There are no economic reports out today; European markets are closed, so it’s a subdued start to the session.Stocks are slightly lower on profit taking.Asian stocks were higher as Japan announced it will increase stimulus spending and on a jump in Chinese lending.PPI and retail sales are out tomorrow, CPI is Wednesday.A quick scan of news and blogs seems to be showing a lot of chatter about stocks being overbought-a contrary indicator?The IEA cut their estimate for worldwide crude oil demand, pressuring energies.
June S&P:Holding is well (so far) after the big runup last week.Momentum is giving a sell short signal.844 is support
June NASDAQ:Momentum sell short day, watch support at 1327.50.
June Treasury Bonds:Momentum buy day. 125-16 is support, 12602.5 is old low resistance, then trendline resistance at 126-23.
June Yen:Momentum buy day; watch resistance at 10000 and trendline resistance at 10008.
June Euro Currency:Holding the last swing low at 13114; resistance at 13297, with an upside objective at 13350.
June British Pound:The top of the recent channel is 14780; watch for a rally on a breakout over it.
June Canadian Dollar:Good upside followthrough; watch resistance at the March high of 8209.
June Gold:Two dojis=directional move. Upside breakout over Wednesday’s high of 891.70, 900 is resistance.
May Silver:Rallying with the gold; 1273 is next resistance.
May Cocoa:Breakout day; resistance is 2572 then Thursday’s high of 2607.
May Coffee:Momentum is bearish, having trouble over 119.There’s trendline support at 118.25.
May Cotton:holding support at 4800, momentum is bullish.
May Crude Oil:Momentum sell short day; support is 5057 then 5000.
May Soybeans:Support is 1000 then 994, resistance at the February high of 1024.
May Corn:The late March low of 376-6 is next support, MACD is showing a bearish crossover.
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