The post meeting communiqué from the ECB didn’t show any ratcheting up of hawkishness about inflation; this put pressure on the Euro. The EZ services PMI came in better than expected, but again showed the North / South bifurcation that is stressing the EU economy. US weekly jobless claims fell, but the weather is making this series especially volatile. At 9 AM CT we get the January US services PMI; it is expected to have fallen 0.1 to 57.0. Bernanke has a speech to the National Press Club at 11:30 AM CT. Not exactly a venue for earth shattering commentary, but be aware that it’s coming up. At 7:30 AM tomorrow we get the January payroll report. Expectations are for a rise of 150K in January following 103K in December. Soybean exports were large last week, I believe. I’m off to look for them.
March eMini S&P Futures: Breakout setup (ID, NR7). Watch the Jan. 19 high at 1296.25 as a downside breakout point.
March NASDAQ: Breakout setup (ID, NR7). Watch the overnight high at 2309.75 as the downside breakout point, the overnight high at 2320.25.
March T Bonds: Taylor Trading Technique Buy day for T Bond futures; yesterday’s low at 119-08 is the reference price (also a double bottom).
March Yen: Trade or Fade labeled today a breakout setup for Yen futures. Yesterday’s low at 1.2219 is the reference price; there’s also an old high pivot point at 1.2223.
March Euro: Breakout setup (NR4, doji). Breaking Fib retracement support at 1.3710 is extending the selloff.
March British Pound: Breakout setup (NR7), by the Taylor Trading Technique it’s on a Sell short day. There’s Fib retracement support at 1.6164. That’s also today’s session low, so watch it for a downside breakout point.
Sept. Australian Dollar: Breakout setup (ID, NR4). Watch Tuesday’s high at 1.0097 as the upside breakout point.
April Gold: The past three days have formed a channel / triangle; I’m not sure there will be much to do here now as it’s in the middle of the range. The 1328 area is Fibonacci retracement support; I see the top line of the channel at 1344.80.
March Silver: By the Taylor Trading Technique today is a Buy day. Yesterday’s high was 2872.5. There’s Fibonacci retracement resistance at 2879; clearing that would help the bulls.
March Cocoa: Yesterday was an NR7 day so a breakout move is a possibility. Watch the overnight high at 3382 as an upside breakout point, targeting the recent high at 3420.
March Sugar: It’s an ‘exit breakout buys’ day, so a Sell Short day is anticipated. Watch the Dec. 29 high at 34.77 as a directional pivot this morning.
March Crude Oil: Crude oil futures have a breakout setup today (NR7, doji) but I wonder whether anyone will want to commit to a move ahead of tomorrow’s payroll report.
April Live Cattle: It’s a ‘cover breakout sales’ day, so there could be a Buy day recovery. I think I’d want to wait to buy on strength, maybe back over yesterday’s close of 113.52.
April Hogs: Buy day, yesterday’s low at 91.37 is the reference price.
March Soybeans: Good action yesterday; holding over old high support at 1432-4 is key for the bulls.
March Wheat: So far today it looks like a good example of a b.o. buy turning into a Sell Short day as it broke back under the last high at 863-4 (and contract high of 864-2). The 848 area is the first downside target.
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