Bernanke’s reappointment yesterday is aiding stocks. Q4 GDP rose by 5.7%. This is a ‘rough draft’; and is often a lot different by the time the revisions are done, but it’s still a positive. Inventory refilling accounted for 3.4%. In Europe, yesterday’s warning about the UK’s financial situation rattled the markets, and the Greek financial problems continue to weigh. Later today we get the Chicago PMI at 8:45 (small decline expected) and consumer confidence at 8:55 (small rise expected). End of month window dressing may help support stocks today.
March SP: With the big range down day yesterday, I’m labeling today a Buy day. There’s now support around 1080; I have a first rally objective of 1087.00.
March NASDAQ: Today is a ‘cover breakout sales’ day. First resistance is at Tuesday’s low of 1783.75.
March T Bonds: is today all those dojis yield a directional move? It failed at 118-24 Fib resistance again; watch support at 117-27.
March Yen: Selloff out of a doji; broker support at 1.1054 and 1.1041.
March Euro: There’s a trend line across this week’s highs that comes in at 1.3988; I’d consider buying a break over it. 1.4027 and 1.4052 are rally objectives. The next intermediate downside objective is 1.3735.
March British Pound: Broke trend line support at 1.6121; the 1/22 low at 1.6071 is the next downside objective.
March Canadian Dollar: Trying to hold the 9350 area; 9420 is the first rally objective.
April Gold: There’s now a double bottom around 1075; below there is important support at 1069.60. First resistance for a rally is 1089.30.
March Silver: Holding old low support at 1615.5; there’s trend line resistance at 16.475.
March Cocoa: It’s acting like a Sell Short day. First objective for a selloff is 3230.
March Sugar: sell day rally; the recent high at 30.10 is the rally objective.
March Coffee: Buy day using the 11/13 low at 133.05 as the reference price.
March Cotton: There’s a little ‘shelf’ of support from 10/09 that’s at 68.80. Rally objectives are 69.68 (met) and 70.22.
March Crude Oil: Rallying on a breakout setup day; cleared breakout points at 74.49 (yesterday’s high) and 74.15 (trend line).
April Lean Hogs: Sell Short day; the SS day reference price is 69.52. 68.90 is the first support.
March Soybeans: Doji; there’s trend line resistance at 937.
March Wheat: Doji, it keeps holing around the 1/20 low at 485-2.
March Corn: Can’t clear old low resistance at 362-2; there’s also trend line resistance at 363-0. As long as it under there there’s no hope for the bulls.
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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