Stocks are higher after a ‘nose count’ for Bernanke’s reappointment seems to be improving. In Europe, Greek debt spreads are narrowing after a 5 year not auction that appeared to be well received. However, strength if fading. Obama’s bank plan is not being well received internationally, and I think there’s concern that a new populist tack some are calling for would hurt Obama’s standings in the business world. Today we get existing home sales at 9 AM; it was expected that December’s sales were 5.900 million, down from the huge 6.54 mln. in November.
March SP: Buy day rally; 100 to 1101 is resistance.
March NASDAQ: Buy day rally; 1819 is resistance.
March T Bonds: Breakout day (NR7 and Doji). 117-27 is the first downside target.
March Yen: Sell short day; 1.1076 then 1.1044 are downside targets.
March Euro FX: Sell day; weak market. 1.4110 is support.
March British Pound: Buy day; resistance is 1.6140 then 1.6172.
March Canadian Dollar: On a Buy day signal, but a weak market. 9452 is a pivot point today; Friday’s low at 9430 is the Buy day reference price.
Feb Gold: Buy day, opened higher but no follow through. The 12/30 low at 1806.60 is support; 1100 is resistance.
March Silver: As with gold, higher open with no follow through. Support is at Friday’s low of 16.88.
March Copper: Sell day rally; 336.85 is resistance.
March Cocoa: Turning bearish; 3385 then 3354 are key support.
March Sugar: Breakout setup; the recent high at 29.82 is the first rally target.
March Cotton: Breakout setup (ID/NR7). Thursday’s high at 72.08 is the upside breakout point; watch Friday’s low at 70.98 down.
March Crude Oil: Buy day; watch Friday’s low at 74.01 for the Buy day reference price.
March Natural Gas: sell short day; the first target for the selloff is 5.618.
Feb Live Cattle: Friday’s Cattle on Feed report was bullish; we’ll see what the market thinks. Support is 86.32; resistance is 87.15.
Feb Lean Hogs: Breakout setup (3 doji days). Watch 69.75 for the downside breakout point, watch Friday’s high at 70.60 up.
March Soybeans: Breakout setup; didn’t tip its hand last night.
March Soymeal: Bearish pattern, had an NR7 day Friday. Breakout points are 285.50 down (Weds. low) and 288.00 up (trend line).
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.
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