Well, last night started with a rise to 10 yr. highs in NZ unemployment, a drop in retail sales in Australia, and the mushrooming problems with Toyota. The EU pledge to prop up Greece led investors to bail out of some of the other financially weak countries in Europe. Weak German factory orders add to the angst. All this news outweighed good earnings reports from Cisco and Visa. US jobless claims were weak, but it’s just an appetizer for tomorrow’s NFP report for January. The ‘whisper number’ is weaker than forecast, and there’s confusion about what we’ll see tomorrow; there’s lots of confusion about the BLS birth / death model. Euro Zone turmoil is boosting the Dollar today, which is driving other markets. Traders are in a ‘show me’ mood about the economy over concerns about sustainability of growth. It’ll be hard to get the economy going if the labor market doesn’t improve.
March SP: Breakout day (ID/NR7) setup. 1090.50 was the downside breakout point; 1084.00 is the first downside target.
March NASDAQ: Sell short day; 1778 is first support, then 1769.
March Dow: Breakout day (ID/NR7) setup. 10187 was the downside breakout point; 10130 is the first downside target.
March T Bonds: Today is a ’cover breakout sales’ day; it looks like it’ll be a Buy day. 117-29 then 118-08 are rally objectives.
March Yen: Buy day; the 111 area was the reference price. 1.1089 is the first rally objective.
March Euro: It’s testing the recent low at 1.3851; that is the pivot point for today.
March British Pound: The last major low was 1.5825; that’s the pivot point for today.
March Canadian Dollar: More downside? 9405 is Fib support.
April Gold: More downside after failing to clear Fib resistance at 1120.60. The 1100 area is key support today.
March Silver: A ‘cover breakout sales’ day; will it be a Buy day and rally? The 16.00 area is support, 16.44 is the first resistance.
March Copper: Another cover breakout sales day.
March Sugar: More downside after it broke Fib support at 28.48.
March Cotton: Sell short day; 69.44 is support.
March Crude Oil: Breakout setup (NR7 and doji); 75.90 is the next downside breakout point, and 75.24 is the first downside objective.
April Live Cattle: Sell short day; the 90.00 area is the reference price.
April Lean Hogs: Breakout setup (ID/NR7). 66.47 is the downside reference price.
March Soybeans: Buy day, careful. Bearish couple of days this week. Tuesday’s low at 905-2 is key.
March Wheat: Buy day, use the 1/29 low at 473-0 as the reference price.
March Corn: same setup as wheat; watch the 1/29 low at 355-2.
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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