Stocks are higher, the Dollar is lower overnight. Stocks are being aided by reports that US holiday spending turned out to be pretty robust. The lower USD is boosting energy prices, which are also getting a boost from US weather. Grain prices are also getting a boost from US weather; it’s getting harder and harder to envision how corn still out in the fields will be brought in. Grains are also seeing strong exports and thoughts that the US ethanol mandate will be raised. There’s no economic news out today.
March S&P: If you view Tues/Weds as a breakout setup, Thursday could be a Buy day and today a Sell day. On a futures continuation chart 1126.25 is a 50% retracement of the ’07 to ’09 selloff.
March Dow: The 12/14 high at 10510 is resistance.
March T Bonds: They’ve been getting pounded since the breakout under 116-16. If we get a Buy day today, 115-03 is the reference price.
March Yen: Still set up for a breakout trade.
March Euro FX: It’s a Sell Short day; Friday’s high at 1.4416 is the reference price. There’s also trend line resistance at 1.4440.
March British Pound: Still set up for a breakout trade.
March Canadian Dollar: Breakout setup (ID and NR7). The 12-10 high at 9545 is the reference price.
Feb. Gold: It’s on a Sell Short day signal; 1109.10 is Fib resistance. I think today could be an important one for gold.
March Silver: Sell Short day; Friday’s high at 17.545 is the reference price.
March Copper: The 12/4 high at 327.50 is now support.
March Cocoa: Breakout setup selloff; cleared the last downside breakout point at 3237.
March Sugar: The 12/18 high at 26.94 is support / reference price.
March Coffee: A “cover breakout sales” day that could turn into a Buy Day. The 12/4 low at 139.50 is the reference price.
March Cotton: Breakout day setup + holiday markets = today’s move in cotton. The 12/16 (and 2009) high at 76.58 is the next rally objective.
Feb. Crude Oil: In the Taylor count we have a Sell Short Day setup here. There’s trend line support at 77.72, resistance at 79.45.
Feb. Natural Gas: Buy day; opened strong last night. The double top area (Friday’s high at 5.984 and the 12/21 high of 5.979) is resistance.
March Soybeans: Bre4akout setup rally; rally objectives are 1025 and 1035.
March Soymeal: Breakout setup rally; hit a Fib objective at 304.50.
March Wheat: Buy day rally; cleared Fib resistance at 531. The 20 day EMA is at 538-2, next resistance.
March Corn: An NR7 Day Thursday gives today a breakout setup; the 12/16 high at 413-6 was resistance. The 12/1 high at 421-2 is the next rally objective.
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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