The ADP employment report showed a drop of 22K in payrolls for January. This is better than was expected, and bodes well for Friday’s NFP report. Overnight the EU approved the Greek reduction plan; Greek CDS prices fell in response. The EZ Services PMI rose slightly, as expected. At 8 AM we’ll hear the size of next week’s quarterly refunding. At 9 AM we get the ISM services survey, and at 9:30 is the EIA crude inventory report. Two days of rallies in the ‘risk exposure’ markets give lots of Taylor method Sell short setups today.
March SP: Sell short day; the 1/28 high at 1103.50 is resistance.
March NASDAQ: Sell short day; 1776 is resistance.
March Dow: Sell short day; the 1/28 high at 10249 is resistance.
March T Bonds: Breakout setup; yesterday was an NR7. Breached the first downside breakout point at 117-29. First support is the 1/28 low at 117-20.
March Yen: Breakout setup (ID/NR4); Monday’s low at 1.0996 is a downside target and potential new breakout point.
March Euro: Sell short day; the rally stopped at Fib resistance of 1.4022. First support is 1.3938.
March British Pound: Sell short day; the rally stopped at Fib resistance of 1.6059. There also was an ID/NR4 yesterday.
March Canadian Dollar: Breakout setup; I have 9405 as the first downside breakout point. Watch the overnight high at 9483 up.
April Gold: sell short day; the overnight rally couldn’t clear Fib resistance of 1120.60. First support is the 1110 area.
March Silver: Sell short day. Overnight it failed to clear old low resistance at 16.78. 16.48 is the first downside objective.
March Copper: Breakout setup (NR7). Yesterday’s low at 305.30 is the first downside breakout point.
March Sugar: another breakout setup (NR4, doji). It’s currently testing trend line support at 28.82.
March Coffee: Sell short day; the overnight rally failed at old low resistance of 135.80. The first support is 133.55.
March Crude Oil: By the Taylor method today is a Sell short day; I’m keeping an open mind with the inventory report due this AM. The 20 day EMA is at 76.77 – first support. 78.44 is major fib resistance.
March Natural Gas: Breakout setup (NR7, doji). Watch Fib resistance at 5.544 as the upside breakout point.
April Live Cattle: By the Taylor method today is a Sell day. With the size of yesterday’s rally I’m viewing it as a Sell short day. The 9000 are is resistance.
March Soybeans: Broke trend line resistance at 922-6, but will it follow through?
March Soymeal: I expect the old low at 275.00 will be tough resistance.
March Wheat: Today is an ‘exit breakout buys’ day; watch 485-2 as the reference price for a Sell short day.
March Corn: Sell short day. Resistance is 370, support is 361-4.
This is a sample of the analysis from 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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