PPI and retail sales both came in weaker than expected.I suppose the PPI is friendly (not that anyone thinks there’s any inflation on the horizon), but the retail sales number was bad.That’s really it for economic news today, although business inventories are out at 9 AM.Stocks were already leaning lower in spite of a good Q1 profit report from Goldman Sachs.This should be troubling for the bulls-not rallying on good news is bearish.
June S&P:Breakout setup; watch yesterday’s low at 841.50.
June NASDAQ:Breakout mode, currently under support at 1327.50, 1321.50 is next support.
June Dow:Breakout, watch support around 7900.
June Bonds:Sell day, can rally. 127-29 is next upside objective.
June 10 Year T Notes:Bullish MACD crossover; approaching the upper line of a triangle at 123.18.
June Japanese Yen:Breakout day, testing resistance at last week’s high of 1.0084.
June Euro Currency:Momentum sell short day, currently under support at 1.3256, 1.3223 is next support.
June Canadian Dollar:Upside breakout over 8210 resistance.
June Gold:Failed at 900 on yesterday’s breakout rally; 887.50 is first support today.
May Silver:Momentum sell short day; 12.55 then 12.50 are support.
May Copper:If you’re bullish on copper this might be a break to buy.208.50 is support, momentum is back to buylevels.
May Cocoa:Trying to break out under the recent low at 2511.
May Coffee:Bearish MACD crossover coming; 113 is support.
May Crude Oil:Likes hanging around $50, inventory reports are out tomorrow.
May Soybeans:Watch Friday’s high of 1030-6.
May wheat:Doji yesterday could equal a directional move today.
May Corn:Has to regain 390.
May Soymeal:Looks bullish, a close over 308 would be constructive.
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