Data released today shows that the unemployment rate continues to rise in Canada, while it declines in the U.S., as shown on the graphs below.

I'd imagine that will affect cross-border shopping as it means that more Americans should be purchasing Canadian goods and fewer Canadians purchasing American goods, particularly as the USD/CAD currency is trading around parity. Perhaps the Canadian government's austerity measures are working to the detriment of employment, as they enforce policies to eliminate the budget deficit by 2015. With the expected softening of global growth for 2012, I don't see that number improving for the foreseeable future.

http://www.strawberryblondesmarketsummary.com/

Data released today shows:

• a drop in Britain's Construction PMI
• a rise in U.S. Job Cuts
• a drop in U.S. Unemployment Claims (which are still at higher average levels than from 2000 to 2009)
• a sharp drop in U.S. Nonfarm Productivity
• a sharp rise in Unit Labour Costs

as shown on the graphs below.

So, basically, we have a situation of fewer people being less productive at higher company costs in the U.S. and a continuing drop in Britain's business conditions. These figures do not bode well for a healthy business environment for either country that would support sustainable growth, without increasingly higher inflation in the short, medium, and long term, in my opinion.

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The only chart I'll be commenting on tonight is this 4-Hour chart of TF. Price is currently trading at a resistance level of an intersection of the the top of a "minor" uptrending channel and the lower one-quarter of a larger uptrending channel. It's also approaching another confluence resistance level at 813.20 of its 78.6% retracement level from its May 2, 2011 high to the October low and the lower one-third of the "senior" channel level.

At these levels, it's also beginning to trade in overbought territory according to my very short-term RSI indicator reading, so price may pull back somewhat before making its next move. At the moment, momentum is favouring the bulls, and near-term support sits at a confluence level of 780.00-785.00, comprised of the lower level of both channels and the upper one-third level of the Fibonacci retracement.

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Data released last night and today shows a small improvement in the Manufacturing PMI Indices in China, Europe, Britain, and the U.S., and a small improvement in Construction Spending and Manufacturing Prices in the U.S., as shown on the graphs below.

Since the last several months' worth of data has bounced a bit after large declines in 2011, it will be worth noting whether the weak trend is actually ending and strengthening into 2012, or whether this is just a blip before further weakness settles in.

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Below are 5-year Monthly charts for YM, ES, NQ & TF. All four e-mini futures indices closed in between their upper and middle Bollinger Bands on this timeframe. The YM and ES are in the thick of resistance, while the NQ has broken above, and the TF is approaching overhead resistance. Bollinger Bands are beginning to tighten slightly on YM, ES and NQ, suggesting a possible reversal of the advance at some point. Price has closed above the 5-year Volume Profile POC for all four e-minis. Volumes were lighter this month and have declined steadily since peaking in August of 2011. My very short-term RSI indicator is nearing overbought conditions for this timeframe.

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