Overnight Fitch warned that Japan’s AA sovereign rating is at risk if it doesn’t curb its debt.  Chinese stocks were lower on continued concerns over government efforts to rein in the property sector.  There wasn’t much new news on the Greek front, but Greek bonds continue to fall, pressuring the Euro. Goldman said that Greece is likely to delay or cut payments on their bonds.  In the US, jobless claims were a bit higher than expected.  The headline rate for March PPI was high, but the core rate was up only 0.1%.  Later we get existing home sales at 9 AM.  The average expectation is for 5.28 million home sold, up from 5.02 million in February.

June SP:  By the TT it’s a Buy day; yesterday’s low at 1195.00 is the reference price.  There’s a Fib level at 1194.63; that’s a pivot point today.
June NASDAQ:  By the TT today could be a Buy day, but the doji makes me wonder.  It’s currently testing Fib retracement support at 2013.
June T Bonds:  Sell Short day; yesterday’s high at 117-20 is the reference price.  117-01 is the first downside target.
June Yen:  Breakout setup (NR7, doji).  Wait for the overnight high at 1.0788 for the upside breakout point, yesterday’s low at 1.0705 down.
June Euro:  There’s not end in site.  There’s trend line support at 1.3299.
June British Pound:  Sell Short day.  Downside points to watch are 1.5368 (trend line) and 1.5329 (Fib retracement).  Yesterday’s high was1.5437 and there’s trend line resistance at 1.5449.  It also had an NR7 day yesterday, so moves could see follow through today.
June Canadian Dollar:  Buy day; yesterday’s low at 9986 is the reference price.
June Gold:  Sell Short day; 1137.80 is the first downside target.
May Silver:  Sell short day; 17.82 is the first downside target.  The 18.00 area is a pivot point today.
July Cocoa:  Sell Short day.  3067 is first support.  I like it longer term if it holds 3033 on a selloff.
July Sugar:  Breakout mode (NR7, doji).  First downside breakout point is trend line support at 16.39.
July Coffee:  Sell day; it broke trend line resistance overnight.  Can it form a higher bottom above the lat Feb low?
July Cotton:  It looks like a runaway bull market.  Keeping the gap open (84.82 to 84.60) is key.  First resistance is the 85.80 area
June Crude Oil:  By the TT today could be a Buy day, but it’s trading poorly.  Watch trend line support in the 82.45 area.
June Live Cattle:  It’s an ‘exit breakout buys’ day’; will it turn into a Sell Short day?  The 4/7 high at 95.45 is a pivot point today. The 3/19 high at 96.30 would be the next upside target.
July Soybeans:  By the TT I’d call today a Sell Short day; but the relatively low range close may have blunted that.  The 999 area is key support.
July Wheat:  Breakout setup (NR7, doji).  On the upside watch trend line resistance at 501-6, downside watch the overnight low at 493-6.

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.

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