FuturesCom Investment Publications
Morning Comments , Jan
12,1999
Dedicated to Excellence in Analysis of Futures
Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains..
Livestock.. Softs
01/12/99
5:27 AM
On the Frenzied Forex Front
March Japanese-Yen
Nearby Support is at 8934 and 8871. Below that support is at 8817 and 8777 where traders should buy for a good bounce, risk a close under 8734 for three days in a row. If that fails a dip towards 8690 and 8595 to 9589 and 8560 is likely Traders should buy at 8589 and hold for higher prices.
Resistance is at 9105 and 9156 Beyond that 9226 offers resistance as does 9316 to 9347 where traders should sell at 9330 and hold for lower prices.
March D-Mark
Early Support
is at 5880 to 5875, where day traders can buy at 5880 for a bounce risk 35 pts. Bellow that support is 5829Resistance is at 5914 and 5957 then 5975.
March Swiss recommended position long at 7366 and 7257
Nearby Support
is at 7173 to 7143 region which should hold. Day traders can buy at 7173 for good turn higher, risk 60 pts. Below that 7123 to 7116 should stop a break.Early Resistance is at 7224 Beyond that sellers should appear near 7273 then 7316. Day traders can sell a rally at 7316 risk 35 pts. Beyond that resistance is at 7323 and 7342. A close over 7233 is friendly
March British Pound recommended position long at 1.6550
Nearby Support
1.6150 to 1.6090 region where traders can go long at 1.6150 then hold for higher prices.Early Resistance is at 1.6422. An extended trade or close over 1.6420 augurs for a test of 1.6550 and 1.6640.
March Canadian Dollar
Early Support
should is at 6605, day traders can buy and early dip at 6605, risk 35pts. below that 6591 to 6577 should hold today. Resistance is at 6655 and 6673. Day traders can sell at 6655 for a quick turn lower, risk 35 pts.
Precious Metals
Feb. Gold
Support
is at 292 then 289.9 and 284.5. Traders can buy for a bounce at 286.4, risk a close under 282. Below that the 276 to 271 region should hold.Resistance is at 296.5 to 299.8 and the 304 to 307 region.
April gold Long 2 at 295.70
March Copper:
Support
is at 6630 and 6510 then 6435 under that Traders can go long at 6385 and hold for higher prices. Resistance is at 6800, a close over 6800 indicates a test of 6905 to 6920. Beyond that resistance is near 6995.
April Platinum recommended position long at 366.5 and 362.5
Early Support
should appear near 359.5, beneath that 352.5 should contain a break.Resistance is at 366.5,beyond that good sellers should appear near 372.5. However a close over 373 is friendly and indicates a test of 378.5 to 379.5 and eventually 383. Beyond that resistance is near 385 to 387 and the 390.9 to 393 region.
Traders should go long if a close over 372.5 occurs, risks a close back under 362.5.
March Silver
On the DownSide
: Nearby Support is at 531 and 527, day traders can buy at 531 for a good bounce, risk 15 cents, below that 507 should hold.The Exciting Energies
Feb. Crude recommended position short at 1304
Nearby Support
is at 1334 to 1326 and 1303.Resistance is at 1351 to 1353 and 1376 to 1384
Trade Accordingly
Feb. Unleaded Gas
Support
is at 3870 and 3855 Below that support is at 3785Resistance is near 3930. Beyond that sellers should appear near 4005 to 4070.
Traders can go short at 4045 for a turn lower, risk a close over 4110 for two days in a row.
Feb. Heating Oil
Nearby Support
is at 3725 and 3685 then 3555Resistance is at 3855 then 3905 to 3925.
The Grande Grains
March Soybeans
Support
is at 542 and 535.Resistance is at 547 1/2 to 549.
March Soybean Meal
Support
is at 136.9 under that 134.60 to 133 should hold.Resistance is at 140.30 and 142.90
March Soybean Oil
Support
is at 2322 to 2315 and 2275 to 2262, traders can go long for a good turn higher at 2275, risk a close under 2251 for three days in a row. Below that 2226 should contain the decline.Resistance is at 2392 and 2408 to 2422 Traders can go short at 2419 for a turn lower, risk a close over 2452 for three days in a row.
March Corn.
Support
at 215 Day traders can buy at 215 1/4 for a bounce risk 5 cents.Resistance is at 224 3/4 and 226. Traders can sell a rally at 225 3/4 for a quick turn lower, risk 5 cents
March Wheat
Support
is at 285 and 280 where it should hold. Day traders should buy with Both Hands at 281 1/2 risk 5 cents.The Satisfying Softs
March Cotton
Resistance
should appear near 5905 to 5913 5965 and 6015March Sugar
Resistance
is 877 and 882 Beyond that resistance is at 904 to 912. Day traders can sell at 908 for a turn lower risk 20 pts.Nearby Support is at 867 and 864 to 862. Day traders can buy at 868 for a bounce risk 30 pts. Below that support is at 854 to 847
Trade Accordingly
March Coffee:
On the downside,
Early support is at 119.20 to 119.05, aggressive day traders can buy at 119.25 for a turn higher Below that buyers should appear near 117.25 and 116.90 to 116.40 Where day traders can buy for a bounce, at 116.65. Additional support should appear at 115.00 then 113.60 to 113.00 region.On the Upside, Resistance should appear near 120.30, beyond that resistance is at 121.55 to 121.65 and 122.30 then 123.20 to 123.80. A close over 121.65 is friendly and augurs for an eventual thrust towards 126.80 to 127.40..
Buy Dips
March Cocoa recommended position short at 1383
Support
is at 1383 to 1377 and 1365, below that support is at 1346 to 1340 and 1334. Traders can buy at 1346 for a turn higher, risk a close under 1304 for three days in a row.Resistance is at 1415, Beyond that resistance is at 1421 and 1440. Traders can sell short at 1444 and hold for lower prices.
The Lively Livestock
Feb. Cattle
Resistance
is at 6257 to 6272. Beyond that resistance is at 6295. Traders can sell at 6295 for a quick turn lower, risk a close over 6337 for two days in a row.and 6295 and 6337
Support is at 6190 to 6165, day traders can buy at 6187 for a bounce, risk 50 pts. .
Feb. Hogs
Resistance is
at 3942 and 4042 then 4067.Support is at 3867 to 3842 and 3777, day traders can buy at 3777 for a bounce below that 3742 should hold.
April Hogs recommended position short at 4307
Resistance
is at 4337 beyond that 4407 to 4437 should cap an early rally today.Day traders can sell at 4437 for a good turn lower, risk 80 pts
Support is at 4237 and 4202, aggressive day traders can buy at 4202 for a bounce
However a close under 4242 is negative.
From the Frying Pan into the Fire--
Feb. Bellies recommended position short 2 at 5152
Nearby Support should appear near 5142 to 5127, a slip under augurs for a test of 5087 and 4977. Aggressive Day traders can buy at 5087 for a bounce.
Resistance is at 5277 to 5307. Beyond that good sellers should appear near the
5427.
A close under 5087 is negative
The Sensational Stock and Bond Markets
March Bonds
On The DownSide
, support is at 124-09. More support should appear nearOn the Upside: Nearby Resistance is at 125-00 to 125-02. A close over 125-02 is friendly and augurs for a test of 126-00
March SP500 recommended position short at 1273.40
On the DownSide,
Nearby Support at 1274 and 1271 a slip under augurs for a test of the 1268 to 1266.50 region. An extended trade or close under 1268 is negative and augurs for test of 1257.90 and eventually 1250.30. Where day Traders who have Ice Water in their veins can buy for a good bounce, put your own risk on it.On the Upside, Resistance is near 1277 and 1282.30, beyond that sellers should
appear near 1289. Day traders 1289 and hold for lower prices..
Dow Jones Industrial Avg.
Support
is at 9617.50 a slip under is negative and augurs for a test of the 9542 to 9526 region. Below that 9445 and 9429 should hold.Resistance is near 9625 to 9641 and 9707 to 9737. Beyond that sellers should appear near 9821 to 9837. Above that 9921 to 9937 should cap the rally for a bit.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
01/12/99 7:10 AM
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