USfinancial firms are in trouble (which isn’t helped by the lack of clarity on a new plan from the Obama Administration), but Europe’s may be worse, which is causing a big flight to quality move to the Dollar. The Dollar’s rally, besides being a sign of risk aversion, is bearish for a number of commodity markets.

March SP:Off the lows, but without a lot of conviction.There’s still fear in the air, and lots of talk of going back to the November lows.Regaining the January low at 797.50 would take some of the heat off.We’re in the lunch period; look for things to pick up again this afternoon.
March NASDAQ:Held trendline support around 1180.Failure to hold that could spell trouble.
March Treasury Bonds:Last Thursday’s high at 12915 is resistance as the flight to quality continues.
March Dollar Index:The December high at 8871 is the next target.
March EuroFX:The December low at 12542 is the next support; European markets are closing and may be adding some pressure.
March British Pound:Watch the 14132 low for a breakout sale opportunity.
March Silver:Fibonacci retracement resistance at 1413 held so far.
March Copper:The trendline support was broken; the Feb. low at 13990 is next.
May Soybeans:Better weather forecasts for South America, a stronger Dollar and broad commodity liquidation all add up to trouble for soybeans.900 then 895 are support.
May Soymeal:28110 is major Fibonacci support.

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