The dollar is lower today; there wasn’t any top tier news behind the move. ECB president Trichet made comments about the dollar’s weakness and unruly currency markets, but his remarks were shrugged off. Stocks aren’t getting much of a bid this morning; we’ve got a lot of financial firms’ earnings reports out this week. Meredith Whitney made some negative comments on financials, notably Goldman. Gold broke into new all time highs; other commodities followed in its wake. There’s no economic new out today.
Dec. S&P: The Sept. high at 1075.75 is resistance; 1067 is support. Momentum is bullish.
Dec. NASDAQ: A doji yesterday; the Sept. highs around 1732 is resistance.
Dec. T Bonds: A breakout setup today; watch 120-17 and 119-20 are breakout points. It’s been trading along a trendline for the past 3 days.
Dec. Dollar Index: A few weeks ago it looked like the dollar might be bottoming; now not so much. MACD is bearish and it broke under the Sept. low at 7604.5. Last week’s low at 7586 is the next downside point to watch.
Dec. Yen: A doji yesterday could give some strength today. 11214 is the next objective / resistance.
Dec. Euro FX: Broke over last week’s high of 14816 and the ’09 high of 14844. Momentum is on a sell short signal, but MACD is giving a bullish crossover.
Dec. Gold: A breakout day rally after 2 narrow days of trading inside last Thursday’s bar. Last Thursday’s high at 1062.70 was the upside breakout point.
Dec. Silver: An NR4 breakout setup; I’d use last Thursday’s high of 1795.5 as the upside breakout point.
Dec. Copper: Breakout setup today; I’d continue to use yesterday’s range for breakout points.
March Sugar: An ID/NR breakout setup today; it’s already over the first breakout point at 2195. 2280 then 2331 are upside breakout points.
Dec. Coffee: Even with yesterday’s big rally, momentum is still bullish. 138.30 was the last swing high; clearing that was bullish. The August high at 141.65 is the next rally objective.
Nov Crude Oil: Follow through from yesterday’s breakout rally. It cleared the Sept. high at 75.38; there’s trendline resistance at 74.48.
Nov. Natural Gas: Breakout day and in a triangle. The breakout points are 4.960 and 4.795 today.
Dec. Live Cattle: It’s on an NR4 breakout setup and there’s trendline resistance at 85.44. Let’s see how the day goes; I’d like to be long.
Nov. Soybeans: Wow. A strong finish to the overnight session; the August high at 1018-6 is the next resistance. Momentum advises caution; it’s on a sell short signal.
Dec. Wheat: Holding onto yesterday’s breakout day gains. $5 is psychological resistance. The wheat / corn spread is turning positive for the wheat.
Dec. Corn: 376 is “common number” resistance; 387-6 is a 50% retracement of the summer selloff.This is the morning update to 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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