This morning we had conflicts reports on the economy. The Challenger report showed labor market improvement in December, while the ADP report showed a loss of 84K. The chatter has been that Dec. NFP may be as good as unchanged – not enough to really start to help, but no longer a black hole. Later this morning we’ll get the ISM Services report at 9 AM, then the EIA energy inventory report at 9:30.
March S&P: Trading lower on a Sell Short day; you could also view today as a breakout day (NR4 yesterday). There’s a double bottom overnight at the low of 1127.75.
March NASDAQ: Breakout day (NR4 / doji). Breakout points are 1874.50 down (Fib point) and 1890.25 up (yesterday’s high). This fits in with its current structure; last week’s resistance around 1882 is a pivot point.
March Dow: Another market to treat as a breakout setup. 10454 is Fibonacci retracement support.
March T Bonds: An “exit breakout buys” day, so anticipate downside action. 115-11 is support.
March T Notes: Will the rally continue, or is this a little bear flag? By the Taylor Technique count, today is a Sell Short day. 116-18.5 would be the next rally objective, and 115-24 is first support.
March Yen: Sell Short day; 1.0848 is first support.
March Euro FX: A good recovery from overnight losses, but it’s really just back to the middle of the past two weeks’ range. 1.4382 is resistance.
March British Pound: It’s a TT Buy day; yesterday’s low at 1.5958 is the reference price. 1.6030 is first resistance, then 1.6086. The old low at 1.5912 is support.
March Canadian Dollar: A doji and NR4 day give today some potential for a directional move today. Last week’s high at 9650 is the first upside breakout point, then 9675. I’d watch the 12/1 high at 9608 on the downside.
Feb. Gold: Yesterday’s trade relieved some of the overbought condition to allow today’s rally. Yesterday’s high at 1129.60 is the upside breakout point, with 1134.50 the first upside objective.
March Silver: Third day higher; there’s Fib retracement resistance at 18.133 (50% retracement of December’s selloff).
March Copper: Breakout day; Trade or Fade has 348.00 for the first rally objective.
March Sugar: With yesterday’s big selloff from the high, today could be viewed as a Buy day. The 27.50 area is the Buy day reference price; 28.10 is the next rally objective.
March Coffee: With the size of Monday’s rally, I view Monday as the Buy and Sell day, yesterday was the Sell Short day. Thus, today is the Buy day; watch Fib retracement resistance at 142.65.
March Cotton: Buy day rally; the mid December low at 73.35 was the reference price.
Feb. Crude Oil: With the inventory report out this morning, I’m treating crude as a breakout day today. Yesterday’s high at 82.00 is the upside breakout point.
Feb. Natural Gas: Rallying on a Buy day signal; it cleared first resistance at 5.772.
Feb. Live Cattle: Sell day rally; the recent high at 86.80 is resistance.
Feb. Lean Hogs: Today is an “exit breakout buys” day; the 12/16 high at 67.77 is resistance.
March Soybeans: Breakout setup today (ID/NR4). Use the overnight high at 1068-2 as an upside breakout point and yesterday’s low at 1050-4 down.
March Wheat: Buy day. 550-6 is support, and 559-4 is big Fib retracement resistance.
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.
Copyright © 2009
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
f2ea78dd95959aa32f651cec20a16e23)
