Stocks are higher over optimism about the forthcoming plan from the US Treasury Department to deal with “toxic assets”. We’ve waited a long time for this, let’s hope it’s good. Existing home sales are out at 9 AM.Given the recent rhythm of the markets, I expected Friday to be a consolidation day, so we should be expecting trending moves today. I think there’s a growing sense that the bottom is in and a rally is starting, so I think stocks may start to get more of a “buy the breaks” mentality.Geithner does have the potential to screw this up if the bank plan is received poorly. Hopefully he learned his lesson from Feb. 10th.
June S&P:Momentum buy day; 791 and 794 are resistance. 785.50 was Friday’s high, pivot point for breakouts today.
June NASDAQ:Momentum buy day, 1224.75 was the recent high/resistance.
June Treasury Bonds:Another non-committal day. It would be bullish for Treasuries if the Treasury department could pull off the toxic asset purchase with existing TARP and FDIC funds.
June Japanese Yen:Momentum is down to a buy level, but that may not come until tomorrow.
June British Pound:Bull market, momentum is bullish. There’s double top resistance around 14640.
June Canadian Dollar:8087 was Fibonacci retracement resistance, it’s now support.
April Gold:Bearish under 950; 945.20 is Fibonacci retracement support.
May Silver: Momentum sell short day; 1360 is support.
May Sugar:Breakout day; 1364 is resistance, 1393 are objectives.
May Crude Oil:Bullish; there’s trendline support at 5220, resistance is 5300.
May Soybeans:Bullish over 950.
May Wheat:560 is resistance, clearing that could take it to Fibonacci resistance at 578.
May Corn:403-2 is Fibonacci retracement resistance.
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