There’s some follow through movement from yesterday’s moves, some more than others. If tocks can’t extend their rally we could end up getting a little bear flag here. Overnight there wasn’t any big news out of Asia, although the RBA’s decision to keep rates unchanged hammered the Aussie. Eurozone PPI was soft; nothing new on the Greek front. Today we get testimony from Geithner and Volcker starting at 9 AM; pending home sales are also out at 9. They are expected to have risen a bit in December.
March SP: Sell day, so it can rally. Overnight it cleared Fib resistance at 1085.00. Yesterday was an inside day, so we could get a directional move today.
March NASDAQ: Same sort of pattern as the Spoos; 1760.50 is resistance.
March Dow: 10129 is the nearby Fib resistance here; there’s trend line resistance at 10180.
March T Bonds: Bonds too had an inside day yesterday. So far it’s acting like a Buy day; the first rally objective is 118-18.
March Yen: Buy day; the 1.1000 area is support. First resistance is 1.1064.
March Euro: Sell day; the 1.4025 area is the primary objective for this rally.
March British Pound: Doji yesterday, look for a directional move today.
March Canadian Dollar: Sell day; cleared Fib resistance at 9399. Next is trend line resistance at 9449.
April Gold: Today is an ‘exit breakout buys’ day. It’s still bullish; the 1120 area is the next rally objective.
March Silver: Another exit b.o. buys day; the old low at 16.78 is resistance. Clearing that could give the bulls a new boost.
March Sugar: Buy day; held Fib support at 29.28. Resistance is at 29.82 then 30.10.
March Coffee: Sell day, so it can rally, BUT it has to clear the old 133.05 low.
March Cotton: A ‘cover breakout sales’ day, so it can rally. There’s trend line resistance at 69.24.
March Crude Oil: Sell day; clearing the $74 area was bullish. The double bottom around $72.45 should bring in some bulls.
March Natural Gas: Sell day; cleared Fib resistance at 5.432.
April Live Cattle: Buy day; the 88.65 area has been good support. 89.22 is first resistance.
April Lean Hogs: Yesterday was a great breakout sale as it broke support at 68.30. Today could see a recovery rally; 67.00 is resistance.
March Wheat: Yesterday’s inside day and doji give today a breakout setup. 488-4 is the upside breakout point; with 473-0 down.
March Corn: Breakout setup; the upside breakout point is Friday’s high at 363-4.
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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