Stock, Commodities, Futures and Forex Markets Analysis 2nd February 2009
Stock-Markets / Futures Trading Feb 02, 2009 - 06:50 AMBy: INO
The March NASDAQ 100 was lower overnight as it extended last Friday's decline below the 10-
day moving average. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If March extends last Friday's decline, January's low crossing at 1132.00 is the next downside target. Closes above the 20-day moving average crossing at 1200.17 would confirm that a short-term low has been posted.
First resistance is the overnight high crossing at 1180.72. Second resistance is the 20-day moving average crossing at 1200.16. First support is the overnight low crossing at 1153.50. Second support is January's low crossing at 1132.00. The March NASDAQ 100 was down 19.25 pts. at 1160.00 as of 5:59 AM CST. Overnight action sets the stage for a lower opening by March NASDAQ 100 when the day session begins later this morning.
The March S&P 500 index was lower overnight as it extends last Friday's decline below the 10- day moving average. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If March extends the overnight decline, January's low crossing at 797.00 is the next downside target. Closes above last Wednesday's high crossing at 875.50 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 831.05. Second resistance is the 20-day moving average crossing at 856.51. First support is the overnight low crossing at 806.40. Second support is January's low crossing at 797.00. The March S&P 500 Index was down 10.10 pts. at 812.40 as of 6:02 AM CST. Overnight action sets the stage for a lower opening by the March S&P 500 index when the day session begins later this morning.
INTEREST RATES
March T-bonds were higher due to short covering overnight as they consolidate above support marked by the 50% retracement level of the October-December rally crossing at 126-12. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 62% retracement level of the October-December rally crossing at 122-23 is the next downside target. Closes above the 20-day moving average crossing at 132-02 are needed to confirm that a short-
term low has been posted. First resistance is the 10-day moving average crossing at 129-22. Second resistance is the 20-day moving average crossing at 132-02. First support is the 50% retracement level crossing at 126-12. Second support is last Thursday's low crossing at 126-09.
ENERGY MARKETS
March crude oil was lower overnight as it extends last week's decline below the 10-day moving average crossing at 42.75. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March renews January's decline, December's low crossing at 38.00 is the next downside target. Closes above last Monday's high crossing at 48.59 are needed to confirm that a short-term low has been posted. Closes above the early-January high crossing at 54.74 are needed to confirm that a trend change has taken place. First resistance is the 10-day moving average crossing at 42.75. Second resistance is the 20-day moving average crossing at 44.60. First support is last Thursday's low crossing at 40.18. Second support is January's low crossing at 39.11.
March heating oil was lower overnight due to profit taking as it consolidates some of the short covering rally off January's low. Stochastics and the RSI are bullish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing at 154.69 are needed to confirm that a short-term low has been posted. If March renews January's decline, December's low crossing at 123.96 is the next downside target. First resistance is the 20-day moving average crossing at 145.89. Second resistance is the reaction high crossing at 154.69. First support is January's low crossing at 130.39. Second support is December's low crossing at 123.96.
March unleaded gas was lower overnight due to profit taking as it consolidates below the upper boundary of January's trading range, which crosses at 127.84. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 127.84 are needed to confirm that a short-term low has been posted. Closes below the reaction low crossing at 106.80 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 129.90. Second resistance is the reaction high crossing at 131.83. First support is the 10-day moving average crossing at 119.53. Second support is last Wednesday's low crossing at 111.50.
March Henry natural gas was lower overnight as it extends January's decline. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline, monthly support crossing at 4.160 is the next downside target. Closes above the 20-day moving average crossing at 4.973 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.515. Second resistance is the 20-day moving average crossing at 4.973. First support is the overnight low crossing at 4.299. Second support is monthly support crossing at 4.160.
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CURRENCIES
The March Dollar was higher overnight as it extends the short covering rally off last week's low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If March extends the overnight rally, January's high crossing at 87.40 is the next upside target. If this resistance level is cleared, the 87% retracement level of the November-December decline crossing at 88.37 is the next upside target. Multiple closes below last week's low crossing at 84.02 are needed to confirm that the corrective rally off December's low has come to an end. First resistance is the overnight high crossing at 86.95. Second resistance is January's high crossing at 87.40. First support is the 10-day moving average crossing at 85.99. Second support is the 20-day moving average crossing at 85.09.
The March Euro was slightly lower overnight as it extends last week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 87% retracement level of the November-December rally crossing at 126.441 is the next downside target. Closes above last Wednesday's high crossing at 133.210 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 129.718. Second resistance is the 20-day moving average crossing at 131.733. First support is the overnight low crossing at 126.980. Second support is the 87% retracement level crossing at 126.441.
The March British Pound was sharply lower overnight due to profit taking as it consolidates some of last week's rally but remains above the 10-day moving average crossing at 1.4060. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Closes above the 20-
day moving average crossing at 1.4440 are needed to confirm that a short-term low has been posted. If March renews January's decline, monthly support crossing at 1.3245 is the next downside target. First resistance is the 20-day moving average crossing at 1.4440. Second resistance is last Friday's high crossing at 1.4536. First support is the 10-day moving average crossing at 1.4060. Second support is January's low crossing at 1.3492.
The March Swiss Franc was steady to slightly higher overnight as it consolidates some of last week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March renews last month's decline the 87% retracement level crossing at .8370 is the next downside target. Closes above the 20-day moving average crossing at .8840 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .8684. Second resistance is the 20-day moving average crossing at .8840. First support is the 75% retracement level crossing at .8555. Second support is broken resistance marked by the reaction high crossing at .8495.
The March Canadian Dollar was lower overnight due to profit taking as it consolidates some of last week's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends last week's rally, January's high crossing at 85.23 is the next upside target. Closes below the 10-day moving average crossing at 80.80 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 81.64. Second resistance is last week's high crossing at 83.14. First support is the 10-day moving average crossing at 80.80. Second support is last Friday's low crossing at 80.25.
The March Japanese Yen was higher overnight due to short covering as it consolidates some of last week's decline. However, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .11103 would temper the near-term friendly outlook in the market. Closes below the reaction low crossing at .10964 would greatly increase the odds that January's high marked a double top with December's high. If March renews January's rally, monthly resistance crossing at .11500 is the next upside target. First resistance is the overnight high crossing at .11275. Second resistance is January's high crossing at .11496. First support is the 20-day moving average crossing at .11103. Second support is last Wednesday's low crossing at .11019.
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PRECIOUS METALS
April gold was lower overnight due to profit taking as it consolidates some of last week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally, October's high crossing at 938.20 is the next upside target. Closes below the 20-day moving average crossing at 865.20 would temper the near-term friendly outlook in the market. First resistance is last Friday's high crossing at 928.20. Second resistance is October's high crossing at 938.20. First support is the 10-day moving average crossing at 891.80. Second support is the 20-day moving average crossing near 865.20.
March silver was lower overnight due to profit taking as it consolidates some of last week's rally. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-term. If March extends January's rally, the 38% retracement level of last year's decline crossing at 13.376 is the next upside target. Closes below the 20-day moving average crossing at 11.448 would temper the near-term friendly outlook in the market. First resistance is last Friday's high crossing at 12.660. Second resistance is the 38% retracement level crossing at 13.376. First support is the 10-day moving average crossing at 11.916. Second support is the 20-day moving average crossing at 11.448.
March copper was lower overnight as it extends January's trading range. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing at 163.10 are needed to confirm an upside breakout of January's trading range. Closes below the reaction low crossing at 137.30 are needed to confirm a downside breakout of January's trading range and would open the door for a possible test of December's low crossing at 125.50. First resistance is the 10-day moving average crossing at 147.53. Second resistance is the 20-day moving average crossing at 149.24. First support is the overnight low crossing at 139.90. Second support is January's low crossing at 137.30.
FOOD & FIBER
March coffee closed lower on Friday and below the 10-day moving average crossing at 11.943 signaling that a short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 11.656 would confirm that a short-term top has been posted. If March extends this month's rally, the reaction high crossing at 12.585 is the next upside target.
March cocoa closed lower due to profit taking on Friday as it consolidated some of this week's rally but remains above broken resistance marked by December's high crossing at 27.18. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the reaction high crossing at 29.00 is the next upside target. Closes below the 20-day moving average crossing at 25.87 would temper the near-term friendly outlook in the market.
March sugar closed higher due to short covering on Friday as it extends this week's trading range. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and turning bearish hinting that a short-
term top might be in or is near. Multiple closes below the 20-day moving average crossing at 12.24 would confirm that a short-
term top has been posted. If March extends the rally off December's low, the 50% retracement level of the August-October decline crossing at 13.14 is the next upside target.
March cotton closed lower on Friday due to profit taking as it consolidated some of its recent gains. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 49.04 would confirm that a short-
term top has been posted. If March extends this month's rally, the 25% retracement level of last year's decline crossing at 54.53 is the next upside target.
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GRAINS Agricultural Commodities Analysis
March corn was lower overnight as it extends last week's decline below the 10-day moving average. The low-range close sets the stage for a steady to lower opening when the day session begins later this morning. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends last week's decline, the mid-January low crossing at 3.58 3/4 then the 62% retracement level of the December-January rally crossing at 3.52 3/4 are the next downside targets. Closes above the reaction high crossing at 4.02 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.84. Second resistance is the 20-day moving average crossing at 3.89. First support is the overnight low crossing at 3.71 1/4. Second support is the mid-January low crossing at 3.58 3/4.
March wheat was lower overnight due to profit taking as it extends last Friday's decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends last week's decline, January's low crossing at 5.48 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.86 1/2 are needed to confirm that a short-term low has been posted.
March Minneapolis wheat closed down 5 3/4-cents at 6.52.
March Minneapolis wheat closed lower on Friday and below the 10-day moving average signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral hinting that a short-term top might be in or is near. If March extends this week's decline, January's low crossing at 6.24 1/2 is the next downside target. If March extends last week's rally, this month's high crossing at 6.85 3/4 is the next upside target.
March Minneapolis wheat was lower overnight due to profit taking as it consolidates some of its recent gains. The low-range close sets the stage for a steady to lower opening when the day session begins later this morning. Stochastics and the RSI are turning neutral hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 6.55 1/2 would temper the near-term friendly outlook in the market. Closes below the reaction low crossing at 6.24 1/2 would confirm that a double top with the early-January high has been posted while opening the door for additional weakness into early-February. If March extends the rally off January's low, the reaction high crossing at 6.85 3/4 is the next upside target. Closes above this resistance level are needed to renew the rally off December's low.
SOYBEAN COMPLEX
March soybeans were lower due to profit taking overnight as they extend last week's decline below the 20-day moving average. The mid-range overnight close sets the stage for a steady opening when the day session begins later this morning. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends last week's decline, the reaction low crossing at 9.57 3/4 is the next downside target. Closes above the 20-day moving average crossing at 9.93 1/4 would temper the near-term bearish outlook. Closes above last Monday's high crossing at 10.40 are needed to renew the rally off December's low.
March soybean meal was lower overnight as it consolidates below the 10-day moving average crossing at 312.90. The low-range close overnight set the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 304.00 are needed to confirm that a short-term top has been posted. Closes above January's high crossing at 326.00 are needed to renew the rally off December's low.
March soybean oil was lower in overnight trading as it extends last week's decline. The low-range close sets the stage for a steady to lower opening when the day session begins later this morning. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible. If March extends January's decline, the reaction low crossing at 32.00 is the next downside target. Closes above the 20-day moving average crossing at 34.26 are needed to confirm that a short-term low has been posted.
LIVESTOCK
April hogs closed up $1.72 at $62.97.
April hogs gapped up and closed higher on Friday filling Tuesday's gap crossing at 62.65. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold and are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 66.17 are needed to confirm that a short-term low has been posted. If April extends this month's decline, weekly support crossing at 60.08 is the next downside target. First resistance is today's high crossing at 63.15. Second resistance is the 10-day moving average crossing at 63.59. First support is Tuesday's low crossing at 60.60. Second support is weekly support crossing at 60.08.
February bellies closed up $2.55 at $82.95.
February bellies closed higher on Friday and above the 10-day moving average crossing at 81.04 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but turning bullish signaling that a double bottom with December's low has likely been posted. Closes above the 20-day moving average crossing at 83.33 would confirm that a double bottom has been posted.
April cattle closed up $0.77 at 85.10.
April cattle closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 86.83 are needed to confirm that a short-term low has been posted. If April extends this month's decline, December's low crossing at 82.45 is the next downside target.
March feeder cattle closed up $0.37 at $91.00.
March Feeder cattle closed higher due to short covering on Friday as it consolidated some of Tuesday's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at 93.55 are needed to confirm that a short-term low has been posted. If March extends this week's decline, gap support crossing at 87.95 is the next downside target.
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