The Dollar is sharply lower, back on the lows of the move. There are a bunch of stories floating about the Dollar’s weakness. The Asian Development Bank raised is growth forecast for Asia; this has brought in buying for the “high yield” currencies of AUD and NZD. There was talk of strong German demand for the Euro overnight. There is also talk that the G20 meeting will focus on imbalances. This is leading to speculation that the US Dollar will be allowed to fall to correct imbalances. The rest of the market movements flow from the Dollar this morning-stocks and commodities are higher. It’s a light day for news; the FHFA Housing Price Index is out at 9 AM. It’s the first day of a two day FOMC meeting; the communiqué is out at 1:15 tomorrow.
Dec. S&P: It has an NR breakout setup today; I have a first breakout point around 1067.50. The first objective is the high of this rally at 1071.50.
Dec. Dow: Like the Spoos, an NR breakout day. The high of this rally has been 9797.
Dec T Bonds: Breakout out of a triangle; last week’s low at 118-13 is the next downside objective.
Dec. Dollar Index: Testing the low of the move at 76.23; momentum shows more room to the downside.
Dec. Japanese Yen: A momentum buy day; testing Fibonacci retracement resistance at 10958.
Dec. Euro FX: A great momentum buy day rally after rallying of Fib support at 14610. It has then made new highs at 14773.
Dec. Gold: A strong rally out of an NR breakout setup. It has cleared breakout points at 1010 and 1012. The high of the move is 1025.80
Dec. Silver: A strong breakout day rally; I had the first rally objective at 1736.
Dec. Cocoa: A breakout day setup; watch the recent high at 3150 for an upside breakout point.
March Sugar: A doji yesterday could mean a directional move today. Watch trendline points at 2387 and 2305 today.
Nov. Crude Oil: A good momentum buy day rally; cleared Fib resistance at 7143. 7200 is the next resistance.
Nov. Natural GAS: This looks like a little bull flag forming; watch for a break of resistance at 4.611.
Dec. lean Hogs: Broke trendline support yesterday; looks ready for a bigger selloff. Momentum may hold it up for another day.
Nov Soybeans: On a momentum buy day rally; there’s resistance at 934 then 943.
Dec. Soymeal: An NR breakout setup; it held trendline support at 275.00 overnight. I have 281.90 as an upside breakout point.
Dec. Wheat: Is it trying to form a bottom here? It’s early to buy, but holding 450 could do it.
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