There wasn’t a lot of market moving news last night. There might be some concern over Al Qaeda’s claim of responsibility for the flight incident this weekend. The group is based in Yemen, close to soft oil targets in Saudi Arabia. The Case / Shiller S&P Housing Price Index showed a rise in October; decent but not great. We get consumer confidence at 9 AM and the results of the 5 year T Note auction at Noon. Consumer Confidence is expected to have risen in December, although it’s expected to remain under the high made in August. Yesterday’s 2 Year Note auction was poorly received – not a disaster, but pretty bad.
March S&P: If they close higher today it would be the 7th straight higher close. There’s trend line support around 1121.
March Dow: Yesterday was a narrow range day (NR7) so there could be a breakout move today. The last swing (and 2009) high at 10510 is resistance.
March T Bonds: Another breakout setup (NR7 yesterday). Multiple lows in July / August around 114-26 are support.
March Yen: Still waiting for the breakout move. Watch 1.0888 down and 1.06978 up.
March Euro FX: Rallying out of a breakout setup. 1.4497 is the first rally objective.
March British Pound: Breakout setup; an overnight rally attempt failed. Support is at 1.5987.
March Canadian Dollar: The move over the last swing high at 9608 is bullish.
Feb Gold: Breakout setup today (NR7 and doji). Use the overnight low at 1102.50 for a downside breakout point, 1110.50 on the upside.
March Silver: another breakout setup Nr7 and doji). Objectives for a selloff are 17.34 and 17.235.
March Copper: Sell Short Day; support is 330.90 then 327.50.
March Cocoa: A “cover breakout sales day”; will it become a Buy Day? Last week’s low at 3237 is the reference price.
March Cotton: Sell Short Day; there’s a double top around 76.58 now. The first selloff objective is 74.94.
Feb. Crude Oil: On a Sell Short Day signal; the reference price is 79.12. There’s also trend line resistance at 79.37.
Feb. Lean Hogs: Breakout setup (Id / NR4). Yesterday’s high at 64.875 is the upside breakout point, it’s also Fib resistance.
March Soybeans: Sell Short Day (following yesterday’s breakout rally). 1035 was first support, and 1018 is a target for a selloff.
March Soymeal: Sell Short Day (following yesterday’s breakout rally). The rally stooped around Fib resistance of 304.50; 298.70 is a selloff objective.
March Wheat: Same Sell Short Day setup as S, SM. The old high at 548-0 is the pivot point today.
March Corn: It’s bullish if it can stay over the 12/16 high of 431-6. The December high of 421-2 is the next objective for a rally.
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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