The ADP employment report showed a drop of 532K for May; this was probably worse than expected.The ISM services number is out at 9 AM, Bernanke also begins testimony to the House Budget Committee then.The crude inventory report is out at 9:30.Stocks are lower on profit taking.Credit Suisse lowered their weighting for US equities.Goldman came out with a report that the Fed may decide to pick up purchases of Treasuries after its June 24th meeting.There’s also talk that they should not pre announce purchases, to have the element of surprise.As Obama heads to the Middle East, Bin laden released a new tape threatening the US.There was talk that there had been a threat against the Air France plane that crashed.Overnight there were “Asian Officials” quoted as saying they still had faith in the Dollar and Treasuries, and that they would continue to buy and own them.This helped push up the Dollar, which in turn pressured commodities.
June S&P:Breakout day; support is at yesterday’s low of 934.50 then 930.Resistance is at yesterday’s high of 949.00.
June NASDAQ:Breakout day; support is at yesterday’s low of 1464.50 then 1460.
September Treasury Bonds:Breakout day; first upside breakout point is at 116-04; the114-12 area is important support.
June Japanese Yen:Breakout day, but it’s rangebound so far this session. 10475 is an upside breakout point; 10370 then 10350 on the downside.
June Euro Currency:14291 is resistance; yesterday had a breakout rally, so is it time for a correction today?It broke trendline support at 14204, 14125 is next.
June Canadian Dollar:9240 is the bottom of a resistance area, has held for the past days.First support is at 9121-trendline.
August Gold:Overnight it tested Monday’s swing high of 990.20; 970 is support.
July Silver:Selloff today after a breakout rally yesterday; watch trendline support at 1571.5.
July Copper:Breakout day; broke trendline support at 228.60.225 is the next downside breakout point.
July Sugar:Getting crushed; it may be from a revival of monsoons in India, which will help their crop.1490 was the last swing low.
July Cotton:Momentum sell short day; stalled at Fibonacci retracement resistance of 5880.Broke support at 5800, 5700 is next.
July Crude Oil:Breakout day; breakout points are yesterday’s low of 6750 then 6715.
July Soybeans:Breakout day; 1200 is first support, then 1197.
July Wheat:Breakout day; 654 is the first downside breakout point.
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.gif "Swing Traders Insight Futures Watch List for June 3")
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