US Q3 GDP was revised downward to 2.8%. Much of the growth is attributed to government stimulus; there are growing concerns about how the economy will do when the government starts to withdraw it. Shanghai stocks were down 3.5% overnight; Chinese financial authorities are asking banks to come up with plans to replenish their capital. This would serve to reduce money supply. The Case Shiller S&P Home Price Index was out at 8 AM; it showed a slight increase. Consumer Confidence is out at 9AM (Nov is expected to fall to 47.0 from 47.7) and the minutes of the early Nov. FOMC meeting are out at 1 PM. With tomorrow being the day before the day before Thanksgiving; today could see some action as traders finish up before the holiday.
Dec. S&P: Relatively strong so far. I’d play for a “sell day” test of yesterday’s high. There’s Fib support at 1098.
Dec. NASDAQ: Also a sell day; yesterday’s high was 1801.75. 1778 is support.
Dec T Bonds: Rallying after 2 doji days; resistance is at last week’s swing high of 121-11.
Dec. Yen: Rallying on a buy day. I have resistance at 11305.
Dec. Euro FX: Rallying on a sell day; 1.5000 is resistance.
Dec. British Pound: It looks like it skipped the sell day and is going right to the sell short trade. 1.6555 is a pivot point today.
Dec. Canadian Dollar: 9458 is the midpoint of the past two week’s range; use that as a pivot point. I’ll also use yesterday’s high at 9488 as a reference point.
Dec. Gold: It’s in a trend run up; looking to buy pullbacks. I like the lower 1160 area if we can reach it.
Dec. Silver: Continues soft after yesterday’s double top. 18.48 is support.
Dec. Copper: As with silver, formed a double top yesterday. Support is 311.50 then 310.
March Cocoa: Selling off on a breakout setup day; 3270 was first support. 3211 is the big retracement objective.
March Sugar: Rallying on a buy day; 2250 is the first rally objective.
March Coffee: Resistance is 138.30, support is 136.20. 137.90 is the midpoint of the past two weeks range; use as a pivot point.
March Cotton: Bullish if it holds over the old high at 74.27.
January Crude Oil: It’s still in a bearish posture; support is 76.96 today.
Feb. Live Cattle: There’s a sell short day today or tomorrow; watch yesterday’s high at 86.00.
Feb. Lean Hogs: It’s a sell short day; watch support at the old high of 65.00. There’s trend line support at 64.40.
Jan Soybeans: Looking for a buy day (it may be tomorrow). For today, it’d need to regain yesterday’s low of 1038-0. There’s support at 1026-0.
Jan Soymeal: 2 doji days; use the old high of 306.80 as a pivot. The last Nov. high at 304.30 is support; 310.00 is resistance.
Jan Bean Oil: Holding last week’s low at 39.63 is key for the bulls.
March Wheat: 3 doji days could yield a breakout move today. Last week’s low at 567-4 is support; resistance is 586.
March Corn: It’s on a buy signal; will it have a Turnaround Tuesday and rally? 402 is a 50% retracement of the November rally.
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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