Stocks are about unchanged. There was some overnight follow through selling last night, but they’ve since recovered. Yesterday’s stock selloff cam amid concerns about the health of the financial sector. Dick Bove, a big name bank analyst, made negative comments on Wells Fargo yesterday. Today we get a bunch of earnings reports; the reports from American Express and Capital One should give insight into consumer balance sheets. Q3 growth in China was a bit of a disappointment. This helped the dollar for a bit. Weekly jobless claims showed a slightly bigger than expected jump, but it didn’t affect the markets much. Sept. LEI is out at 9 AM Central; it’s expected to have risen 0.9%. Wet weather is slowing the grain harvest and wheat seeding in the US that has been supporting prices.
Dec. S&P: For now it’s holding old high support at 1075.75, and it’s on a momentum buy signal. Is MACD getting ready for a bearish crossover?
Dec. NASDAQ: It’s on a momentum buy signal and there’s trend line support at 1743. Resistance is at 1760.
Dec. T Bonds: It’s still acting heavy, but so far it’s holding yesterday’s low at 119-16.
Dec. 10 Year T Note: Weaker than the bonds; last week’s low at 11720.5 is important support.
Dec. Japanese Yen: Trading around last week’s low at 1.0953; taking that out targets the 109 area first.
Dec Euro FX: It’s on a momentum sell short signal; look for a consolidation day today. 14955 then 14916 are support.
Dec. British Pound: Momentum sell short day; there’s trend line support at 16449. Momentum showed bearish divergence on yesterday’s new price high.
Dec Canadian Dollar: Yesterday’s rally stopped at Fibonacci retracement resistance of 9623. 9461 is important support, and MACD is near a bearish crossover.
Dec. Gold: It’s getting more volatile within the triangle. 1050 continues to be psychological support and pivot price.
Dec. Silver: Watch support at 1733 today.
Dec. Copper: Holding over the old high of 298.90 and the 300 area is bullish.
March Sugar: It has an ID/NR4 breakout setup; watch overnight low at 23.52 as the downside breakout point. 23.31 is the first target for a break. Watch 23.98 for an upside breakout.
Dec. coffee: Couldn’t get any strength from the bullish two bar reversal. 139.75 is support.
Dec. Crude Oil: It’s on a momentum sell short signal, and momentum showed bearish divergence on yesterday’s new price high. 80.40 is first support, then 79.62.
Dec. Live Cattle: It’s on an NR4 breakout setup. Breakout points are 86.50 (old high) and 87.30 (yesterday’s high).
Nov. Soybeans: It tested the last swing high at 1012-2 yesterday; it’s on a momentum sell short signal today. Watch support at 993.
Dec. Wheat: Holding strong after yesterday’s breakout rally into new highs. 529 is key support.
Dec. corn: Same pattern as wheat. 389 is old high support.
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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