The EU reached a deal to help Greece; details are still kind of sketchy. The CDS of the PIIGs fell but the Euro is a little lower. The EU may have put out this fire, but it raises bigger problems of credibility of the EU and economic strength. Jobless claims fell by more than expected, this also helped equities and the Dollar. Still, stocks are trading kind of heavy; it feels like there’s still another shoe to drop. The only other economic news we get today is the results of the 30 year T Bond auction; results are out at Noon.
March SP: The Inside Day and doji, give today a breakout setup. There’s Fib resistance at 1071.13; 1073.50 is second. On the downside watch trend line support at 1061.42.
March NASDAQ: Same kind of b.o. setup as the Spoos. 1751.38 is Fib retracement resistance, there’s trend line resistance at1756.50. The down side breakout point is 1739.00.
March T Bonds: Three down days; will today be the Buy day? The last swing low of 117-08 is support.
March Yen: Buy day; regained Fib support at 1.1126. Rally targets are 1.1185 and 1.1203.
March Euro: Breakout setup; has formed a little triangle. On the downside use yesterday’s low of 1.3676; watch 1.3805 up.
March British Pound: Buy day; yesterday’s low of 1.5567 is the reference price. The first rally objective is 1.5659. Are the bulls playing with fire? There’s not much support under the recent low at 1.5531.
March Canadian Dollar: This is the third day higher; will it be the Sell Short day? The last swing high at 9483 is resistance.
April Gold: Yesterday’s inside day and doji give today a breakout setup. 1085.50 is Fib resistance and upside breakout point.
March Silver: Buy day. Watch 15.50 for an upside breakout point; 15.145 down.
March Cocoa: Finally breaking out of its little channel. 3055 was Fib retracement resistance. Longer term traders might consider buying a pullback from today’s rally.
March Sugar: Buy day; holding Fib support at 26.57 is key. Clearing near resistance at 26.98 would aid the bulls.
March Coffee: Today is an ‘exit breakout buys’ day. There was Fib and trend line resistance around 132.25 helped the bulls.
March Crude Oil: Sell Short day; there’s trend line resistance at 75.64.
April Lean Hogs: Breakout setup (ID/NR7). I’m watching two Fib levels for breakout points – 67.62 down and 68.67 up.
March Soybeans: Sell day; holding over Tuesday’s high at 944 is bullish.
March Bean Oil: Breakout setup; watch Fib resistance at 38.86 up.
March Wheat: Today is an ‘exit breakout buys’ day; the 2/3 swing high at 494-6 is the reference price for a Sell Short day move.
March Corn: We’ve had three days of bullish action; will we get a Sell Short day move today? 366-4 is Fib resistance; the 2/3 high at 368-2 is next. 356-4 is first support.
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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