Chinese PM Wen had an interesting speech. He said China welcomes overseas investors, and wants to create an environment to foster it. At the same time, it sounds like Google is going to close its Chinese search engine. There have been a number of wire stories overnight talking about China working to tighten monetary policy. EU ministers are meeting today and tomorrow to discuss the Greek situation, the will also discuss the CDS market and hedge funds. The thought is that they won’t offer an aid package. In related news, there are wire stories from an S&P analyst saying a Greek default is unlikely. In the US, the Empire State survey was a bit weaker than expected. We also get industrial production at 8:15. We could see tentative trade ahead of tomorrow’s FOMC meeting. The Chinese news may weigh on the markets.
June SP: I’m looking at today as a breakout day after Friday’s doji. Downside points to watch are Friday’s low at 1142.00 then Fib retracement support at 1139.50
June NASDAQ: Narrow range day and a doji Friday mean we could have a breakout move today. Watch Friday’s range for breakout points – the low at 1913.75, the high at 1929.75.
June Dow: Breakout setup- Friday was an NR7. Watch 10517 down; Friday’s high at 10594 on the upside.
June T Bonds: Sell Short day; I’m using the Fib retracement level at 116-31 as the SS reference price.
June Euro: Sell Short day; 1.3662 is the first downside objective.
June British Pound: Sell Short day; the first downside objective is 1.5007.
June Canadian Dollar: Today is an ‘exit breakout buys’ day; will we get a Sell Short move?
June Canadian Dollar: Breakout setup; the next downside breakout point is 9032.
April Gold: Today is a ‘cover b.o. sales day’; the bargain hunters are trying to turn it into a Buy day. First resistance is 1108.50.
May Copper: It’s selling off on a breakout day. It broke first support in the 335 area; 332.65 is Fib retracement support.
May Cocoa: This is a good example of a b.o. buy yielding a Sell Short day. 2842 is Fib retracement support.
May Sugar: Breakout setup; use Friday’s range for breakout points.
May Coffee: Today could be a Buy day but there’s no bullish action yet. 131.95 was Fib retracement support, and Friday’s low was 131.75.
April Crude Oil: I think it may be in the process of putting in a top; a close under the 80.80 area would be evidence of this.
May Soybeans: We have a Buy day signal; can we get a rally? Friday’s low at 923 is the reference price.
May Soymeal: Buy day; 251.20 is the reference price.
May Wheat: Sell Short day; Friday’s high at 486-2 was the reference price. 481 is the first downside target.
May Corn: Breakout setup (ID/NR7). The upside breakout is Friday’s high at 367-2, on the downside watch Thursday’s low at 361-4. It’s not too far to the 2010 low at 359-0.
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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