Stocks are a bit higher overnight, rebounding from the Thursday/Friday selloff. The Dollar is slightly lower after this weekend’s G7 meeting, which didn’t come up with anything substantial. Treasuries are higher and crude oil is lower over concerns about the economic recovery. Crude oil is also being pressured by events in Nigeria, where a government program offering amnesty for rebels appears to be working-a major rebel leader agreed to lay down arms. Today we get the ISM Services report at 9 AM. It is expected to have risen to nearly 50, which is the dividing line between growth and contraction.
Dec. S&P: Trade or Fade labeled today a breakout day-Friday’s range was 50% of Friday’s. On Friday it bounced of trendline support at 1012.00; that line comes in at 1013.25 today. I have 1032 for an upside breakout point today.
Dec. NASDAQ: Also a breakout day; the upside breakout point is 1682.
Dec. T Bonds: Holding Friday’s low of 122-05 is positive. Momentum shows today as a sell short day, did Friday’s failed rally ease the downside pressure?
Dec. Dollar Index: It’s a momentum sell short day and there’s now a double top at 77.72. Today there’s trendline support at 77.06; 76.89 is more important support.
Dec. Yen: A big range and a doji Friday could cause a selloff today. Support is 11104 then 11077.
Dec. Euro FX: Momentum is still bullish; they can rally today. There’s trendline resistance at 14608 and Fibonacci retracement resistance at 14662.
Dec. Canadian Dollar: A doji on Friday as they closed in the midpoint of the recent range. It’s a momentum buy day; there’s trendline resistance at 9356.
Dec. Gold: There’s trendline resistance at 1008.60; this is key resistance. Clearing that targets 1011 first. 1002 and 999 are support.
Dec. Silver: It’s on a momentum buy signal today; there’s Fib resistance at 1635.3 then trendline resistance at 1649.
Dec. Copper: Momentum is on a buy signal, but it’s sitting on important support at 266. I don’t expect this to hold.
Dec. Cocoa: It’s on a momentum buy signal, with trendline support at 2967.
March Sugar: Also on a momentum buy signal today. Clearing 2400was bullish; 2438 and 2456 are rally objectives.
Dec. Coffee: Tomorrow will be a momentum sell short day. For today, watch Fib retracement resistance at 131.78.
Dec. Cotton: I’m still watching last Wednesday’s low at 60.65 for a downside breakout point.
Nov. Soybeans: They’re trading on the July double bottom around 881. This are may hold for a bit, but not for too long. There’s a USDA report on Friday-their crop estimates for S and C.
Dec. Soymeal: Looks like the beans; their July low is 266.90.
Dec. Wheat: It’s on a momentum buy signal today; holding Wednesday’s low of 439-4 could yield a rally. 450 is the first objective.
Dec Corn: Came back after testing Fib support at 328-4. 334-4 then 336-6 is resistance.
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