Stocks are lower. I didn’t catch any really big overnight news. If you look at recent activity this should be a surprise. S&Ps had six consecutive higher closes, a rare occurrence. They also retested the October high at 1099. I remember reading some I listen to (I wish I could remember who it was now); early this year they said they thought that S&Ps could rally to 1100 Well, we’re here. . On the other hand, there’s still money on the sidelines; a close over 1100 could pull some of that in to equities. Jobless claims fell 10K, better than expected. We still have the crude inventory report-I’ve seen the release time both at the usual 9:35, MFG research has it coming out at 10 AM. Anyway, it’s supposed to show a build last week. Elsewhere, I saw that Barrick gold is working to close out the rest of its gold hedge.
Dec. S&P: The shallowness of the selloff attests to Spoos strength. Overnight they held trend line support at 1088; regaining the unchanged level would be bullish. Watch the 1100 level. If it looks like they’re going to close over there, they could really catch a bid.
Dec. NASDAQ: It’s trading around the Oct high of 1779.25; 30 and 60 minute charts are giving buy signals.
Dec. T Bonds: Things aligned for a selloff today. 119-14 is Fib resistance; the overnight rally to that level was a great Taylor “sell short trade”. 118-18 was the first target, 118-07 is next.
Dec. Dollar Index: Follow through rally after a successful test of the Oct. low at 75.085. Resistance for the rally is at 75.615.
Dec. Yen: A failed attempt to take out the Oct. high of 11183 is fuelling the selloff. 11090 is first support, then 11072.
Dec. Euro FX: Another selloff after failing to break through its Oct. high of 15062. Next support is 14883.
Dec. British Pound: It’s a Taylor buy day; it’s currently trading around Fib support of 16549.
Dec. Canadian Dollar: Yesterday it worked higher after clearing 9508 Fib resistance, but the NR7 bar showed that the bulls were running out of gas. 9450 is the big downside objective.
Dec. Gold: 8 consecutive higher closes is quite a feat. It’s on a pinball sell signal; the old contract high of 111.70 is support.
Dec. Silver: Overnight it made a double top at 1778. It’s on a pinball sell signal; 17.47 is the midpoint of this week’s range; next support is around 1740.
March Cocoa: A breach of trendline resistance is giving the bulls some hope; but yesterday’s high of 3211 is they key to a further advance.
March Sugar: 2289 is good resistance; a move back under support of 2240 could push the selloff.
March Coffee: It’s in a trend run down; will the Oct. low of 135.95 prove to be support? So far it’s looking like a good Taylor buy day-violated yesterday’s low, rallied.
March Cotton: Looks like the bears aren’t yet finished after yesterday’s dramatic collapse. It’s currently testing trend line support at 66.66.; the mid-Oct. low at 66.10 is next.
Jan Crude Oil: As usual, it has a breakout setup on the day of the inventory report. 79.26 and the overnight low at 78.93 are downside breakout points; watch unchanged (79.92) up.
Dec. Lean Hogs: I’m still treating this as a breakout setup. It’s below breakout points at 55.22 (Tues. low) and is currently testing support 54.97.
Jan. Soybeans: 957-3 is Fib support; holding there yesterday set up today’s Taylor buy day. 977 is the rally objective.
Dec. Soymeal: A doji and resistance around 295 set up a breakout trade today; watch the past two days lows of 286.50 and 284.00 for downside breakout point; the aforementioned 295.00 area up.
Dec. Wheat: It looks like the market rejected the rally over 530 (531-2 was Fib resistance). ROC showed divergence with yesterday’s rally. Support is 520 then 513-6
Dec. Corn: Another failed breakout, $4 in this case. 384 and 381 are 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)
