gas: Is the bull’s party coming to and end? It’s been breaking some trend line support.
Feb. Lean Hogs: Sell day, can rally. 65.30 is the first rally objective.
March Soybeans: Buy day; 1000 is first resistance.
March Wheat: Taylor sell day; resistance is at 525 then 531.
March Corn: Yesterday’s doji could give us a directional move today. Resistance is 402-4; support is 396.
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)
