The December employment report was disappointing; higher job losses than expected. Hiring is weak; the drop in labor force participation is obscuring the weakness. A slight upward revision to Nov. NFP to a small gain is small comfort. It’s stock and Dollar bearish, bullish for Treasuries but next week’s supply is weighing on them. This report may help gold ($ weakness), hurt copper and energies (slow economic growth).
March S&P: Sell Short day is working perfectly so far; trading around first support at 1133. 1128 is next.
March NASDAQ: Yesterday’s low at 1865.75 is the first downside level; should be good support. The 12/31 low at 1855 is next, with 1879 as first resistance.
March Dow: Sell Short day; the next selloff objective is 10470.
March T Bonds: I’d like to be bullish, but they’re not very inspiring. A decisive move over yesterday’s high at 115-23 would help.
March T Notes: Held Fib support at 115-18.5; resistance is at Tuesday’s high of 116-08.5.
March Yen: The Buy day worked today; resistance is at 1.8022.
March Euro: Held trend line support at 1.4279; resistance is at 1.4372.
March British Pound: Buy day rally; the first rally objective is at 1.6063.
Feb. Gold: Held 1119 support; the 12/17 high at 1142.90 is key resistance for a rally. I’d consider adding longs to a move over 1141.00 (Weds. high).
March Silver: Held the Fib at 1813.3; 1846 then 1852 is the next resistance.
March Copper: Will today’s Buy day signal work? Yesterday’s low at 342.55 is the reference price, and there’s (broken) trend line resistance at 345.25.
March Sugar: Doji yesterday; watch trend line support at 27.78. 28.10 and 28.25 are resistance.
March Coffee: Finally breaking the 142.65 fib resistance; that area should hold as support now. 144.50 is the next rally objective.
Feb Crude Oil: It has a breakout setup; will it move today? 82.19 is a pivot point today.
Feb Lean Hogs: Sell day; can they take out the major high at 67.77?
March Soybeans: Follow through from yesterday’s breakout sale; 1019 is some support, then 1005-4.
March Wheat: Recovered overnight after a break of 550 support. 557 is a pivot point today.
March Corn: A Buy day rally; the 414 area is supporting. 420-4 is resistance today.
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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