Happy days are here again! A good Eurozone PMI report and dovish comments from the presidents of the Chicago and St. Louis Fed are driving today’s trade. This pushed down the USD, rallying commodities and equities. Today we get existing home sales at 9 AM. The expectation is for 5.700 mln in sales for Oct. This would be a drop from Sept. There is still a big inventory of unsold and foreclosed homes to be cleaned up.
Dec. S&P: Friday’s selloff held at the 20 day EMA; it’s also the buying day rally from Thursday’s buy signal. 1097.88 was a 50% retracement of the recent dip, and there’s now a double bottom around 1083.
Dec. NASDAQ: Same scenario as the S&P. The midpoint of the break is 1784.38 here.
Dec. Dow: 10427 is the recent high here.
Dec. T Bonds: An NR7 and doji breakout setup; watch trend line support at 120-16 and Friday’s low of 120-13 as downside breakout points.
Dec. Yen: It’s an ID, NR7, and doji breakout setup today, yet it’s not really moving yet. Use Friday’s high at 11283 as an upside breakout point and 11236 down.
Dec. Euro: Something had to give here-Fib support at 1.4836 and the trend line across the highs, which came in a 14960 today. Holding over the trend line would be bullish.
Dec. British Pound: A good buy day rally; 1.6667 is the next rally objective.
Dec. Canadian Dollar: Another buy day rally; 9458 and 9487 are rally objectives.
Dec. Gold: This is the denouement of the past four doji days. Clearing last Weds. swing high was the catalyst.
Dec. Silver: It hasn’t yet been able to clear the recent (and ’09) high of 1885.5; will today be the day the finally do bust over?
March Sugar: There was a higher open on the buy day setup, but there’s been no follow through. Resistance is around 2290; support is 22.57.
March Cotton: Solid upside followthrough after clearing the 74.27 swing high. That area should now be support on a break.
Jan. Crude Oil: After getting pushed back a day after Friday’s Power Sell (see my post here); we get the Buy day rally today. Resistance is 78.82; a 50% retracement of the 3 day selloff.
Jan Soybeans: As with cotton, a strong rally after taking out resistance; here it was 1050. The NR7 breakout setup helped here.
Jan Bean Oil: A good rally out of Friday’s inside day; the recent swing high at 40.78 was resistance. Tomorrow should be a sell short day.
March Wheat: 2 doji days could give energy to a move today. 586 and 593 are resistance; the recent high at 604-6 is the rally objective.
March Corn: 2 NR days keeps the breakout signal going. Watch 415-4 for an upside breakout point and 405 down.
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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