The September NFP was bad across the board. Job losses were 263K, with losses across the board. Hourly earnings and hours worked also fell. The only consolation is an upward revision to the August report-to a loss of 200K from 216K. So much for pricing in a bad number yesterday. We also get factory orders at 9 AM.
Dec. S&P: It broke Fibonacci retracement support at 1023.50; there’s trendline support and Fib support around 1012. Momentum is on a buy signal.
Dec. T Bonds: It’s staying strong after yesterday’s breakout buy. The overnight high at 123-10 should now be support.
Dec. Dollar Index: A nixed bag. It’s over resistance at 77.33; there’s resistance at Tuesday’s high of 77.735.
Dec. Yen: It’s rallying out of a breakout setup. Fib resistance at 11203 was my upside breakout point; 11236 then 11295 are rally objectives.
Dec. Euro FX: Breaking under Tuesday’s low of 14521 is bearish, targeting old high support at 14449.
Dec. British Pound: Selling off out of a NR breakout setup. Monday’s low at 15766 is key support.
Dec. Gold: 983.30 was a 50% retracement of the last week’s rally; it has already traded near support of last week’s low of 985.50.
Dec. Silver: Same kind of action as gold; 1627.3 was the 50% level and 1576 was last week’s low.
Dec. Copper: It’s currently working on breaking under critical, double bottom support at 266. There’s a lot of room for it to fall.
Dec. Cocoa: Good breakout day sale; 3020 was important support. There’s trendline support at 2959.
March Sugar: A good breakout day sale. 2438 was the downside breakout level; 2363 is the next downside target.
Dec. Cotton: Breakout setup today; Wednesday’s low of 6065 is the downside breakout point.
Nov. Crude Oil: Selling off on a momentum sell short day. 68.22 is the next objective.
Nov. Natural Gas: It’s on a momentum buy signal and bullish over 4.500. 4.671 is the rally objective.
Dec. Lean Hogs: They opened higher overnight; can they hold together? 4870 and 4815 are support.
Nov. Soybeans: It’s trying to breakout out of the triangle. The line is at 912 or 908-4 depending on how you draw it. The 9/23 low at 902 is next support.
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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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