Greek stocks and bonds were higher overnight; the Greek central bank governor Provopoulos said he’s confident Greece’s government will meet its “very ambitious” deficit-reduction goals. There were mixed stories on the EU’s plan to help Greece. Der Spiegel said that the EU had a plan ready, but the Finance Ministry denied this. There’s no economic news out today. We’ve had a good rally in ‘risk exposure’ assets; is it time for a correction?
March SP: There was a doji Friday, but the wide range keeps it from being a breakout setup. Still, the doji could yield a directional move.
March NASDAQ: 1828 is resistance; looks bullish,
March T Bonds: Breakout setup (ID/NR4). 116-13 is the first downside breakout point.
March Yen: Sell day; can rally. The old low at 1.0957 (Feb. 3) is resistance.
March Euro: Sell day; the rally objective was Friday’s high at 1.3619.
March British Pound: Doji Friday; regaining the Feb. 8 low at 1.5531 would be bullish.
March Canadian Dollar: Sell day, can rally. Holding over 9600 could encourage a rally toward the Jan. high.
April Gold: Bullish, but has to clear the Feb. 17 high at 1128.70.
March Silver: Upside breakout over the 16.30 area; 16.79 is the next rally objective.
May Cocoa: Sell day; the Feb. 17 high at 3175 is the next rally objective.
May Sugar: Oops sale today; there was trend line resistance at 26.30. It broke back under Fib support at 26.65.
May Coffee: Sell Short day; there’s trend line support at 135.75.
April Crude Oil: Sell Short day >. Friday’s high was 80.34; it’s the SS Day reference price.
May Soybeans: Sell day; cleared Fib resistance at 958. The Feb 16 high at 975 is the next rally objective.
May Soymeal: Sell day; bullish over 272.50.
May Bean Oil: Sell day; clearing Fib resistance at 39.53 would be bullish.
May Wheat: Sell day, bullish over 508. 511-4 is the next resistance.
May Corn: Sell day; 377-4 is first resistance.
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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