Dow Up Over 78 Points On Good Earnings Even Without A Fed Hint At QE3

The Dollar Index has support at 82.80 and 82.50.

The euro recovered from the supports at 1.2220 and 1.2175 and has resistance at 1.2380 and 1.2400. USD/JPY is back above 79 but has strong resistance at 79.15. We see support at 78.61, 55 DMA.

USD/CHF cannot break above 0.9850 and 0.9870 Rand has support at 0.9700 and 0.9650. The cable has recovered from1.5553 and has support at 1.5645 with resistance at1.5750. Aussie closed above 1.0273, the 200 DMA. We see resistance at 1.0350 and 1.03400

Markets
The Dow Jones was up over 78 points on good earnings and even as Bernanke did no hint at QE3. We see support at 12600.

Nikkei is up 15 points and has support at 8700. It has resistance at 8800and 8810 and higher up at 9000.

The Shanghai fell again and has support at 2150 and 2140.

Nifty has good support, which held, at 5180 yesterday. Further down we see 5100 and 5050.

Commodities
Gold is ranging from 1550 to 1625 and Silver from 26.20 to 29.00.

Copper has strong resistance at 3.50 and support at 3.40and 330 once again.

Crude has resistance at 90 and then at 100.

Brent crude is still above 102.50 and can test 110 and115 while above 102.

The Nikkei Rises Alone In Asia
The Nikkei rose today as the market got strength from auto makers and precision equipment. However, other Asian markets declined as HSBC Holdings PLC took a hit in Hong Kong.

The Nikkei was up 0.3%, and the Kospi lost 0.6%. Australia’s S&P/ASX 200 fell 0.3%.

The Hang Sang fell 0.5%, and the Shanghai fell 0.1%.

US markets retreated at first then recovered after Bernanke commented on the slow economy and job market.

The Euro Moves Higher

EUR/USD: It could be the rally from 1.2161 has been corrective.

We could have a high in place at 1.2316 and we see resistance further up at 1.2333 and 1.2363.

Alternatively, we support at 1.2220 and 1.2175.

DISCLOSURE AND DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER.