Stocks are higher on decent earnings reports and growing optimism that the economy is turning the corner (for anyone who was listening, I thought the recovery would start spring/early summer).GM and Chrysler need to submit their reorganization plans today. Chrysler’s debt holders are balking at what they’re being offered, sounds like that’s scuttling the deal, and Chrysler will likely end up in bankruptcy.Jobless claims fell last week, but one week does not a trend make.The Chicago PMI is out at 8:45.
June S&P: Trading solidly over 872 resistance; momentum is up to short sell levels.
June Treasury Bonds:Broke under the 2/27 low of 123-04, see if they stay under.Momentum is on a buy signal.
June Japanese Yen:10166 is a 50% retracement of the April rally; momentum is on a buy signal; looks like the buy day may be tomorrow.
June Euro Currency:Momentum sell short day. First support is 13191.
June Canadian Dollar:Broke through trendline resistance at 8347 and the May high of 8368.Momentum is on a short sell signal.
June Gold:Breakout day today; broke Tuesday’s low of 884.60.
July Silver:Breakout day; trading at Tuesday’s low of 1236.
July Copper:Followthrough from yesterday’s big rally; resistance is at 20710.Momentum sell short day tomorrow.
July Cocoa:Triangle forming, might need to wait a day or two for a breakout.
July Sugar:Doji yesterday could give us a directional move today; watch last Friday’s high of 1420 for a breakout point.
July Coffee:11680 is Fibonacci retracement resistance.Doji and narrow range day yesterday; 11550 and 114 are downside breakout points.
June Crude Oil:Resistance is at Friday’s high of 5175, then there’s trendline resistance at 5192 (hit overnight).
July Soybeans:Followthrough buying from yesterday’s breakout rally.Momentum will be on a short sale signal for tomorrow.
July Wheat:538 is resistance, momentum will be on a short sale signal for tomorrow.
July Soymeal:323.50 then 326 are resistance. Another short sale signal for tomorrow.
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.gif "Swing Traders Insight Futures Watch List for April 30")
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