Let’s see. Bernanke is speaking this morning, Microsoft releases Q3 earnings, and existing home sales are all due this morning. It’s expected that the Nov 30th deadline for the first time homebuyer credit will continue to help housing sales. Inventories are falling, obviously a good sign for the housing market. The Dollar is a bit stronger this morning. UK GDP figures were weak; they fell 0.4% with a drop of 0.2% expected. This is putting pressure on Sterling and helping the Dollar. Treasuries are under pressure over the size of next week’s refunding auctions-there’s a lot of paper to be peddled next week. Grains are higher; Midwest weather is terrible for harvest, and it’s supposed to stay bad.
Dec. S&P: Momentum is still bullish; the recent highs around 1099 are resistance.
Dec. NASDAQ: There’s an NR4 breakout setup today; the recent high at 1779.25 is the next resistance.
Dec. T Bonds: It’s also on an NR4 breakout setup; first support area is 118-24 to 118-20, then 118-07. MACD had a little bearish “anti” pattern that’s being resolved.
Dec. Dollar Index: It has and ID/NR4 and doji breakout setup. There’s been a down trend line across the highs for the past month or so; it’s at 75.532 today. Breaking that could bring in more short covering. One of these days the Dollar is going to correct-the short side is starting to feel overloaded.
Dec. Japanese Yen: There’s followthrough selling after breaking under 10953 yesterday. The late Sept. low at 10812 is the next downside target.
Dec. Euro FX: It’s on an ID/NR4 breakout setup. Breakout points are 15045 up (Wednesday’s high) and 14965 down (Trade or Fade).
Dec Swiss Franc: Another ID/NR4 breakout setup. There’s sort term trend lien support at 9921, with the Trade or Fade breakout point down at 9907.
Dec. British Pound: An ID/NR4 breakout setup; it’s already broken under downside breakout points. Profit targets are 16365 then 16312.
Dec. Canadian Dollar: Another breakout setup. Watch yesterday’s low at 9483 for the first downside breakout point, use the overnight high at 9570 on the upside.
Dec. Gold: Breakout setup (this is getting monotonous!). It’s clearing first resistance at 1066.80; 1068.80 is first trade or fade resistance. Clearing that could lead to a test of the contract high at 1072.00.
Dec. Silver: An upside breakout of a triangle occurred at 1779; this week’s high at 1795.5 is resistance.
Dec. Copper: On a breakout setup; it’s testing the recent high at 305.725. Ware house stocks have been rising; this is a strong market to be rallying with supply increasing.
March Sugar: Continuing to selloff after yesterday’s breakout selloff. It’s trading around Fibonacci retracement support of 229.93, and it looks like there’s a bearish MACD crossover coming. 22.50 is the next downside target.
Dec. Coffee: That’ll blow your hair back! It was on a breakout setup; it obviously blew through all the breakout points. 135.35 is a 50% retracement of the rally from late Sept, will that stop the break?
Dec. Crude Oil: another breakout setup; breakout points are 82.00 up (Wednesday’s high) and 80.40 then 80.05 down.
Jan. ‘10 Soybeans: It’s on a breakout setup and has already cleared the recent high and double top around 1016.
Dec. Soymeal: 304.00 is a 50% retracement of the big selloff from June, last week’s high at 311.40 is the next rally objective.
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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