Stocks are higher. The NASDAQ is up the most; gaining from strong earnings from Apple. Housing starts were weaker than expected and the PPI came in lower than expectations. The first time home buyer credit is due to expire at the end of the month; we’ll see how housing is really doing after that. The only other release due today is the API crude inventory report; it’s out at 3:30 Chicago time. There were comments from China and European financial officials about the weak Dollar. For now it’s only jawboning.
Dec. S&P: Momentum is still low enough to accommodate a rally. Resistance is at yesterday’s high of 1095.50.
Dec. S&P: Expect a consolidation day today after yesterday’s big range rally-sell rallies, buy breaks.
Dec. T Bonds: There’s still room for a rally; tomorrow will likely be a momentum sell short day. Resistance is 120-30 then 121-07.
Dec. Yen: It’s on an NR4 breakout signal, and a momentum sell day, so it can rally. There’s resistance at 11107; that’s a 50% retracement of the past week’s selloff.
Dec. British Pound: It has had two consolidation days; will it move today? It’s testing trend line resistance at 1.6456.
Dec. Canadian Dollar: It looks like a top is being struck. Key support is Friday’s low of 9582.
Dec. Gold: A quiet start to the session. Resistance is 1068.90 then the all time high at 1072. Momentum will be on a sell short signal tomorrow; that argues that’s it’s unlikely for it to extend the rally much above the 1072 high.
Dec. Silver: Momentum is on a sell short signal; watch support at 1769 then 1758.
Dec. Copper: 29890 is the 2009 high. Momentum is on sell short signal levels.
Dec. Cocoa: It’s taking out the old contract high at 3329; this is a breakout I’d consider buying.
March Sugar: 2 NR and doji days gives today a breakout setup. Support is 2330 then 2293.
Dec. Cotton: A momentum buy day; support is 6610. Rally objectives are 67.55 then 67.92.
Dec. Crude Oil: It’s a momentum sell short signal. 79.00 is the downside breakout point;
Dec. Natural Gas: It’s on an NR4 and doji breakout setup. It cleared the multiple high resistance around 5.829.
Dec. Live Cattle: Higher prices are seeing bearish momentum divergence. The last swing high was 86.50; that’s the pivot point for today.
Dec. Lean Hogs: Breakout setup; there’s a channel with the high at 5472 and the low of 5355. Use these as breakout points.
Nov. Soybeans: Weak action overnight; with support at 987-6
Dec. Soymeal: It’s weak after it couldn’t clear the resistance at 301.50 that I labeled in last night’s STI. Support is 296.50.
Dec. Wheat: There’s often a sell short day after a breakout rally day. Support is 510-2; the recent high at 529 is resistance.
Dec. Corn: Like the wheat, look for a sell short day after yesterday’s breakout rally. The recent high at 388-6 is resistance.
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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