Overnight ECB President Trichet signaled that the ECB may be ready to end their QE program (or programme if you’re British). Specifically, President Trichet said “any non-standard measure whose continuation would pose a threat to the achievement of price stability must be undone promptly and unequivocally.” German PM Merkel said the EU stability pact couldn’t be questioned, to do so would be damaging for the Euro’s credibility. A terrible earning’s report from Dell is weighing on stocks. The Financial Times had an article saying that “risk fatigue” is driving the correction. There are no economic reports today; there’s a Cattle on Feed this afternoon. It’s option expiration day in the equities and the Dec. grains that could yield some volatility.
Dec. S&P: Follow through selling; last week’s low of 1082.50 is support. It’s a buy day; yesterday’s low of 1086.50 is the reference point. Longer term, is there a bearish MACD crossover coming?
Dec. NASDAQ: Same structure as the S&P. Yesterday’s low was 1759.75. Also watching for a bearish MACD crossover here.
Dec. T Bonds: Sell day, should be able to rally. Yesterday’s high of 121-11 is the first rally objective. Yesterday was an NR4 day.
Dec. Yen: Sell short day; the 1.1270 area is resistance.
Dec. Euro FX: Follow through selling pushed it under Fib retracement support of 1.4836, a held trade under there would add to the selling pressure. Tuesday’s low of 1.4806 is next support.
Dec. British Pound: Broke Fib support at 1.6567 and the last swing low at 1.6512. The 1.6250 area is the intermediate term target.
Dec. Gold: Can gold hold up in the face of the Dollar’s rally? It can’t stay over the $1144 area, watch support at 1131.
Dec. Silver: It’s currently testing old high support at 18.175. 17.94 is next support.
Dec. Copper: As with silver, testing old high support. Here’s it’s at 306.90.
March Cocoa: The break of 3195 support makes a retest of the low 3100 area likely. There’s a bit of support at 3175.
March Sugar: It’s on a buy day signal, watch yesterday’s low at 22.56.
March Coffee: overnight it couldn’t regain Fib support of 137.90; watch yesterday’s low of 135.30.
March Cotton Upside breakout of the recent congestion; holding Wednesday’s high at 73.39 is key for the bulls. The Nov. high at 74.27 is the rally target.
Jan Crude Oil: It’s trading at the old low support area around 77.25. It’s on a buy day signal; needs to regain yesterday’s low of 77.61.
Feb. Live Cattle: Breakout setup today, but I’d be careful about taking positions home-there’s a Cattle on Feed report out this afternoon.
Feb. Lean Hogs: It’s a “cover breakout sales” day. Support is 62.82, resistance is 63.81.
Jan Soybeans: Today is a sell day, the overnight high at 1050 reached the sell day objective. Clearing 1050 would be great for the bulls. First support is 1033
Jan Soymeal: Yesterday’s pop above the old high of 306.80 is holding so far. Holding that would be bullish longer term. If it doesn’t hold, watch trend line support at 303.30.
Jan. Bean Oil: It’s on a buy day signal. 39.91 is old high support and 39.85 is trend line support.
March Wheat: an overnight rally attempt failed at the old high of 593-0; 570 is first support.
March Corn: Is it ready to turn lower? Support is at yesterday’s low of 405-4, then the 402 to 400 area. It is on a buy day signal.
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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