The Dollar is lower on news that the EU is going to meet on Thursday to discuss the PIIGs (Portugal, Ireland, Italy, and Greece) in an effort to stanch the fiscal problems that started with Greece. ECB President Trichet is going to attend; his presence gives more heft to the meeting. The Dollar’s break is helping a broad swath of markets, notably equities and commodities. There were some good earnings reports, and chain store sales were strong last week. Later today we get the results of the 3 Year T Note auction at Noon. Tomorrow Bernanke will speak to the House Financial Services Committee on the subject of “Unwinding Emergency Federal Reserve Liquidity Programs.” A supply/demand report from the USDA was bullish for cotton (hit limit up), corn and soybeans. They’re both called higher for the AM open.
March SP: Bullish, held support at 1054.50 last night. Resistance is 1068.50 then 1071.
March NASDAQ: 1751.50 then 1764.75 are resistance points this morning.
March T Bonds: Breakout setup (ID/NR4); the downside breakout point was 118-25. The first downside objective is 118-13.
March Yen: Breakout setup (ID/NR7); 1.1126 is the firs downside objective.
March Euro: Breakout setup (ID/NR7); 1.3805 is the first rally objective.
March British Pound: Breakout setup (NR4, doji). 1.5625 is the first upside resistance; watch the overnight low at 1.5558 down.
March Canadian Dollar: Buy day; 9379 is the first rally objective.
April Gold: Breakout setup; clearing old low resistance at 1074.40 was key. The first rally objective is 1085.50.
March Silver: Breakout setup; yesterday’s high at 15.32 was the upside breakout point. 15.80 is the first rally objective.
March Copper: I labeled today a breakout day after a doji then an NR7. 297.75 is the first resistance level.
March Sugar: Breakout setup (ID/NR7). It gapped higher; I’d use 27.22 and the overnight high at 27.44 for upside breakout points. Watch 26.89 and 26.67 down.
March Coffee: Breakout setup (ID/NR4). 132.25 is the upside breakout point.
March Cotton: Huge rally after the USDA report. Clearing the 2/3 high at 70.67 was bullish; 71.66 is major Fib resistance.
March Crude Oil: Breakout setup; 73.77 is the first rally objective.
March Natural Gas: Getting ready to fall apart? 5.370 is first support, then 5.327.
March Soybeans: Today is an ‘exit breakout buys’ day, will it turn into a Sell Short day? The 947 area is the next resistance.
March Wheat: Another ‘exit breakout buys’ day; 490 then 495 are resistance. Watch the 480 area down.
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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