Not much big news last night. Euro zone IP was better than expected, but it couldn’t interest buyers. Between China’s move to raise bank reserve requirements, the related Chinese asset bubble concerns, and the US / Chinese trade friction (duties, the Google kerfuffle) traders may be cooling to the idea of China as a growth driver for 2010. December retail sales were weak, but an upward revision to November’s sales blunted the impact (do they revise everything?). Weekly jobless claims were a bit higher than expected. The post- ECB metting press conference yielded nothing of substance. They didn’t discuss withdrawal of stimulus, a minor negative for the Euro. At Noon we get the results of Treasury’s 30 year T Bond auction, ending the week of the tsunami of paper. Tomorrow is witching day and a full moon. US markets are mostly closed on Monday for the Martin Luther King holiday.
March SP: Sell day; yesterday’s high at 1145.25 is the first target. Last week’s high at 1148 would be the next rally objective. Tomorrow should be a Sell short day.
March NASDAQ: Sell day, 1892 is resistance / rally objective.
March T Bonds: It’s on a Buy day signal; 115-27 is Fib retracement support. 116-13 is first resistance.
March Yen: Selloff on a breakout setup day. Yesterday’s low at1.0926 was the downside breakout point, and 1.8053 is the first objective for the selloff.
March Euro: Still trading sideways, wait for a breakout of the recent range.
March British Pound: The old high at 16.235 should now be support; 1.6338 is the next upside objective.
March Canadian Dollar: By the Taylor count it’s a Sell day, but I wonder about that with yesterday’s big range and high range close. 9678 is support; 9755 is resistance.
March Australian dollar: Breakout day rally; cleared old high resistance at 9227. Resistance is the old highs of 9264 then 9288.
Feb Gold: Sell day; trading over yesterday’s high. 1140.80 is Fib resistance, 1132 is support.
March Silver: Sell day (had an ID yesterday, so ?). It’s bullish over 18.54; 18.80 is the next rally objective. 18.45 is support.
March Copper: Sell day; 342.50 is resistance.
March Sugar: Sell short day; 27.93 is first support, and 27.52 is the first objective for a selloff.
March Coffee: Today is an “exit breakout buys” day that’s kind of looking like a Sell short day. There’s trend line resistance at 145.70, and trend line support at 143.70.
March Cotton: Sell day; trading over the 73.47 Fib is bullish. Resistance is at the trend line at 73.74.
Feb Crude Oil: Buy day, held the 20 day EMA at 79.50. Resistance is 80.00 then 80.50.
Feb Natural Gas: Sell short day; there’s Fib retracement resistance at 5.731. I have a selloff objective at 5.570.
Feb. Live Cattle: By the Taylor cycle today should be a Sell short day, but clearing resistance at 85.77 is bullish.
March Soybeans: Yesterday’s high at 993-6 is a pivot point. If it holds as resistance, look for a selloff with 981 as a target. Clearing the high would lead to a test of 10.00.
March Wheat: Same sort of scenario as beans – yesterday’s high as a pivot point. 528-4 is first support; 544-4 is first rally objective.
March Corn: The old low at 379-0 is a pivot point today. 376-4 is first support; the bottom of the gap at 385-2 is first resistance.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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