There was talk about a new Greek austerity plan to be announced next week. In addition, PMs Merkel and Papandreou will meet on March 5th; there are hopes that a bailout will come out of all this. These hopes brought back the Euro and put pressure on the USD. All the other moves flow from that. There are no economic releases out today. The API inventory numbers are out today; the ADP employment report and ISM Services Index are out tomorrow.
March SP: The old high at 1112.75 should now be support. Yesterday was an NR4 day, but with the rally and breakout, I’m not anticipating a big move today.
March NASDAQ: By the Taylor count today could be a Sell Short day. If so, yesterday’s high at 1848.50 is the reference price.
March Dow: Yesterday was an NR7 day; will we get a breakout move today?
June T Bonds: Breakout day (ID / NR4). The first breakout point was yesterday’s low at 117-04; Fib support is 116-30 is next.
June Euro: The 1.3450 area is proving to be good support, and holding over 1.3568 is bullish.
June British Pound: That was a big beating yesterday, but I wouldn’t be in a hurry to buy it unless it regains 1.4992.
June Canadian Dollar: By the Taylor count today could be a Sell Short day, but the breakout over the swing high at 9642 negates that for the time being.
April Gold: Yesterday’s NR7 and doji, give a breakout setup today. The first breakout point was 1123.90; I have 1126.40 next. The 2/22 high at 1131.50 is the first rally objective.
May Silver: Buy day; yesterday’s high at 16.77 is the first rally objective.
May Copper: Buy day; filled in the gap overnight. The first rally objective is 338.55 (Fib) to 3238.80 (old swing high).
May Sugar: Will today turn into a Buy day? Yesterday’s low at 22.02 is the reference price.
April Crude Oil: Range bound. Given the recent cycle; I anticipate the strength will continue today. 79.34 is a pivot point today.
April Live Cattle: Formed a little channel; bounded by 9222 and 9150. Look for a breakout of either end.
April Lean Hogs: Yesterday’s NR4 and doji give a breakout setup today. Use the overnight low at 7260 and yesterday’s high of 7357 as breakout points.
May Soybeans: It’s tough to get a handle on directional bias today. There’s support at 955, resistance is around 969.
May Bean Oil: Yesterday’s NR4 and doji give a breakout setup today. Breakout points are the 39.50 area down; yesterday’s high of 40.09 up.
May Corn: Buy day after yesterday’s big selloff. 378-4 is Fib retracement support.
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)
