Overnight the Greek Finance Minister said there’s no need for an EU bailout of Greece. Sovereign concerns were already easing; this helped it out. The sharp move in the Euro/Yen cross is a sign of the return of appetite for risk. US housing starts were stronger than expected. At 1 PM we get the minutes from the last FOMC meeting. The Dollar is seeing strength this morning, regaining some of yesterday’s losses. Crude oil has seen strength off desire for increased commodity exposure, but I wonder if there isn’t a bit of concern over the Iranian situation coming in as well.
March SP: Overnight it cleared Fib resistance at 1094.38. Next is the double top area – 1101.50 to 1103. By the Taylor count we could be to the Sell Short day, but it’s not starting out that way.
March NASDAQ: The equivalent Fib resistance here is 1805.38. The 1814 area is next resistance.
March Dow: Cleared Fib resistance at 10239 and the double top area around 10265.
March T Bonds: Sell Short day, 117-12 is first support. 117-01 is important support.
March T Notes: Sell Short day; there’s trend line and Fib support around 117-30.
March Yen: Yesterday’s doji yields today’s directional move down. 1.0987 is important Fib support.
March Euro FX: It’s acting like a Sell Short day; it’s back under trend line resistance at 1.3764. 1.3660 is the first downside objective.
March British Pound: Exit breakout buys/ Sell Short day. The 2/10 swing high at 1.5762 is the SS day reference price.
March Canadian Dollar: Another exit breakout buys/ SS day. The 1/12 low at 9601 is resistance.
April Gold: Another exit breakout buys/ SS day. The 2/3 high at 1126.40 is resistance.
March Silver: Use 16.00 as the reference price for a SS day.
May Sugar: Breakout day selloff; downside objectives were 26.07 (Fib retracement) and 25.58 (low of 2/10).
April Crude Oil: Is today a Sell or a Sell Short day? The last swing high at 78.54 is resistance; yesterday’s high at 77.83 is the SS day reference price.
April Live Cattle: Watch for a selloff on a break under the 2/11 high at 91.82.
March Soybeans: Sell Short day; the 950 area is support.
March Bean Oil: Sell Short day; Fib resistance at 38.86 l the reference price.
March Wheat: Sell Short day? Use the 2/10 high at 503-0 as the reference price.
March Corn: There’s Fib resistance at 366-3, the 2/3 high at 368-2 is next. I’m looking at this as a Sell Short day.
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.
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