Stocks are holding in well after the recent gains. Q3 earnings season is starting. There’s not really much news today other than crude inventories at 9:30 Central. Crude saw some strength after yesterday’s API report, which showed a draw in distillate stocks. The EIA report is expected to show a build of 2.1 mln. barrels last week. Traders will continue to watch the Dollar and gold prices; they were a big factor yesterday.
Dec. S&P: It’s on a momentum sell short signal, there’s trendline resistance at 1050.75.
Dec. NASDAQ: Also on a momentum sell short signal, its trendline resistance is at 1709.
Dec T Bonds: It’s on a momentum buy signal today. The shorter T Notes have breakout setups today; they could influence bonds.
Dec. Dollar Index: Showing some strength on a momentum buy day. Will they form a higher low here, or go back and test the Sept. low of 7604.5? 7700 is resistance today.
Dec. Yen: Big selloff after testing the last swing high at 1.1341. Watch support at 1.1179 today.
Dec. Euro FX: It’s on a momentum sell short day today; support is 14650 then 14620.
Dec. British Pound: It’s had 3 straight doji days; watch trendline support at 15826.
Dec. Canadian Dollar: It’s on a momentum sell short signal; watch support at 9400.
Dec. Gold: It’s on a momentum sell short signal today; hopefully it will break to give us a chance to buy. I’ll be interested as it moves under 1030, if we can get it.
Dec. Silver: It’s on a momentum sell short signal today. If I wanted to be a contrarian on the metals, I’d sell the silver. It’s not as strong as gold. 17.69 is the ’09 high; it hasn’t been able to approach that yet.
Dec. Copper: It’s on a momentum sell short signal; will there be another lower high rally? 272.50 is support.
Dec. Cocoa: It has a breakout setup today; use Monday’s high of 3268 as an upside breakout point.
March Sugar: Yesterday’s breakout day fizzled, maybe today is the day they go.
Dec. Cotton: It’s on a momentum sell short signal after yesterday’s breakout rally. Resistance is 63.00 then trendline resistance at 63.65.
Nov Crude Oil: As is the case every Wednesday, watch for a breakout move around the inventory report time of 9:30. There’s trendline resistance at 71.86; I’d watch today’s low of 70.62 for a downside breakout point.
Dec. Live Cattle: It’s on a momentum buy signal; the old low of 8402 is now resistance.
Nov Soybeans: Another sell short signal after a breakout rally. There’s resistance at 916-4 and support at 900.
Dec. Wheat: It’s on a momentum sell short signal; I’ll be interested in buying a break to the 450 area.
Dec. Corn: A momentum sell short signal today; looking to buy a break to the 360 area.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
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