Stocks are about unchanged ahead of data this morning. At 7:30 we get PPI (expected + 0.8%, core +0.1%) and retail sales (+2.0%, +0.4 ex-autos). They markets will likely key off the 7:30 data for direction today. Stocks are keeping a firm tone after yesterday afternoon’s runup. The Dollar is treading water, and metals are quiet. Crude oil is higher ahead of tomorrow’s inventory reports.
Dec. S&P: Momentum is still bullish; resistance is yesterday’s high of 1045.25; clearing that targets 1050. First support is 1039.50.
Dec. Dow: The lagard of the stock indices. A close over the old swing high at 9576 would help the market.
Dec T Bonds: It’s got a breakout setup today (NR4). They couldn’t hold Fibonacci retracement support at 19-16; 119 is the next support. Momentum should be on a buy signal tomorrow,.
Dec. Japanese Yen: It’s a momentum sell short day; the July high at 10895 is the next downside target.
Dec Euro Currency: Momentum is bullish; it needs to take out Friday’s high at 14635 to extend the rally.
Dec British Pound: The next downside target is 16427 (50% retracement of the Sept. rally). Tomorrow should be a momentum buy day.
Dec. Canadain Dollar: A quiet session, holding around unchanged. Might be settingt up for a breakout trade tomorrow.
Dec. Gold: Momentum is dropping to buy signal levels; watch support at 998.50.
Dec. Copper: Momentum buy day; targeting 286.
March Sugar: It has around 2385. Watch trednline support at 2286.
Nov. Crude Oil: A rally on a momentum buy day. Resistance is 7030; watch trendline support at 6863. The inventory reports are tonight and tomrrow.
Dec. Lean Hogs: They held trendline support yesterday (that’s at 4857 today). It’s a momentum buy dayLook to buy; first rally objective is 5027.
Dec. Wheat: It’s a momentum buy day; holding 450 support is key for a rally. There’s trendline resistance at 465-4.
Dec. Corn: Breakout setup; overngith it rallied over the first breakout point at 320. There’s trendlien resistance at 324-4.
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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