Friday the 13th for those of you that are superstitious. Stocks are slightly higher and the Dollar is slightly lower after a good Eurozone GDP report. This could be an important day; if traders get the idea that the double top at 1099 holds there could be more selling to come. The EZ GDP number was good, but not really good to bring in a strong bid for the Euro. The Oct. trade deficit was bigger than expected; this is pressuring the Dollar. Gold is higher after a test of $1100 support overnight. The U. of Mich. consumer confidence number is out at 8:55 Chicago time; it’s supposed to show a small advance.
Dec. S&P: It’s a Taylor buy day. Support is at Tuesday’s low of 1085, with resistance at 1093. As I said above, today’s close could be important for market direction.
Dec. NASDAQ: Another buy day; support is 1766. Clearing the old high at 1779.25 is bullish.
Dec. T Bonds: Although they had a big range yesterday, the doji could give a directional move today. There’s resistance at 119-03.
Dec. Dollar Index: It has had a good two day rally, but is that all it has? Watch Fib support of 75.368 today.
Dec. Japanese Yen: Buy day; the Fib support at 11072 helped the bulls. Watch resistance at the old high of 11183.
Dec. Euro FX: It’s on a buy signal, but it’s having trouble moving away from Fib support of 1.4836.
Dec. British Pound: It’s had a good breakout day rally; it held Fib support at 1.6549, and is testing Fib resistance at 1.6676.
Dec. Gold: It has a bid on a buy day setup. Holding $1100 is key for the bulls, especially on a closing basis. The old pivot high at 111.70 is resistance.
Dec. Silver: A buy day rally, there’s a double bottom at 17.16 (just over Fib support of 17.14). Rally objectives (resistance) are 17.40 and 17.475.
March Cocoa: Ready to break down? A break of trend line support at 3115 could lead to a test of the low at 3102.
March Sugar: A sell short day and it had a doji yesterday. 2289 was Fib resistance; 2240 is the first support.
Jan Crude Oil: It’s on a buy signal; holding the early Nov. low at 77.22 is key to a bounce.
Grains: I haven’t really looked through the report but I thought I heard that there were huge soybean sales last week, reflecting Chinese purchases.
Jan Beans: Bullish after clearing Fib resistance of 989-4.
Dec. Wheat: It had a doji yesterday; use the old high at 528-2 as a pivot 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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