Obama offered no real succor for the auto industry this morning. Irish sovereign debt was downgraded, bad news for Europe. Bonds were higher on the bad news, then fell after today’s purchases by the Fed-buy the rumor, sell the fact? I have thought that the economy would be recovering this spring, so I figured that’s what the recent rally was about.Today is one of those days that makes you reassess your outlook.This looks (and sounds) bad.
June S&P:Next support is around 777; tomorrow should be a momentum buy day.
June NASDAQ:Support is at Wednesday’s low of 1205.25.
June Bonds:Couldn’t clear Fibonacci retracement resistance at 12921; momentum is still bullish.
June Euro Currency:13096 is Fibonacci retracement resistance, tomorrow should be a momentum buy day.
June British Pound:Closing under Fibonacci support at 14255 is trouble.
June Canadian Dollar:The auto industry’s problems are trouble for the Canadian economy. It’s testing Fibonacci retracement support at 7938.
May Sugar: Watch the month’s low at1242.
May Crude Oil:Well, it could see a bounce tomorrow, but today’s big selloff and close under $50 may be the end of the rally. There’s trendline support at 4745.
June Live Cattle:Testing double bottom support at 8045.
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