Stocks are higher overnight on what’s being touted as a delayed reaction to yesterday’s housing and consumer confidence reports.It’s being reported that at least 6 of the 19 largest banks will need more capital; much of it is expected to come from the conversion of preferred stock to common, rather than new stock offering.Today we had GDP at 7:30 (down 6.1%, worse than forecast), the quarterly refunding announcement at 8 AM, crude inventories at 9:30, and the FOMC announcement at 1:15.The interesting issue with the announcement is whether the Fed discusses an expansion of its debt buying.A lack of discussion about this could lead to a selloff in a Treasury market that’s already leaning lower.

June S&P:A doji yesterday is leading to a directional move rally this morning.Resistance is at yesterday’s high of 861.25 then the 4/17 high of 872.00.Watch for volatility after the Fed meeting.
June NASDAQ:Breakout day; resistance is at 1377.50 then 1384.There’s trendline support around 1357 then 1350.
June Dow:Momentum is bullish; watch resistance at Friday’s high of 8082.
June Treasury Bonds:Broken support at 124-00 is now resistance; support is at the 2/27 low of 123-04.
June Japanese Yen:Momentum sell short day; support is 10285 then 10268.
June Euro Currency:Sell day, more upside today.Resistance is at Friday’s high of 13297.
June British Pound:2 dojis = breakout move today.Resistance is at 14732 then Friday’s high of 14774.
June Canadian Dollar:Narrow range/ doji breakout setup; cleared Friday’s high of 8287.Next resistance is 8349 then 8368.
June Gold:Momentum buy day; 902.20then 906 are resistance.
July Silver:Momentum buy day; resistance is 1270 then 1280.5.
July Copper:Momentum buy day, resistance is 197.50 then 201. 190 is important support.
July Sugar:Momentum is bullish; price action isn’t (yet).Clearing Friday’s high at 1420 is key for the bulls.
July Coffee:resistance is 11680, 11550 is support.Trend isn’t clear right now.
July Cotton:Breakout day (inside/doji day), trying to break Monday’s high of 5337.
June Live Cattle:2 dojis, inside/narrow range yesterday = breakout setup today.
July Soybeans:Momentum buy day; holding Fibonacci support at 980. Resistance is 1000 then 1016.
July Wheat:Breakout day, watch 531 resistance.
July Soymeal, Bean Oil:Breakout setups, contact me for levels.

This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here. Swing Traders Insight Futures Watch List for April 29

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:

Futuresinsightblogcom?d=yIl2AUoC8zA Futuresinsightblogcom?d=dnMXMwOfBR0 Futuresinsightblogcom?i=0ok56yOjQHc:sZqXNgzw9q4:V_sGLiPBpWU Futuresinsightblogcom?i=0ok56yOjQHc:sZqXNgzw9q4:gIN9vFwOqvQ Futuresinsightblogcom?d=TzevzKxY174