Overnight the Bank of Japan announced it is doubling its lending program aimed at curbing deflation; this led to a rise in Japanese stocks. It may also serve to weaken the Yen, which would be welcome for its exporters. The World Bank raised its estimate for Chinese growth for 2010. There wasn’t much news out of Europe, while stories are that OPEC will keep production quotas steady. Yesterday’s FOMC meeting announcement was a non-event, which gave a green light to risk assets. In today’s news, PPI was lower than expected, but the core was as expected. Later we get the crude inventory report at 9:30, and at 1 PM Bernanke is scheduled to testify to the House Committee on Financial Services on “Banking Supervision’.
June SP: After yesterday’s breakout rally we could get a Sell Short day today, although there’s still strength this morning. 1155.75 would be the reference price for the SS day move.
June NASDAQ: The same setup as the S&P; Friday’s high at 1929.75 is a reference price.
June T Bonds: Today is an ‘exit breakout buys’ day that’s seeing residual bullish momentum. The double top at 118-02 is the next upside objective / resistance.
June Yen: Another ‘exit b.o. buys day’ that’s seeing something more like Sell Short day action. 1.1053 is first support.
June Euro: It’s a Sell day; it already reached objectives at 1.3785 (yesterday’s high) and 1.3796 (Friday’s high).
June Canadian Dollar: Friday’s high at 9848 is now support.
April Gold: It’s an ‘exit b.o. buys’ day that’s looking like a Sell Short day. Yesterday’s high at 1129.30was the SS day reference price.
May Silver: Another ‘exit b.o. buys day’; yesterday’s high at 1749.5 is the SS day reference price. The March 10 high at 1766.5 is next resistance on strength.
May Copper: Sell day; the inside day yesterday could make things interesting. I see trend line resistance around 343.45.
May Coffee: Sell day, clearing Fib retracement resistance at 132.80 was bullish. The next upside objective is trend line resistance at 134.80.
May Cotton: Another ‘exit b.o., buys’ day; it’s trading around Fib retracement resistance at 81.65. Use that as a reference price for a Sell Short day.
April Crude Oil: Sell day; it actually opened with a (one tick) gap, so the strength shouldn’t be a surprise. Friday’s high at 83.16 is the next upside objective. Watch for a directional move after the 9:30 inventory report.
May Soybeans: By the TTT cycle today is the Sell Short day; yesterday’s high at 948-0 is the reference price. 943-0 was Fib retracement resistance; 953-4 is the next major upside objective.
May Bean Oil: Breakout setup (ID/NR4). The 39.50 area was the first upside breakout point.
May Corn: It’s an ‘exit b.o. buys’ day; will it be a Sell day or a Sell Short day? Yesterday’s high at 369-0 is the reference price.
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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