In the FT today; an official from the BOE said that their QE may end next month, as the asset purchase program is having the scale and speed of impact they had hoped for. This is really pushing up Sterling, bringing the Dollar with it. Goldman Sachs’ earnings were as expected; its stock sold off after it. CPI came in on expectations, while jobless claims showed a bigger than expected drop. Later we get the Philly Fed survey at 9 AM and crude inventories at 9:30. The BOE news and Dow 10,000may have been enough to bring in profit taking. It certainly did in the gold market.
Dec. S&P: Yesterday was a wide range day; we should look for consolidation today. Momentum is bearish; support is at the double top area around 1076.
Dec. NASDAQ: Couldn’t push over the Sept. high at 1753.25. Support is 1732.50 then 1727.
Dec T Bonds: A big budget deficit, a rebounding economy, and weak currency-Treasuries are the red headed stepchild right now. Momentum is down to buy signal levels, but prices are weak. 118-21 is Fibonacci retracement support, 118-07 is next.
Dec. Dollar Index: Bouncing on a momentum buy day; clearing the old low at 7604.5 would aid the bulls.
Dec. Yen: Selling off on a momentum sell short day; breaking under Monday’s low at 11059 is bearish. 11014 is the next downside objective.
Dec. Euro FX: A momentum sell short day; there’s major support at 14844, with 14817 as next support.
Dec. British Pound: A big rally on a breakout day; clearing the double top around 16120 helped the bulls. 16222 is a Fib retracement objective.
Dec. Canadian Dollar: Breakout setup today; 9650 and 9602 are downside objectives.
Dec. Gold: A doji yesterday; it broke trend line support at 1058.50. 1050 is psychological support.
Dec. Silver: Breaking the old high at 1769 is bearish; 1731 is support.
Dec. Copper: Breakout day; watch Fib retracement support at 277.
Dec. Cocoa: Breakout day. Much of the world’s cocoa sales are priced in BP, so Sterling’s rally is bullish.
March Sugar: Breakout day. 2328 is yesterday’s high and 2331 is Fib retracement resistance, so there’s your upside breakout area.
Dec. Crude Oil: It’s report day (a day late this week); there’s also an NR4 breakout setup. 76.16 and 76.87 are old highs-resistance. 7527 is the overnight low; look at that for a downside breakout point.
Dec. Lean Hogs: Breakout setup; watch 5355 as a downside breakout point, 5475 on the upside.
Nov Soybeans: Two NR and doji days means a breakout day today. It’s below my first breakout point at 978; 961 is the first downside objective.
Dec. Corn: Breakout setup today; 375 was the first downside breakout point. 368 is the first objective for a selloff.
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