Last night started out with a strong retail sales report from Japan, giving hope that Japan’s economy may eventually come back from the abyss. This morning we got good economic news from Europe-economic sentiment and business climate reports both rose in March. This, combined with a lower level of angst over the PIGS is giving some positive color to the markets today. The lower USD is aiding commodities..
June SP: There have been two dojis; I’m treating today as a Sell day. The Sell day target is 1169.75.
June NASDAQ: Same setup as the SP; the Sell day target is 1963.00.
June T Bonds: Breakout setup; downside breakout points are 115-00 and 114-26. Watch 115-13 on the upside.
June Yen: Another b.o. setup; use Friday’s high of 1.0838 and low of 1.0769 as the reference prices.
June Euro: Sell day; it rallied over Fib retracement resistance at 1.3418. My next objective is 1.3543.
June British Pound: Today is an exit b.o. buy day. By the Taylor count today is a Sell day. The 1.5000 area is the next resistance.
June Canadian Dollar: Buy day; it cleared trend line resistance at 9780. 9822 is the next rally objective.
April Gold: Today is an exit b.o. buys day; 1115.30 is the next rally objective.
May Silver: As with gold, an exit b.o. buys day. I have some minor resistance at 17.40, but the next big resistance is at 17.50.
May Copper: Broke out over the 3/1 high at 348.70; be alert for a reversal back under it. The next upside objective is the 1/7 high at 355.00.
May Sugar: Sideways action; Buy day today. I see resistance at the 3/17 low of 17.66 then Fib retracement resistance at 17.81.
May Crude Oil: I’m treating today as a Buy day; watch trend line resistance at 80.88.
May Natural Gas: It’s shaping up as a Buy day; treat it as a scalp only. 3.996 is the first resistance.
Hogs: Remember, there was a USDA quarterly Hog and Pig Crop report Friday. I haven’t looked at any analysis of it, but it was deemed a bullish report on Friday.
May Soybeans: Sell day; 959-2 is the first resistance / rally objective.
May Soymeal: Sell day; watch trend line resistance at 273.10.
May Wheat: Breakout setup; watch the old contract low at 472-0 as an upside breakout point.
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.
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