Chinese stocks were higher after the government said they will extend support to industry amid weak global demand.  That didn’t help the rest of Asia or Europe, as apparently more traders read yesterday’s story that S&P warned of a potential further downgrade of Greece’s credit rating.  The strength in the Yen is pressuring Japanese exports.  Greece has €20 bln. (About $27 bln.) of debt to repay by the end of May; a downgrade would make it more difficult to borrow as Greek government debt would be ineligible for ECB loans.  In the US, weekly jobless claims showed a much bigger than expected jump, more than offsetting a decent durable goods report.  Bernanke continues hi Congressional testimony at 9 AM, and the results of the 7 yr. T Note auction are out at Noon. Look for angst about a double dip for the economy to be the underlying concern.

March SP:  Yesterday’s inside day is giving a directional (breakout) move today.  Tuesday’s low at 1090.25 is the next downside objective.
March NASDAQ:  Same inside day setup at the SP.  Support is yesterday’s low of 1796.50, there’s also trend line support around there.
March T Bonds:  Strong market; it ended up holding the 117-24 Fib level. Clearing the swing high at 118-01 is bullish.
March Yen:   Breakout setup (NR7, doji) gave a great rally today.  1.1235 is Fib resistance off the daily chart.
March Euro:  The inside day and doji yesterday told us we might see something different than a Sell day today.  The recent low at 1.3442 is the downside price to watch.
March British Pound:  Downside breakout under the recent low at 1.5336.  1.5267 is a major Fib retracement level.
March Canadian Dollar Lower in spite of the Canadian hockey team’s convincing win last night.  There was a doji yesterday, and 9459 was important support. I have 9375 for the next downside target.
March Australian Dollar:  Breakout setup; watch support at 8800.
April Gold:  Buy day; 1088 is an important support
March Silver:  Sell day, not a pretty market.  Yesterday’s low was 15.62; that’s also a Fib retracement level.
March Copper:  Breakout setup.  Breakout points are 317.00 downs and 326.75 up.
May Sugar:  Yesterday’s inside day is giving a breakout move today.  Downside breakout points down are 23.57 then 23.49.
May Coffee:  A great downside breakout out of a little bear flag; it also broke the Oct. swing low at 130.35. The next downside target is a trend line at 127.23.
May Cotton:  Breakout setup; I’ll look to sell a breakout under the overnight low at 78.47.
April Crude Oil:  treat as a breakout setup; the downside breakout point is Tuesday’s low at 78.22.
April Live Cattle:  Buy day; I’m watching broken Fib support at 92.10 as the reference price for a buy.
May Soybeans: It should be a Sell day, but it’s a weak market.  Watch trend line support at 953.
May Corn:  The size of yesterday’s rally has me thinking today will be a Sell Short day.  I’m going to watch Fib support at 382-4 for a potential breakout sale.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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