Many Asian markets were closed overnight for the Chinese (Lunar) New Year. Monday saw a strong GDP report from Japan; last night a German economic survey came in better than expected. Barclay’s Bank posted good earnings and Credit Suisse upgraded Deutsche Bank; improving the mood about financial stocks. European finance ministers meet today about Greece; it is expected they’re going to ask Greece to take the hatchet to its budget. There are no economic releases left to be released today. The lack of new adverse news about the PIIGs is brining in profit taking on the Dollar; this in turn is giving commodities a boost.
March SP: A doji Friday could give a directional move today. 1085.50 and 1088.50 are resistance, 1078 is first support.
March NASDAQ: By the Taylor count today could be a Sell Short day, but it’s strong so far today. The last swing high at 1792 is resistance.
March T Bonds: It’s bearish under 117-10; last week’s low at 116-23 is the first downside target.
March Yen: Getting hemmed in by trend lines – resistance at 1.1141, support at 1.1088. Treat a break of either as a breakout move.
March Euro: Buy day, the last swing low at 1.3584 is providing support. First resistance is 1.3686.
March British Pound: forming a triangle – watch 1.5729 up, 1.5571 down.
March Canadian Dollar: Breakout setup (ID/NR7). The first rally objective is the 9800 area.
March Australian Dollar: Rallying out of a breakout setup (ID and doji). 8911 was important Fib resistance.
April Gold: Rallying out of an NR7 day; cleared Fib resistance at 1103.80. The 2/3 high at 1126.40 is the next rally objective.
March Silver: Breakout setup; cleared Fib resistance at 15.80 overnight. The 1/28 swing low at 16.015 is the next rally objective.
March Copper: Breakout setup; cleared resistance at last week’s high of 314.90.
March Sugar: Buy day rally; upside objectives are 27.95 (Friday’s high) and 28.05 (Fib resistance).
March Coffee: Sell day; Thursday’s high at 134.10 is the reference price.
March Crude Oil: Breakout setup; Thursday’s high at 75.69 is the first rally objective.
April Live Cattle: Cover breakout sales / Buy day. It’s bullish over 91.27.
March Soybeans: Upside breakout over last week’s high at 950-4.
March Soymeal: Upside breakout over Fib resistance at 279.90.
March Wheat: Buy day; cleared first resistance at 491-6. 495 is the next resistance area, then last week’s high at 503-0.
March Corn: Buy day; resistance is at last week’s high of 365-4 then Fib resistance at 366-3.
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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