An aid package for Greece was announced for Greece over the weekend, with the money coming from the EU and the IMF. This caused a rally in stocks and commodities and pushed down the Dollar. The euphoria has faded as the morning has worn on as traders realize that this is not necessarily the end of the sovereign debt problem. There’s no economic news out today, but earnings season kicks off today.
June SP: On the daily chart it’s a Sell Short day, and the4 higher open gave an Oops setup. This fits well with the SS day; Friday’s high was 1193.00. The 4-6 high at 1188.00 is the first downside target.
June NASDAQ: Another SS day; also an oops setup. Friday’s high was 1992.75.
June T Bonds: Sell day, but there’s not strength yet. There’s trend line resistance at 115*23; Friday’s high was 115-27 (Sell day objective).
June Yen: Sell day; reached the objective. Watch trend line support at 1.0668.
June Euro: Today is an ‘exit breakout buys’ day; trading back under the 4/2 high at 1.3593 could add to the bearish pressure.
June British Pound: Sell Short day; held trade under the 3/17 high at 1.5375 would add to the pressure.
June Canadian Dollar: Sell Short day; watch support at Thursday’s low of 9895.
June Gold: An ‘exit breakout buys’ day; trading back under the 1/11 high of 1162.50 adds to the downside pressure.
May Silver: Yet another exit b.o. buys day; Friday’s high at 1844.5 is the Oops sale price.
May Cocoa: Breakout setup (ID/NR7, doji). Friday’s high at 2891 was the upside breakout point; the first rally objective is Fib resistance of 2917.
May Sugar: It’s a Sell day, so it can rally. It cleared Fib resistance of 1645; there’s trend line (and Fib retracement) resistance in the 16.88 area.
May Crude Oil: By the TT today is a Buy day; but the overnight action is bearish. Friday’s low at 84.12 is the Buy day reference price. On weakness the next downside objective is 83.32.
May Natural Gas: Sell day, can rally. Clearing Fib retracement resistance at 4.096 would help the bulls.
May Soybeans: Today is an ‘exit b.o. buys’ day; clearing Fib retracement resistance in the 954 area is helping the bulls. Friday’s high at 963-6 is the Sell day objective.
May Corn: Buy day; will the 343-4 area hold? Rallies will find resistance at 351-4 and 354.
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.
Copyright © 2009
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
f2ea78dd95959aa32f651cec20a16e23)
