Stocks started out with good gains off news that the UK will take steps to stabilize their banking system. Gains have faded however-US economic new was weak, the federal budget increases the deficit and raises some taxes, and there’s no new news about a plan for the US banking system.
March S&P:Couldn’t clear yesterday’s high, support is 759.50. Momentum is slightly positive
March NASDAQ:Watch yesterday’s low of 1142
March Treasury Bonds:Bonds roll to June tomorrow.Held the last swing low of 12431.5, momentum buy day
March Eurocurrency: Momentum is still bullish. Quiet day, may have a breakout setup for tomorrow.
April Gold:Held Fibonacci support at 936 (for now).The bulls need to get in gear
May Silver:I wrote a post about silver in my blog here. 1296.5 is Fib support.
May Sugar: Huge upside breakout over 1363 resistance. March sugar expires tomorrow and crude oil saw upside followthrough.1400 is the next resistance.
May Soybeans:Failed at trend line resistance, 854-2 is low for this move
May Soymeal: Downside break under 265 support
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