Some early closes today, all US markets closed on Friday in observance of Good Friday.Jobless claims fell, continuing claims rose. The pace of worsening in labor has slowed, but it’s going to take some time to see it improve. The US trade balance showed the smallest deficit in 9 years. Imports fell as consumers cut back, but exports are lower as well, reflecting poor world economies and the US economy’s dependence on exports. The word is that all 19 US banks will pass the stress test. I read that FDIC insiders are critical of the test, saying it’s too easy-someone referred to it as an “open book test”. There’s a 10year T Note auction today. Stocks are higher; the NASDAQ and Dow had breakout setups.The USDA report was friendly, especially for soybeans, but the recent rally has priced in some good news. The weather has not been good for farmers’ field work.

June S&P:Good followthrough, clearing 830 was bullish.Monday’s 848 high is resistance.
June NASDAQ:Resistance is at Monday’s high of 1327.50
June Treasury Bonds: Yesterday it hit Fibonacci resistance at 12727, and today is a momentum sell short day. Support is at Monday’s low of 12601.5
June Yen:Momentum sell short day; 9976 and 9950 are support.
June British Pound:Has a breakout setup for the third straight day; will this be the day it moves?
June Canadian Dollar:Breakout setup rally; Monday’s high at 8184 is resistance.
June Gold:Breakout setup, I’d watch to sell a break into a new low (876.00).
May Copper:Well, if you believe in copper’s ability to “predict” economic growth, you should be optimistic. Had a breakout setup; clearing Monday’s high is constructive.
May Sugar:Clearing broken support at 1242 was bullish; 1267 is the next upside objective.
May Coffee:Narrow range breakout setup; watch Monday’s high at 119.40.
June Live Cattle:Breakout setup, on Globex they broke above the 8450 high.
June Hogs:Look bullish, watch for a breakout if they clear 7400.
May Soybeans:Broke over this week’s high overnight; February’s high at 1024 is next resistance. Watch for profit taking late session.
May Wheat:Holding support around 530; 537 is resistance.
May Corn: Doji yesterday could lead to a move today.$4.00 is resistance.
May Bean Oil:Watch trendline resistance at 35.50.

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 9

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