Stocks are higher on ideas that the worst of the banking crisis is passing.Comments by B. of A. that they were profitable for the first two months of the year helped. China Premier Wen Jiabao said that China could throw more stimulus money into their economy “at any time” was supportive. He also said that China is “worried” about its holdings of US Treasuries and wants assurances its investments are safe.Given the shenanigans in Washington, I’m not surprised that they’re worried, but we’re still the safest game in town.The US trade deficit shrank more than expected. A big factor in the drop was crude oil-we imported less, and the price was lower.The lower deficit isn’t all a good thing, as it shows lower international trade flows.
I think the markets are at an inflection point. Stocks are on their fourth day higher, and many markets have had bullish MACD crossovers. Further upside could cement some short term bottoms for many markets.
June S&P: Bullish MACD crossover. 1162 is resistance.
June NASDAQ:Trading at 1162 resistance.
June Treasury Bonds:Breakout day (narrowest of previous four days).Support is 12527 and 12520.
June Euro Currency:Doji yesterday, what does it do today?It’s bullish over 12880.
June British Pound:Momentum has this labeled as a sell short day.
April Gold:941.50 is resistance. 949.50 is Fibonacci retracement resistance.
May Copper:Doji yesterday, bullish day today.
May Cotton: 4350 is the next resistance,
April Crude Oil: Momentum sell short day after yesterday’s big runup.4700 is support, then 4575. 4900 is resistance.
April Natural Gas:4.069 is Fibonacci retracement resistance, momentum sell short day.3.894 is downside objective.
May Soybeans:895 is going to be tough resistance.
May Wheat: 537 is trendline resistance. Triangle forming.
May Corn:393 is the next resistance.
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