Markets are quiet this morning; digesting the recent big moves.Financial stocks are a bit lower; a big Middle Eastern investor is selling a part of their stake in Barclays Bank.Pending home sales are out at 9 AM, and the rest of the week is full of economic news.Tomorrow is the ADP employment report (a clue to NFP) and the ISM services number.On Thursday the BOE and the ECB meet, and Friday is NFP for May.I look for the commodities that have been strong to remain so for the time being, but traders should be cognizant of the fact that this rally has been based on fund, “investment” buying, not an actual pickup in demand; at some point we’ll need to seem demand increase to sustain the rallies.
June S&P:Trading under resistance at the old high of 939.25; 936.50 then 929.50 are support. Momentum is at short sale levels.
JuneNASDAQ:There’s trendline support At 1451.81, next support is 1442.
June Dow:The trendline support is at 8593 for the Dow.
September Treasury Bonds:Momentum is at buy day levels; yesterday’s low made a tentative double bottom.
June Euro Currency:Yesterday had the narrowest range of the previous seven sessions; this contraction could lead to a directional move today, but there’s not much excitement yet.
June British Pound:Momentum is at short sale levels, but there’s not much doing yet.
June Canadian Dollar:Another market with a breakout setup; there’s resistance at old highs from around 9240 to 9255.
August Gold:Doji yesterday could mean a directional move today.Held support at 970 overnight; yesterday’s high at 990.20 is the first upside objective.
July Silver:Doji and range contraction yesterday; a move over 1597 to 1600 is bullish on a short and intermediate timeframe.
July Copper:Momentum sell short day; 228.50 is support.
July Sugar:Support is 1560 then 1547.The range is contracting; there should be a new trending move out of this, although it may take a bit longer to develop.
July Cotton:Cotton is reaching a crossroads; 5792 is a 50% retracement of the May decline. Whether or not it clears this area is key to whether there’s more to the rally.Breakout day today.
July Crude Oil:There’s trendline support at 67.58.
July Soybeans:Is it time for a correction on a Turnaround Tuesday?1220-7 is a 50% retracement of the 2H 2008 selloff. Momentum sell short day today.
July Soymeal:Little channel formed; momentum sell short day today.388.50 then 387.00 are support.
July Bean Oil:Trading around the old May high of 40.20; another market at a crossroads.
July Wheat:Yesterday it reached the 2009 high of 670; can it take that out?It’s a momentum sell short day today.
July Corn:Momentum sell short day; first support is at 440-2.The 200 day MA (the indicator du jour) is at 439.
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