Overnight there were comments from PBOC members about the Yuan; both essentially said that China would look to adjust the Yuan as appropriate, possibly by allow it to float, rather than a drastic change to the peg. On the one hand, they are concerned that an abrupt adjustment would wreck their imports and make them appear to be caving to the US. On the other hand, there is a group in congress that is clamoring for China to devalue. ECB President Trichet changed his tune and is now backing an IMF role in the Greek bailout, after yesterday saying IMF involvement would be “very very bad”. In today’s news, Q4 GDP was cut by 0.3%; at 8:55 we get consumer sentiment, which is expected to have risen 0.5 to 73.0. There’s a USDA report on hogs and pigs at 2 PM.
June SP: It’s acting like it’s a Buy day today. The first resistance is 1167.50, then 1170.50.
June NASDAQ: AS SPs, it looks like a Buy day. Resistance is at 1958.50 then 1962.50.
June T Bonds: Where’s the Buy day? It’s bearish under 115-13 today.
June Yen: Bearish under 1.8060.
June Euro: Buy day; it’s currently testing trend line resistance at 1.3383. Regaining 1.3433 would help the bulls.
June British Pound: Buy day; clearing old low resistance at 1.4872 would help the bulls.
June Canadian Dollar: Yesterday’s inside day and range contraction give today the potential for a breakout move. On the downside watch Wednesday’s low at 9724, trend line resistance at 9807 up.
June Australian Dollar: Breakout setup (ID, doji, range contraction). It’s bearish under 8988; use the overnight low at 8965 as the downside breakout point.
April Gold: Breakout setup (ID/NR7). Fib resistance at 1096.70 was the first upside breakout point; I’d also watch 1100 for a breakout point up.
May Silver: Another breakout setup (ID/NR4). 16.85 was the first upside breakout point; watch 16.95 next on the upside.
May Copper: Good Sell day rally; it broke trend line resistance at 340.65. The 3/17 high at 343.60 is next resistance.
May Sugar: By the TTT count today should be a Sell Short day but thus far it has held Fib support at 17.04.
May Coffee: Today is an ‘exit breakout buys’ day; will it work into a Sell Short day? The 137.35 area is resistance-high from 2/18.
May Crude Oil: Breakout setup (ID/NR4). Upside breakout points are 81.04 (Fib retracement) and 81.21 (trend line).
June Hogs: Breaking out under the 3/11 low at 79.70. There’s Fib retracement support / downside objective at 78.87.
May Soybeans: Buy day, needs to regain the 950 area to extend the rally.
May Bean Oil: Buy day; was yesterday’s break under the 3/15 low at 38.75 a fake out? 39.30 is the first rally objective.
May Wheat: Today is a ‘cover breakout sales’ day, can it turn into a Buy day? Regaining the old contract low at 472-0 is the key to a further advance.
May Corn: Buy day; regaining the old low at 359-0 is the key to a further advance.
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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