The UK had a failed auction today-they tried to auction £1.75 bln. Sterling of 40 year bonds and only got £1.63 bln. in bids. This is pressuring debt markets and the Pound this morning. The other overnight news was mostly of the “businesses saying demand and outlooks are poor” variety. We will continue to hear this even if stocks continue to advance-the stock market generally leads the economy higher. Total said they’re cutting production at a US refinery due to weak demand. Durable goods are out at 7:30, New home sales at 9 AM, crude inventories at 9:35 AM.
June S&P:Yesterday’s range contraction could lead to a directional move today. Support at 801 held overnight, 820 is resistance
June NASDAQ:1225 is support; also has a potential breakout setup.
June 10 Year T Note:doji yesterday=breakout move today. MACD appears ready for a bearish crossover; 12314 is Fibonacci retracement support.
June Japanese Yen:10168 is trendline support; momentum buy day.
June Euro Currency:Momentum is bullish; 13415 is support.
June British Pound:Yesterday’s rally came on lower momentum; bearish under 14640.
June Canadian Dollar:Doji yesterday=breakout setup today. 8087 is next support, 8200 is resistance.
April Gold:915 is support; momentum is bullish.
May Silver:1312 is support; momentum is bullish.
May Cocoa: Breakout setup, watch 2555 on the downside.
May Sugar:Bearish MACD crossover coming?
May Coffee: Breakout setup; watch 115 support.
May Crude Oil:Because of the inventory report, look for a directional move today. 5230 is first support.
May Wheat: Watch support at 530.
May Corn: Breaking out down from channel low at 392; 381 is the first objective.
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