Stocks are higher overnight on what’s being touted as a delayed reaction to yesterday’s housing and consumer confidence reports.It’s being reported that at least 6 of the 19 largest banks will need more capital; much of it is expected to come from the conversion of preferred stock to common, rather than new stock offering.Today we had GDP at 7:30 (down 6.1%, worse than forecast), the quarterly refunding announcement at 8 AM, crude inventories at 9:30, and the FOMC announcement at 1:15.The interesting issue with the announcement is whether the Fed discusses an expansion of its debt buying.A lack of discussion about this could lead to a selloff in a Treasury market that’s already leaning lower.
June S&P:A doji yesterday is leading to a directional move rally this morning.Resistance is at yesterday’s high of 861.25 then the 4/17 high of 872.00.Watch for volatility after the Fed meeting.
June NASDAQ:Breakout day; resistance is at 1377.50 then 1384.There’s trendline support around 1357 then 1350.
June Dow:Momentum is bullish; watch resistance at Friday’s high of 8082.
June Treasury Bonds:Broken support at 124-00 is now resistance; support is at the 2/27 low of 123-04.
June Japanese Yen:Momentum sell short day; support is 10285 then 10268.
June Euro Currency:Sell day, more upside today.Resistance is at Friday’s high of 13297.
June British Pound:2 dojis = breakout move today.Resistance is at 14732 then Friday’s high of 14774.
June Canadian Dollar:Narrow range/ doji breakout setup; cleared Friday’s high of 8287.Next resistance is 8349 then 8368.
June Gold:Momentum buy day; 902.20then 906 are resistance.
July Silver:Momentum buy day; resistance is 1270 then 1280.5.
July Copper:Momentum buy day, resistance is 197.50 then 201. 190 is important support.
July Sugar:Momentum is bullish; price action isn’t (yet).Clearing Friday’s high at 1420 is key for the bulls.
July Coffee:resistance is 11680, 11550 is support.Trend isn’t clear right now.
July Cotton:Breakout day (inside/doji day), trying to break Monday’s high of 5337.
June Live Cattle:2 dojis, inside/narrow range yesterday = breakout setup today.
July Soybeans:Momentum buy day; holding Fibonacci support at 980. Resistance is 1000 then 1016.
July Wheat:Breakout day, watch 531 resistance.
July Soymeal, Bean Oil:Breakout setups, contact me for levels.
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