In Europe, UK inflation showed a record jump in December. They’ve only been keeping this record since 1997, but it’s still a shock. That pushed up the Pound, which is also being helped by Cadbury’s acceptance of the bid from Kraft. The German ZEW survey of investor sentiment fell in January, putting some pressure on the Euro. There are no economic reports out today; but a fair amount later this week. It’s also the middle of the earnings season. Citigroup’s earnings has no surprises; IBM’s earnings are out after the close. Supposedly Goldman Sachs is raising its Q4 GDP forecast to 5.8%
March SP: Yesterday’s futures only rally stopped at Fib resistance of 1137.50 and is now testing Fib support at 1128.88 and Friday’s low at 1127.75.If that can’t hold 1125 is next.
March NASDAQ: There’s support from a couple of trend lines coming in at 1858 to 1857. Yesterday gave us a breakout setup, but I’m a bit wary of this one because of the holiday yesterday-cash was closed.
March Dow: 10520 is a 50% retracement of the ’10 rally, with Friday’s low at 10514 as the bottom of the little support area.
March T Bonds: Sell short day; 116-26 is the first downside target.
March Yen: I’d be treating today as a Sell short day but the past days have had tight ranges, so let’s treat is as a breakout setup. Use the overnight range as breakout points.
March Euro: Breakout day ; selling off after failing at fib resistance of 1.4396. The recent double bottom around 1.4526 is the first downside target; 1.4215 is the low for this selloff.
March British Pound: It’s a Taylor Sell day, Fib resistance at 1.6338 continues to hold it down.
March Canadian Dollar: Breakout setup (NR7); 9691 is downside reference price; it’s the midpoint of last week’s rally.
Feb. Gold: Breakout day (ID/NR7). Watch the 20 day EMA at 1128.20 for the first downside breakout point; Friday’s low at 1126.50 is next. Watch yesterday’s high at 1137.70 up.
March Silver: 1840 has been support for the past three sessions; by the Taylor count today is a Sell day, it already reached the Sell day objective.
March Copper: It’s been coiling up for the past couple of sessions; there should be a directional move coming. Watch 342.50 up and 335 down.
March Cocoa: Breakout setup; use the overnight high at 3430 up and 3400 down for breakout points.
March Sugar: Buy day; opened over Fib resistance at 27.83. Friday’s high at 28.34 is the next resistance.
March Coffee: Today is a ‘cover breakout sales’ day; working on a Buy day rally. The 140 area is key support; 142.65 is the first rally objective.
March Cotton: It’s on a Buy day signal; I’d view the 1/8 swing low at 72.43 as the reference price.
March Crude Oil: 78.45 was a 50% retracement of the rally off the Dec. low. Today is a Taylor sell day; will they be able to hold them up for a Sell Short day tomorrow?
March Natural Gas: Breakout setup; today it broke trend line support at 5.597 and Fib support at 5.548. 5.463 is the next support.
March Soybeans: The low of this selloff has been 969; that looks to be in play this morning.
March Soymeal: Breakout setup; 293.20 is the upside breakout point; watch 289.00 down.
March Wheat: Overnight it couldn’t regain the broken low at 514-2; 500 is a psychological pivot point.
March Corn: Overnight it tested the low of the break at 368-0; I don’t look for this to hold.
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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