Stocks continued in tight ranges overnight; there’s economic news coming out of China tonight and the US tomorrow and Friday. OPEC forecast a 12.5% rise in oil demand this year, fostered by economic growth. Today we get the EIA Crude inventory report at 9:30, the results of the 10 Year T Note auction at Noon, and Geithner is testifying to Congress about the FY2011 budget; that starts at 1 PM. The WASDE report from the USDA was bearish corn and wheat, neutral for beans.
March SP: Still indecisive. It’s bounded by 1137.60 one the downside (trend line) and 1148.00 (old high).
March NASDAQ: It’s bullish if it can hold over 1900.
June T Bonds: Today is an ‘exit breakout buys’ day that’s turning into a Sell Short day. 116-09 was Fib retracement support; it’s bearish under yesterday’s low of 116-05.
June Yen: Another ‘exit breakout buys’ day; Monday’s low at 1.1033 is the first downside target.
June Euro: Buy day; there’s double bottom support around 1.3530. 1.3619 is the first resistance.
June British Pound: Today could be a buy day, but it’s bearish under Fib support at 1.4987. The next downside target is the 3/1 low at 1.4778.
June Canadian Dollar: We’ve got another doji going so far today. There’s support at 9708 (Fib retracement) and 9698 (trend line). Resistance is at yesterday’s high of 9769 and the 1/14 high of 9776.
April Gold: I’m treating today as a Sell day after yesterday’s late recovery to a doji. Yesterday’s high was 1125.10; then there’s Fib retracement resistance at 1127.00.
May Silver: Sell day; Monday’s high at 17.53 is the first resistance.
May Cocoa: It’s currently testing the 3/3 low at 2780. By the Taylor cycle today is a Buy day; use 2780 as the reference price.
May Coffee: Sell Short day; use the 133 area as the reference price. 131.50 is the first downside target.
May Cotton: Today is a ‘cover breakout sales’ day; will it turn into a Buy day?
April Crude Oil: 2 doji days, and the inventory report is out at 9:30. Will we get a directional move out of it? I’ll watch Monday’s high at 82.41 for an upside breakout point and 80.80 down.
April Live Cattle: We had an NR7 day yesterday; can we get another breakout move after Monday’s moon shot?
April Lean Hogs: It had three days of bearish action; can we get a Buy day rally today? 73.20 is the first rally objective.
May Soybeans: They had a big overnight rally out yesterday’s doji, and reached my first upside objective at 953. The USDA report was judged neutral for beans.
May Bean Oil: Breakout setup (ID and NR4). Overnight it cleared the breakout point at Monday’s high of 40.56. I have 40.97 as the next rally target.
May Wheat: Today is a ‘cover breakout sales’ day; support is at 486-2 (Fib retracement) and 480-6 (low from 2/4). It’s bearish under 492.
May Corn: Yesterday was the third day with bearish price action; can they turn it around today? Yesterday’s low at 368-2 is the reference price for a Buy day trade; the 2/19 low at 365 would be the next downside target.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.
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