Well, yesterday ended with little of substance out of Washington. The FOMC meeting announcement was a non-event, save the vote by KC Fed President Hoenig. Obama’s State of the Union speech contained nothing to really impact the markets. Looks like we’ll see gridlock in DC. In Europe, the fiscal problems in Greece and Portugal are deepening, keeping pressure on the Euro. On balance, today’s earnings reports were market friendly. On the stats front, durable goods orders were soft and jobless claims were higher than expected. The procedural vote for Bernanke’s reappointment is set for 9:30 this morning. After recent fireworks I’m looking for consolidation days in many of the financial markets.
March SP: It’s a Taylor Sell day. First resistance is at Monday’s high of 1103.00. A high range close today sets up a Sell short day tomorrow.
March NASDAQ: Yesterday was an inside day, so we treat today as a breakout day. Use the overnight high at 1820.00 for an upside breakout point and 1791.50 down.
March Dow: As with the Naz, an inside day yesterday. It’s already over its breakout points; Monday’s high at 10249 is first resistance
March T Bonds: Finally moving out of the recent channel. 118-24 is proving to be tough (Fib) resistance.
March Yen: Follow through selling from yesterday’s Sell Short day. 1.1054 is first support. A low range close will give a Buy day setup fro tomorrow.
March Euro: A big tail down; holding back over yesterday’s low at 1.3991 could give a Buy day rally today.
March British Pound: Breaking out of its little triangle; Fib resistance at 1.6263 is the first rally objective / resistance.
March Canadian Dollar: Breakout setup (ID / NR7); the 12/30 low at 9452 is first rally resistance.
Feb Gold: A good Buy day rally after a successful test of the 1/22 low at 1081.90. The first rally objective is 1092.30.
March Silver: An inside day yesterday; the low range close has me looking for a Buy day move. First resistance is 16.81.
March Cocoa: Watch for a move back under the 12/28 low at 3222. Acceptance or rejection of lower prices could yield a trade.
March Sugar: Today is a ‘cover breakout sales’ day; holding Fib support at 28.40 could lead to a Buy day rally. 29.13 is the first rally objective.
March Coffee: It’s a buy day. Yesterday held over the 11/13 low at 133.05; the 12/31 low at 135.80 is the first rally objective.
March Crude Oil: Another Buy day; staying over the 74.00 area is bullish. The first rally resistance is 74.62.
March Natural Gas: A Buy day rally; yesterday’s low at 5.182 is the reference price. Broken Fib support at 5.289 is now resistance.
Feb Lean Hogs: Sell day; yesterday’s high at 69.37 is the rally objective. The 12/22 low at 68.02 is key support.
March Soybeans: Is today a Buy day? Yesterday’s low at 928-4 is the reference price.
March Soymeal: Holding under the 1/11 low keeps the pressure on; the 11/10 low at 275.00 is the next downside target.
March Wheat: Today is a ‘cover breakout sales’ day; the 1/20 low at 485-2 is the reference price.
March Corn: Another Buy day setup; I’d use the 1/20 low at 362-2 as the reference price.
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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