Markets were already leaning down after Friday’s rate hike by the Bank of India and the passage of the healthcare bill. The Chinese Commerce Minister said that sanctions against China over FX rates amounted to “protectionism” and could lead to a double dip recession. The Greek situation is also weighing on the markets after German PM Merkel said that investors shouldn’t expect a bailout for Greece at this week’s EU meeting; that they shouldn’t create illusions for the markets by raising expectations for Greek aid. An IMF official said the world faces ‘acute’ challenges in unwinding stimulus and bringing down deficits. This reiterates the Moody’s report last week on the risks to sovereign debt. There are no reports out this week.
June SP: Today is a ‘cover breakout sales’ day; it’s not looking like it will turn into a Buy day. Remaining under 1150 keeps the pressure on; I have first support at 1145.
June NASDAQ: Friday’s low was 1922.25 for a Buy day move. 1915 is next support.
June T Bonds: Sell day; there’s trend line resistance at 118-04.
June Yen: Breakout setup (ID/NR7). Watch the overnight low at 1.1022 for a downside breakout point and the Fib retracement level at 1.1083 on the upside.
June Euro: Buy day; Friday’s low at 1.3503 was the reference price. It’d look better if it could regain 1.3530.
June British Pound: A ‘cover breakout sales’ day; Friday’s low at 1.4982 is the reference price for a Buy day move.
June Canadian Dollar: Buy day; Friday’s low at 9815 is the Buy day reference price. There’s also a Fib level at 9804.
April Gold: Another ‘cover b.o. buys’ day. Friday’s low was 1101.00 and there’s trend line support at 1102.10.
May Silver: ‘Cover b.o. sales’ day; the 3/11 low at 1683.5 is a pivot point.
May Copper: 332.65 is Fib retracement support; then the 3/15 low at 329.00
May Sugar: It’s still coiling up for a directional move, there’s nothing to do until that comes.
May Cotton: Friday’s doji and range contraction give a breakout setup today. Watch the overnight high at 82.45 on the upside; Friday’s low at 81.62 down.
May Crude Oil: Yet another ‘cover b.o. sales’ day; but there’s no sign of a Buy day move. The 3/15 low at 79.41 is support.
May Soybeans: An NR4 and a doji on Friday could give us a breakout move today. Friday’s high at 964-0 is the upside breakout point; watch 957-0 down.
May Bean Oil: It had a doji on Friday and closed in the middle of the recent range- ready for a directional move? Watch Friday’s high at 39.54 up; 39.05 down.
May Corn: Breakout setup (ID/NR4). Breakout points are the Fib retracement level at 376-6 up; Friday’s low at 371-4 down.
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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