There was more news from China overnight.  The PBOC said loan demand is rising, and that inflation expectations are moderating.  The Chinese MOF said that the US shouldn’t use FX to boost exports, and that they are not optimistic about the global economic outlook –global markets are weak and haven’t seen any real improvement.  The war of words between China and the US is heating up.  There’s more rhetoric from both sides, and a Congressional hearing on China and FX on March 24th.  The EU has laid out a plan to help Greece, but details are sketchy at the moment.  This is helping the Euro.  US housing starts for February were lower than expected, but permits were a bit better than forecast. It’s time to wait for the FOMC meeting announcement at 1:15 PM.
The big thing to watch there is to see if they keep the language about keeping rates low for ‘an extended period’.

June SP:  There’s an overnight rally after two doji days.  With the FOMC meeting today, I expect choppy action until 1:15.
June NASDAQ:  See my SP comment.
June Dow:  Testing multiple top resistance over 10600.
June T Bonds:  Breakout setup (ID/NR4 and doji); will it move before the FOMC announcement?  Breakout points are 116-16 down and 117-07 up.
June Yen:  Breakout setup (ID/NR7).  The downside breakout point is 1.1013; watch 1.1105 on the upside.
June Euro:  Buy day; it held Fib retracement support at 1.3662 overnight.  My next rally objective is 1.3756.
June British Pound:  Buy day; it ended up holding Fig retracement support at 1.5007.  The first rally objective is 1.5161.
June Canadian Dollar:  Breakout setup (ID/NR4); the upside breakout point is at Friday’s high of 9848.
April Gold:  Breakout setup (ID/NR7); Trade or Fade had first resistance (breakout point) at 1116.80. 1121.60 is the first rally objective.
May Silver:  Another breakout setup (ID/NR7).  It cleared the breakout point at 17.25; Friday’s high at 17.35 is the next resistance.
May Copper:  Today is a ‘cover breakout sales’ day trying to become a Buy day.  Clearing resistance at 334.85 will help.
May Sugar:  Waiting for the breakout move here feels like Waiting for Godot.  Maybe the amount of time we spend in here will make for a bigger move when it comes.
May Cotton:  By the TTT today should be a Sell Short day, but the doji and NR4 mean we could get a breakout move –could go either way.
April Crude Oil:  Today is a Buy day.  It should rally, but unless it can close back over the 80.80 area I still think the top could be in.
April Natural Gas:  Breakout setup – It has an NR7 and doji on Friday and a doji yesterday.  In the intermediate term I don’t yet see signs of a bottom.
April Live Cattle:  Sell short day.  They could take 100 points off this and not finish off the bull market.
April Lean Hogs:  By the TTT today could be a Buy day, but it’s looking like it could be ready to break down.  Yesterday’s low at 71.55 is the Buy day reference price.
May Soybeans: Sell day; clearing broken support at 935-0 would be bullish.  The next upside objective us 943-0.
May Corn:  Breakout setup (ID/NR7).  Breakout points are 362 down and 366-4 up.  It’s trading close to the recent low at 359-0.

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