US Q3 GDP was stronger than expected, and there was a good drop in jobless claims. Both these gave strength for today’s moves in place-a lower Dollar and Treasuries, higher equities and commodities. The issue now is whether the recent moves are a reversal of trends (from lower to higher Dollar, change to down for equities and commodities), or a correction of what has been in place. The PMI report and the Oct. employment report are out next week; maybe that will help to clarify things. In the mean time, we trade ‘em as we see ‘em.
Dec S&P: It’s on a buy day signal; expect consolidation after yesterday’s big break.
Dec. NASDAQ: Same kind of setup as the S&P; 1700 is resistance.
Dec. Dow: 9703 is a 50% retracement of the Oct. rally.
Dec. T Bonds: It’s on a sell short signal; 119-26 is resistance; 119-14 is first support.
Dec. Yen: It’s a sell short day; 11012 is support.
Dec. Euro FX: There’s a buy signal today; trade the long side as a scalp. 14770 then 14819 are resistance.
Dec. British Pound: How many of these little doji days will it have? 16467 is resistance. A break of the recent lows would validate the bear flag.
Dec. Canadian Dollar: It’s a buy day but there’s not much enthusiasm yet. Resistance is 9330 then 9360.
Dec. Gold: 1029.50 is key support. It’s a buy day; 1043 is the first rally objective.
Dec. Copper: It’s a buy day; 29150 is support, 29760 is the first rally objective. The bulls aren’t necessarily dead yet here.
March Sugar: It’s a buy day; there’s resistance at 2250.
Dec. Coffee: It couldn’t regain 13535 last night; watch support at 13190 today.
Dec. Cotton: It’s an ID /NR7 and doji breakout setup. 6610 to 6600 is the downside breakout point. On the top side, watch 6768.
Dec. Crude Oil: 76.87 is old high support. It’s a buy day today after yesterday’s breakout sale. 78.96 is first resistance today.
Dec Natural Gas: Look for consolidation today. Yesterday was a good breakout sale under support at 5.165.
Jan. Soybeans: There’s an Nr4 breakout setup today. Watch yesterday’s high of 981-6 for an upside breakout point; the overnight low at 962 down.
Dec. Soymeal: It’s an NR4 breakout setup. I’d like to get short, but we have to respect the breakout setup.
Dec. Wheat: It’s a buy day; don’t expect too much.
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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