CPI came out right on the estimates; as such, there was little effect on prices. Later we get industrial production and capacity utilization at 8:15, and the crude inventory report from the DOE at 9:30. The API inventory report showed a small build in crude inventories last week; a big drop was expected. The Yen is strong this morning after Japan’s incoming Finance minister said a strong Yen had advantages for their economy. Grains are lower as new forecasts seem to be reducing the possibility of frost next week.
Dec. S&P: It’s on a fresh bullish MACD crossover; resistance is at yesterday’s high of 1052.
Dec. Dow Jones: Holding the 9576 breakout point is key for the bulls.
Dec T Bonds: Rallying on a momentum buy day; I have an upside objective at 120-04.
Dec. Yen: It’s on a momentum buy signal; Friday’s high of 11092 is resistance.
Dec British Pound: It’s on a momentum buy signal; watch Fibonacci retracement support
Dec. Canadian Dollar: Momentum is approaching sell signal levels. Resistance is at last week’s high of 9370 then the August high of 9405.
Dec. Gold: A decisive more over 1010 aids the bulls. Tomorrow should be a momentum sell short day; I’d look to buy a retracement to 1010.
Dec. Silver: Clearing 1700 is bullish.
Dec. Cocoa: A huge Oops sale today (selloff after a gap higher open). 3000 should be support
March Sugar: Breakout setup; watch 2398 and 2297 for breakout points.
Nov. Crude Oil: On a momentum sell short signal. Resistance is at yesterday’s high of 7153; support is 7030. Watch the 9:30 inventory report.
Nov. Natural Gas: Rallying on a momentum buy day; it’s holding Fibonacci support at 4.312.
Dec. Lean Hogs: Gapped higher last night. 5200 was yesterday’s high (Oops sale?)
Nov. Soybeans: Momentum is on a sell short signal. Support is 940 then 934-4.
Dec. Wheat: Momentum sell short day; consider selling a break of last night’s low at 462-6.
Dec. Corn: A quiet night after yesterday’s rally. Momentum is on a sell short signal, resistance is at 350.
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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