A drop in jobless claims put a bit more wind in the sails for stocks; which had already rallied this morning. The ECB and BoE met; there were no surprises out of either. There’s no other news out today; tomorrow morning is the Employment report for October. It’s out at 7:30; the consensus is for a drop of 175K for payrolls and the unemployment rate is expected to uptick to 9.9%. I would expect many markets to consolidate ahead of tomorrow’s report.
Dec. S&P: Back to unchanged. Last night’s break was the end of the spasm after the FOMC announcement. Look for consolidation today-fade the moves.
Dec. NASDAQ: NR4 breakout setup today. Watch 1700 as an upside breakout point; 1675 down.
Dec. T Bonds: Buy day; will the double bottom around 117-27 hold?
Dec. Euro FX: Sell short day, but it’s holding a lot of yesterday’s gain. 14804 is support.
Dec. British Pound: Should be a sell short day; but it’s not acting like it. It’s bullish over 166.
Dec. Canadian Dollar: It has an NR4 breakout setup; breakout points are 9350 down and 9419 up.
Dec. Gold: Trade or Fade labeled today a breakout day (range contraction). Watch 1085 down, 1100 up for breakout points.
Dec. Silver: Another ToF breakout setup; it looks bullish. Watch yesterday’s high of 1763.5 for an upside breakout point.
Dec. Copper: Breakout day; watch 295.65 down, 300 up.
Dec. Cocoa: Is this a flat bottomed triangle forming? (Bearish). 3269 is Fib retracement resistance; 3230 is the first support area.
March Sugar: An ID/NR4 breakout setup; 2400 is the upside breakout point and 2325 down.
Dec. Coffee: A directional move up after two doji days; Monday’s high of 143.10 is the upside breakout point with 145.40 as the first rally target.
Dec. Cotton: An NR4 breakout setup; watch 69.20 and 67.13 for breakout points.
Dec. Crude Oil: Strong Market; resistance is around $81.
Jan Soybeans: Look for downside followthrough after hitting trend line resistance (1020-2) yesterday. 992-2 is Fib retracement support.
Dec. Soymeal: It’s currently under trend line support at 300.00; there’s Fib retracement support of 298.80.
Dec. Bean Oil: An NR4 and doji gives today a breakout setup; watch 37.03 and 37.75 for breakout points.
Dec. Wheat: Two doji days could give a directional move today. There’s trend line support at 513-4; next support is 508.
Dec. corn: A weak close yesterday gives a buy day setup today. 379 is support; 390-4 is resistance.
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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