Commodity prices are sharply higher. Traders are viewing the Fed’s decision to buy Treasuries as inflationary and a reason buy own hard assets.For the time being, this is being taken as bullish for equities. At some point it will hurt, as low commodity prices will help revive the economy. Jobless claims fell, but continuing claims rose. The Philly Fed and LEI are out at 9 AM.
Stocks:Momentum is giving a short sale signal; the picture is a bit muddled after yesterday’s volatility.
June Treasury Bonds:130-11 is support; holding 129 last night is bullish.
June Japanese Yen:Momentum sell short day. 10610 is Fibonacci retracement resistance.
June Euro Currency:13523 was Fibonacci retracement resistance.
April Gold:What a difference a day makes!950 and 954 are resistance. It looks bullish, closing over $950 would be good for the bulls.
May Silver: 1325 to 1328.5 is resistance, it looks bullish.
May Copper:Doji, breakout setup today. 18240 is the next resistance.
May Cocoa:2558 is Fibonacci retracement resistance.
May Sugar:1364 and 1393 are the upside objectives.
May Coffee:Upside breakout over 115 resistance.
May Cotton: Momentum buy day, 4350 is resistance.
April Crude Oil:5135 is trendline resistance, holding over 50 is good for the bulls.
May Soybeans:Breakout buy today; be aware of the gap overnight.
May Wheat:545 is resistance.
May Corn:397-4 was the recent high.
May Soymeal:Breakout day, 294 is resistance.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
.gif "Swing Trader’s Insight Futures Watch List for March 19")
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