Chinese consumer confidence rose in February (the things we watch these days!), however Chinese stocks were lower overnight on worries that the government may move more firmly to contain inflation.  A research report from Citibank said that the Chinese may need to bail out banks that made loans to local Chinese governments.  There was a big jump in industrial production in the Euro zone in January.  Fading concerns about the PIGs fiscal strains are pushing down the dollar.  Supposedly Goldman put out a recommendation to buy EURUSD; I haven’t seen that report though.  In the US, strong retail sales gave equities a boost and pushed down Treasuries. At 8:55 AM we get the consumer sentiment report for February; it’s supposed to be unchanged from Jan.  The FOMC has a one day meeting next Tuesday.

June SP: We’ve had three bullish days’ will we get a sell Short day today? Reference prices for a short sale are 1146.25 then the old high at 1143.00.
June NASDAQ:  Same questions as the S&P; reference prices are 1923.75 and 1912.
June T Bonds:  Negative under 116-09.  The 115-27 area has been good support; will it be today?
June Yen:  Breakout setup (ID/NR7); it’s under the breakout point at 1.1053.  My first downside target is 1.0960.
June Euro:  Good breakout day rally (NR7).  It cleared resistance at the 3/3 high of 1.3734; the next upside targets are 1.3784 (reached) and 1.3840.
June British Pound:  Another breakout setup (NR7); resistance is at 1.5176 (Fib retracement resistance) and 1.5196 (high from 3/8).
June Australian Dollar: A doji day yesterday gives the potential for a breakout (directional) move today.  On the upside watch the Weds. high at 9098; on the downside watch trend line support at 9050.
April Gold:  Breakout setup (NR7 and doji).   The upside breakout points are 1111.70 then 1115.50.
May Silver: Was a Sell day, but the gap higher open means to look for a breakout trade.  On the downside watch for a second drop under yesterday’s high at 1719.5; 17.25 is Fib retracement resistance on the upside.
May Copper:  Another breakout setup (NR7 and doji).  Use the overnight high at 340.65 as an upside breakout point and 335.00 down.
May Cocoa:  Breakout setup (NR7).  Upside breakout points are 2871 and 2887; watch the overnight low at 2837 down.
May Sugar:  Breakout setup (ID/NR4).  Use yesterday’s high (20.07) and low (19.06) as breakout points to trade off.
May Cotton:  Today is a ‘cover breakout sales’ day that’s looking like a Buy day.  The 78.50 area is key support.
April Crude Oil:  Breakout setup (ID/NR7).  The next upside breakout would be 83.03 (Weds. high) and trend line support of 81.91.
April Natural Gas:  Buy day; use 4.450 as the reference price for a buy.  4.502 is first resistance.
April Live Cattle:  Good rally after yesterday’s doji; next resistance is at 94.27.
May Soybeans:  Buy day; use Tuesday’s low at 935-0 as the reference price for a buy.
May Wheat:  Buy day; 484 is the first resistance/rally objective.
May Soymeal:  Buy day, but it has to regain 255.00.

This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.