The ECB left rates unchanged and are discussing withdrawal of stimulus. The Euro initially rallied on this news, but was unable to trade thru last week’s high, and ended up making a double top. US jobless claims fell to their lowest level in a year. There’s also chatter that tomorrow’s NFP report will come in better than expected. B of A announced it will pay back TARP funds. A deputy governor at the PBOC said the price of gold is very high and that the central bank will be wary of investments in “bubble” assets; this is dampening speculation that China would buy more gold from the IMF. At 9 AM we get the ISM service report and hearings for Bernanke’s confirmation begins.
Dec. eMini S&P: Yesterday’s NR4 day and doji give today a breakout setup. Yesterday’s high of 1115.50 is the upside breakout point and the overnight low of 1106.00 down.
Dec. NASDAQ: Same breakout setup as the ES; use yesterday’s high and low as breakout points.
March T Bonds: It should be a Buy day, but the break under 121-06 Fib support pushed them lower. The 11/19 swing high at 120-21 should provide support.
Dec. Yen: Today is a breakout day for the Yen (ID / NR4). Fib support at 1.1413 was the downside breakout point.
Dec. Euro FX: Breakout day rally; the contract high at 1.5144 is the first rally target
Dec. British Pound: As with the other currencies, a breakout setup. This is a crossroads day for the recent runup.
Dec. Canadian Dollar: It should be a Buy day, but the inside day clouds things a bit. Yesterday’s low of 9508 is the Buy day reference point.
Feb Gold: This is the fourth session trading higher. I have a rally objective for today at 1232.80, but I wouldn’t fight the rally (yet). The rally is still orderly, and not parabolic.
March Silver: Yesterday was an NR4 day. There’s trend line support at 19.12; resistance is at yesterday’s high of 19.47.
March Copper: Sell Short day; the swing high at 323.00 is support.
March Cocoa: Rallying out of an ID/ /NR4 breakout setup.
March Sugar: Follow through from yesterday’s breakout rally. The mid Nov high at 23.67 is the first rally objective. It broke good trend line resistance today.
March Coffee: It has an ID / NR7breakout setup. Use the overnight high at 144.80 as a breakout point. There’s trend line resistance at 145.25.
March Cotton: Buy day rally out of a doji; it’s already reached the first rally objective at 74.96.
Jan. Crude Oil: Rallying on a Buy day; I have 77.63 for the first rally objective.
Jan Natural Gas: There’s a potential “Turtle Soup +1” buy if the rally back over the 4.560 low can follow through.
Feb. Live Cattle: Another potential “Turtle Soup +1” buy; watch the 11/13 low of 84.55.
Feb. Lean Hogs: Has: 1. 2 doji days 2. An unfulfilled Buy day signal 3. Support at 66.37 4. There’s resistance (broken) at 67.07.
Jan Soybeans: There’s a Taylor buy signal after yesterday’s breakout sale. There’s going to tough resistance at 10.50.
Jan. Soymeal: Has the same Buy day setup as beans; there’s support at 304.30. Resistance is 311.00 then 312.30.
March Wheat: Buy day setup today. There’s Fib support at 575-0; resistance is at 584-2.
March Corn: Buy day; there’s Fib support at 405-6 and resistance at 413-0.
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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