There wasn’t much news overnight. BOJ officials made positive comments on the Dollar, but currencies aren’t doing much. Russia announces it will postpone the gold sales it had announced earlier. This might be taking some pressure off metals. Crude is slightly higher ahead of weekly inventory reports. The Case / Shill Home Price Index is out at 8 AM; consumer confidence is out at 9.
Dec. S&P: Momentum is on a buy signal; but it needs to regain 1070 to take the pressure off. The bearish MACD crossover could put the pressure on. 1055.50 is the next downside objective.
Dec. NASDAQ: There’s a double bottom around 1737.50; that’s key support for today. Yesterday was a doji; the rally failed as it was again unable to clear 1780.
Dec. Dow: 9790 is Fibonacci retracement support; failure to hold there targets 9700.
Dec. T Bonds: There’s usually a buy day after a breakout sale; will we get that here? Old lows at 118-07 and 118-20 are resistance points for today.
Dec. Yen: Resistance off the recent highs comes in at 11068. Clearing that could get5 a rally going; the broken low at 10953 is the first rally target.
Dec. Euro FX: It’s unable to muster a rally after yesterday’s breakout. There’s Fib retracement support at 14839, and yesterday’s low as 14843. There’s Fib retracement resistance at 14927.
Dec. British Pound: It has an NR4 breakout setup; watch Fib retracement resistance at 16467.
Dec. Canadian Dollar: It’s on a momentum buy signal; last Wednesday’s low at 9444 is resistance.
Dec. Gold: It’s on a momentum buy signal; 1049 is the first rally objective.
Dec. Silver: It’s on a momentum buy signal; it’s holding just over important Fib support at 1697. Resistance is at the broken low of 1721.
Dec. Copper: It’s on a momentum buy signal; trading over resistance at 30065 is supportive.
March Sugar: It’s on a sell short signal; watch Fib retracement support at 2293.
Dec. Coffee: It’s on a momentum buy signal. 135.35 is support; 138.50 is the first rally objective.
Dec. Cotton: Is it getting ready for a downside breakout? Watch trend line support around the overnight low of 66.78
Dec. Crude Oil: It’s on a momentum buy signal; 8000 is key resistance. 7800 is support; I expect a breakout setup for tomorrow.
Dec. Natural Gas: There’s Fib retracement support at 5.165and momentum is on a buy signal. I think this will be a rally to sell.
Dec. Lean Hogs: It’s on a breakout signal (inside day, range contraction). Upside breakout points are 53.78 and 54.25; watch 52.77 down.
Jan. Soybeans: Momentum is on a buy signal. It’s formed a channel; range is 975 to 1016.
Dec. Soymeal: It looks like there’s a bearish MACD crossover coming. Watch support at 291.60.
Dec. Wheat: It’s on a momentum buy signal, but the bulls are feeling the heat. Regaining the broken low at 529-0 is helpful.
Dec. Corn: The action Friday and Monday is ominous. Support is 370; regaining 389 takes some pressure off.
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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