Stocks are slightly higher, recovering from yesterday’s late selloff. As I said yesterday, I think there were some looking for the Fed to be more explicit about the withdrawal of QE. When there wasn’t any, stocks sold off. Jobless claims came in at the low end of expectations; good news for the economy. At 9 AM we get existing home sales, and we get the results of the 7 Yr. T Note auction at Noon Central. The Dollar is higher; Moody’s said that UK banks may face a ratings downgrade when their stimulus ends. The Moody’s news is whacking Sterling. Gold is higher; there’s concern that the Dollar may be sacrificed to address “imbalances”.
Dec S&P: Momentum is bullish, and it held Monday’s low of 1051.50. Resistance is 1064 then the old high at 1071.50.
Dec T Bonds: A momentum sell short day; it turned down from trendline resistance at 120-07. There’s support at 119-09.
Dec. Yen: A doji yesterday could yield a directional move today. There’s resistance at 11049.
Dec Euro FX: An Oops buy today (read about how to trade them here). Yesterday’s high of 14843 is resistance.
Dec. British Pound: Yesterday’s rally stopped at Fib retracement resistance of 16438; it’s now in a position to test important support at 16133 to 16112-the tow lows in Sept.
Dec. Canadian Dollar: It has an ID/NR and doji breakout setup; the Trade or Fade breakout point is 9347, and there’s trendline resistance at 9364.
Dec. Gold: Same breakout setup as the C$. Resistance is 1018.50 then Tuesday’s high of 1021.50.
Dec Silver: It looks like there’s a bearish MACD crossover coming; there’s also a triangle forming on the daily chart. The legs of the triangle are 1719 and 1664.5.
Dec. Copper: Held Monday’s low of 275.05, it’s on a momentum buy signal. Resistance is 280.20 then 281.90.
Dec. Cotton: an NR4 breakout setup today. Watch the 6500 area as an upside breakout point.
Nov. Crude Oil: there’s no recovery from yesterday’s collapse. Support is at the Sept low of 6771. 6864 was a 50% retracement of the July/August rally.
Nov. Natural Gas: It’s on a momentum sell short signal today. There’s resistance at 4.820 to 4.840-kast Friday’s high and a trendline.
Dec. Live Cattle: It’s approaching resistance at the broken low support of 8572; momentum is at short sale levels.
Nov. Soybeans: Momentum is bearish; first support is yesterday’s low of 902
Dec. Bean Oil: An ID/NR breakout setup; watch for a breakout of the overnight low at 33.97. The first target is trendline support at 33.56.
Dec. Wheat: I still think it might be trying to bottom; there’s trendline resistance at 466-6. Clearing that could start a rally.
Dec. Corn: It’s on a momentum sell short signal; 323-4 is support.
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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