Stocks are slightly higher overnight. There wasn’t much news, nor is there anything due out today. The Dollar is a bit higher on position squaring; the FOMC meets next week. It’s possible the Fed may move to a slightly more balanced posture at the next meeting. Any such shift would aid the Dollar. I think it will depend on how strongly Bernanke believed himself when he said the recession is basically over. The British Pound is lower over concerns about the UK finance system. Copper is lower as stocks have been building. There is a cattle on feed report out after the close.
Dec. S&P: A doji yesterday could yield a directional move today, although it’s a slow start. There’s resistance at 1066 then 1071. Support is 1054 then 1051.
Dec NASDAQ: A narrow range breakout setup. Watch breakout points at 1732 and 1712.
Dec T Bonds: A momentum sell short day. It’s bearish under 120, with first support at 11916.
Dec. Yen: Momentum is bullish, but price action is flat. Watch trendline support at 10903.
Dec Euro Currency: Selling off on a momentum sell short day; it broke trendline support at 14714.
Dec British Pound: A downside breakout of a trendline; I wouldn’t rule out a retest of the early Sept. low at 16112 (not all of that today though).
Dec. Canadian Dollar: It’s bullish; but it needs to clear resistance at the August high of 9405.
Dec. Gold: It’s on a momentum buy day. 1010 is support, followed by 1007.60 trendline support. The first upside target is 1017.50.
Dec. Silver: Momentum buy day. A cautious approach would be to wait for a retest of the 1700 level.
March Sugar: A breakout setup after yesterday’s doji and narrow range day. For now I’d wait for a break of today’s low to sell, watch 2400 on the upside.
Nov. Natural Gas: A momentum buy day. 4.503 is the midpoint of the last two month’s range. There’s trendline support at 4.386.
Dec. Live Cattle: Yesterday they broke under the last low at 8572; will it stay under there?
Nov. Soybeans: They’ve coiled up after Tuesday’s rally, what’s next? There’s trendline resistance at 967-4, support is 934-6. They’ll pick a direction when we know whether there will be a freeze next week.
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