A strong Purchasing Manager’s report from China and a profit (!) from Ford last quarter are helping stocks, although it’s not a rally with a lot of steam behind it. CIT filed for bankruptcy; it wasn’t a big surprise, but the fallout remains to be seen. Today we get the national ISM Manufacturing report and pending home sales at 9 AM, so we’ll get some top tier numbers to chew on. The FOMC meets Tuesday and Wednesday; traders will be parsing the statement for any clues about withdrawal of stimulus.
Dec. S&P: It’s a buy day; regaining broken trend line support at 1038takes some pressure off. Resistance is 1042 then 1046.25. Closing back under 1037 keeps the heat on.
Dec. NASDAQ: It’s a buy day; the old low at 1677.25 is resistance. Clearing 1682.50 helps the bulls.
Dec. Dow: Buy day; staying over 9700 is bullish. 9759 is the next resistance.
Dec. T Bonds: Sell short day; the reversal after Friday’s big rally is worrisome for the bulls. 119-14 is support.
Dec. Yen: It’s on an “Oops” sell today (Gapped higher, sold off to fill in the gap). 11050 is the first downside objective.
Dec. Euro FX: Buy day; watch trend line resistance at 14806.
Dec. British Pound: Friday’s inside day and range contraction could yield a breakout move today. It under Friday’s low; the next downside breakout point is 16335.
Dec. Canadian Dollar: It’s on a buy day signal, and it held trend line support at 9211. I have a rally objective of 9308.
Dec. Gold: Friday had enough range contraction to give a breakout signal for today. Clearing resistance at 1049.50 was the key to today’s rally. 1059 was a Trade or Fade rally objective, 1066 is next for the bulls.
Dec. Silver: It’s on a buy day signal. There’s trend line support at 1617; resistance is 1677.
Dec. Copper: The commodity “with the PhD in Economics” is weak today, and it’s on a buy day. Resistance is 298.50; watch trend line support at 292.70.
Dec Cocoa: it’s selling of on an ID/NR4 breakout day. Last Wednesday’s low of 3263 is support.
March Sugar: It looks good after regaining Fib resistance of 2323. 2357 is the next resistance to clear.
Dec. Coffee: Buy day; resistance is at Friday’s high of 138.50.
Dec. Cotton: Rallying on a breakout day; cleared resistance at 68.20 and 68.84. The last rally high is 69.49.
Dec. Crude Oil: Holding common number support around 76.85 on a buy day. The first rally objective is 78.50.
Dec. Natural Gas: 2 doji days; will there be a breakout move today? There’s trend line resistance at 5.165; support is 5.941.
Jan. Soybeans: Held support at last Wednesday’s low of 962 and then cleared trend line resistance at 981-2. 995-6 is major resistance.
Dec Bean Oil: A good “Oops buy” rally after bouncing of Fib support of 36.02. The next rally objective is 37.38.
Dec. Wheat: It’s on a buy day signal; 496-6 is resistance; 500 is important resistance.
Dec. Corn: Buy day; resistance is 368-4 then 371-4.
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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