Overnight Chinese authorities said that the US was moving toward protectionism with the Google spat. This is moving the trade war into a new arena – out of goods and into service and information. Capital goods kind of stuff used to be the real issue in trade wars (steel, machinery, etc.), information and its control is much more of a national security issue now. Greece keeps creeping closer to a crackup; this and a weak Euro zone trade report are really pressuring the Euro. CPI was mild in December, and the Empire State manufacturing survey was strong; but neither was very important. Today is witching day, and US markets are (mostly) closed on Monday for the MLK holiday. Globex will be open for short hours on Monday.
March SP: Sell short day, with an NR4 yesterday for a kicker. First support is 1137.50.
March NASDAQ: As with the Spoos, a Sell short day, but it had an NR7 yesterday. 1872 is the first downside objective.
March Dow: sell short day; 10623 then 10597 are downside targets
March T Bonds: Sell day; yesterday’s high at 117-03 is first resistance. Upside breakout in the making?
March Yen: Sell day; Tuesday’s low at 1.1026 is resistance.
March Euro: Well, that answers which side of the channel would break out from. It broke by the last (relatively) close support I saw at 1.4396; I’ve got 1.4309 next.
March British Pound: Looks like today is the Sell short day. 1.6338 is Fib resistance.
March Canadian Dollar: Sell short day; the last swing high at 9755 is the SS reference price.
March Aussie Dollar: Today is an ‘exit breakout buys’ day; looks like it’s turning into a Sell short day. A trend line off the lat Dec low is at 9185 today. Will this be a double top over 9200?
Feb Gold: Sell short day; the 1132 area is first support.
March Silver: Breakout day with an NR7 and doji yesterday. 18.45 is the downside breakout point; the high of today ay 18.69 is the upside point to watch.
March Copper: Failed at Fib resistance of 342.45, and then broke under support at 337.45. Watch the 335.50 area next.
March Sugar: Breakout setup; 27.52 is the next downside breakout area.
March Coffee: Breakout setup (ID/NR7); watch 142.50 for the next downside breakout area.
March Cotton: The more time it spends under the Dec support in the 73.30 area the more likely it is that it’s about to really give up. That breakout would target the 70 to 69 area.
Feb Crude Oil: Breakout day; Wednesday’s low at 78.37 is the first downside target and key support. If that gives way I have 77.39 for the next target.
Feb Natural Gas: Buy day; there’s trend line support at 5.547. The first upside objective is around 5.735.
Feb Live Cattle: Broke out over the double top at 86.80; holding over there is key for the bulls. Failure to hold = Sell short day.
Feb Lean Hogs: Breakout day; it’s just over the upside breakout price at 69.55.
March Soybeans: Is this a bear flag? If so, yesterday’s low of 975-2 is the key price. It’s also a breakout day (ID/NR4).
March Soymeal: Breakout day (ID/NR4). 293.20 is Fib resistance and the upside breakout price. Watch 288.40 down.
March Corn: Finding some support at the midpoint of Wednesday’s big bar at 376-4. That’s key support for today.
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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