Over night there was a story on a report linked to the People’s Bank of China saying that China should diversify out of Dollars and into Euros and Yen. It said they should maintain the largest portion of their reserves in Dollars, but in a smaller proportion. This isn’t having a bit effect on the markets, but that’s about it for news. There are no reports due out today.
Dec. S&P: A lethargic recovery today. 1084.63 is Fibonacci retracement resistance.
Dec. NASDAQ: There’s trend line support around 1748. Resistance is at 1758.
Dec T Bonds: It’s bouncing off the last swing low at 118-20, but not with much conviction. Friday was an NR4 day; the 118-20 low is the downside breakout point; watch 119-14 up.
Dec Yen: Rebounding on a momentum buy day; 109 then 10953 are resistance points.
Dec. Euro FX: It’s an NR4 breakout day; breakout points are trend line support at 14983 down and the overnight high at 15062 up.
Dec. British Pound: It’s a momentum buy day after Friday’s breakout sale. 16196 is Fib support; 16360 then 16415 are rally objectives.
Dec. Canadian Dollar: It’s on an NR4 breakout setup; the last swing low at 9447 is key support.
Dec. Aussie Dollar: It’s also on a NR4 breakout setup; watch the overnight high at 9235 for an upside breakout point. It looks much more positive than the Loonie.
Dec. Gold: Still stuck in the triangle. 1048.80 is the bottom line; the upper is 1066 or 1068.30 depending on how you draw it. Wait for a move out of the triangle for the next trending move.
Dec Silver: It’s also in a triangle. The midpoint is 1769, which has been a common number (support and resistance) for weeks. It may take a bit to move out of it.
Dec. Copper: 2 dojis and an NR4 day last Thursday could give it strength today. So fat it’s clearing the last swing high at 305.75.
March Sugar: Friday’s break held Fib support at 22.93. Rally objectives are 23.54 then 23.76.
Dec. Coffee: It held Fib retracement support at 135.38. There’s a momentum buy signal today; the first rally objective is the old high at 139.75.
Dec. Cotton: It’s on a momentum buy signal; watch trend line resistance at 68.73.
Dec. Crude Oil: It’s on a momentum buy signal. It held Fib support at 79.62, first resistance is 81.67.
Dec. Natural Gas: Overnight it broke trend line support at 5.360; the next downside target is Fib retracement support of 5.165.
Jan Soybeans: It’s back testing the recent high at 1016-2; there’s trend line support at 1004-4.
Dec. Bean Oil: It’s on a momentum buy day; watch support at 3790.
Dec. Wheat: It held trend line support at 542-4; resistance is at 560.
Dec. Corn: It’s on a momentum buy signal; there’s Fib retracement resistance at 408.
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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