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.

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