This weekend a Deputy Governor of the PBOC said that the Chinese government is planning new measures to try to cool their economy; this pressured equities. Europe has some good news this weekend; the Greeks didn’t collapse this weekend, and the EZ PMI was bullish. Geopolitical are flaring up as China protested US arms sales to Taiwan and Iran promised to deliver ‘a harsh blow to global arrogance’ on Feb. 11th, the anniversary of the Islamic Revolution. In response the US is increasing its presence around Iran and is sending Patriot missile batteries to the Mideast. Today at 9 AM we get the ISM manufacturing survey for January; the ‘headline number’ is expected to rise to 55.2 from 54.9.
March SP: Buy day; 1078.50 is first resistance, 1085 is the fir4st rally objective.
March NASDAQ: Buy day, weakest of the indices. 1761 is first rally resistance.
March Dow: Buy day, 10129 is the first rally objective.
March T Bonds: Today is an ‘exit breakout buys’ day; first support is 118-14. Is that 118-24 Fib resistance just too tough to clear?
March Yen: today is a ‘cover breakout sales’ day, but there’s no enthusiasm for a Buy day yet. Support is 1.1054, resistance is 1.1110.
March Euro: There’s been trend line resistance off the recent highs; that comes in at 1.3925 today. The 1.4025 area is resistance.
March British Pound: The beat down continues. The 159 area was a pivot point in December, and the last major low was 1.5825.
March Canadian Dollar: Buy day, use the 1/26 low at 9352 as the reference price. The 9400 area is the first rally objective.
April gold: Will this end up being a double bottom? Friday’s inside day gives today a setup fro a directional move. First resistance is 1089.50; clearing 1092 helps the bulls.
March Silver: Another market with an inside day Friday. It cleared trend line resistance at 16.21; I’m watching 16.39 for an upside breakout point.
March Copper: Buy day; it has to regain the 12/10 low at 308.15 to go anywhere.
March Cocoa: Last Wednesday’s spike low at 3172 is the pivot point for today.
March Sugar: Failed to stay over the old 30.10 contract high; 29.28 is the first downside objective.
March Coffee: Buy day; has to regain the 11/13 low at 133.05.
March Cotton: There’s a little triangle forming, Thursday’s low at 68.83 is support. The upper trend line comes in at 69.48.
March Crude Oil: Buy day. Thursday’s low at 72.65 is key support; the bulls need to get it back over $74.
March Natural Gas: Buy day; it regained broker Fib support at 5.289. The 1/12 low at 5.327 is the next resistance.
March Soybeans: Today is a ‘cover breakout sales’ day but the bears ruled overnight. There’s double bottom support around 889.
March Soymeal: Another cover b.o. sales day; use the 11/10 low at 275.00 as a Buy day reference price.
March Wheat: Yet another cover b.o. sales day; the bulls would need to push it back over the 1/20 low at 485-2 to get a real rally going.
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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