Stocks are lower.The first big factor is the swine flu outbreak; this could continue to weigh on the markets until its spread comes clearer.The other news from the WSJ; it’s reported that Citigroup and Bank of America will be raising cash as a result of stress tests.Results of the tests won’t be public until May 4th, and Citi and B of A aren’t necessarily the worst off of the big banks. The CaseShiller Home price index is out at 8 AM, consumer confidence at 9 AM.The FOMC begins a two day meeting today; there shouldn’t be any news from them today.
June S&P:Inside/narrow range breakout day, testing support at 840.50.It’s starting to look like Friday’s high formed a double top that won’t be taken out for a bit.
June NASDAQ:Doji yesterday; support is at yesterday’s low of 1350.25.
June Dow Jones:Breakout day; there’s Fibonacci support at 7848.
June Treasury Bonds:Followthrough rally; resistance is 125-26.
June Japanese Yen:Breakout day rally.
June Euro Currency:Momentum buy day, resistance/target is 13089.
June Canadian Dollar:Breakout day selloff; 8145 then 8120 are support.
June Gold: Followthrough selling; it broke retracement support of 892.70, trading on next support of 866.
July Silver:Doji yesterday; it closed on the 1293 common number.Broke retracement support at 1251, next is 1233.5.
July Copper: Trading at old high support of 190.Tomorrow should be a momentum buy day.
July Cocoa:Momentum buy day, could this end up being a 123 bottom?
July Sugar:Breakout day.Broke support at 1385; watch 1370 for a breakout point.
June Crude Oil:4924 is a 50% retracement of last week’s selloff; it looks to serve as a pivot point today. 4850 then 4833 are support. 4944 and 4988 are resistance.
July Soybeans:Momentum buy day; held 980 retracement support.However, the trend is turning down.
July Wheat:Momentum buy day; 528 then 534 are objectives.
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