Lots of reports today. The Case/Shiller home price index is out at 8 AM, the Chicago PMI is out at 8:45, and Consumer Confidence is at 9 AM. The USDA reports were deemed neutral for corn and wheat, bullish for soybeans. Cotton acreage was bearish, but it’s higher in spite of that.
June S&P:Momentum buy day, resistance is 796.50.
June NASDAQ:Momentum buy day; 1233 and 1242.50 are resistance.
Treasury Futures:The long end of the curve is coiling; the short end has been rallying. I’m waiting for things to clear up on the long end before doing anything.
June Japanese Yen:There’s trendline support at 10137.
June Euro Currency:Momentum buy day, 13351 is resistance.
June British Pound:Momentum buy day; 14250 is support, 14368 is resistance.
June Canadian Dollar:Held Fibonacci retracement support at 7938; 8000 is resistance, 8023 is the next objective,
June Gold:Momentum buy day; resistance is 927.50 then 932.50.
May Cocoa:Looks bullish; there’s double top resistance at 2626.
May Sugar:Momentum buy day, 1274 is resistance.
May Cotton:cleared resistance at 4500, next is Fibonacci resistance at 4539.It rallied in spite of bearish news; sign of strength.
May Crude Oil:Momentum buy day, but it has to regain $50 for the bulls’ case.
June Live Cattle:Slightly higher, but staying under broken support at 8045 keeps the bears in control.
Grains:See the comments above about the USDA report.Soybeans had a momentum buy day, but the early call is 20 cents higher, so be careful. I want to see how they open before committing to anything.
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