President Obama meets with bank CEOs this morning to work to keep them in the TARP plan and to solicit their opinions on how to restructure the financial system. Intel announced that they will issue up to $1 Bln. in new stock; KB Homes reported a smaller loss, which adds to the budding optimism on housing. Barclay’s Bank passed the UK’s version of a bank stress test. A big decline in Q$ GDP in the UK is pressuring European currencies, and the Yen is higher on repatriation ahead of the close of the Japanese FY on March 31st. Personal income and consumption came in as expected; January was revised to show spending outpacing income by a wide margin.The U. of Michigan Consumer Sentiment report is out at 9 AM Chicago time. It’s supposed to show a small improvement.
June S&P:Yesterday’s new high came on lower momentum; regaining 821 would aid the bulls.There’s support at 810, then trendline support around 807.80.
June NASDAQ:1261 is support; momentum is bearish.
June Dow Jones:7760 is support, then 7620.
June Treasury Bonds:Momentum sell day, so it can still rally.Resistance is 129.
June Yen:The “pinch’ in MACD is bullish; resistance is 1033, then 10350.
June Euro Currency:Yesterday’s ID/NR setup gave us today’s big down move. Broke support at 13415, has already tested next support at 133.
June British Pound:Momentum is down to buy levels. 14306 is support.
June Canadian Dollar:Breakout day; watch 8090 as a breakout level. 8030 is a downside target.
April Gold: It’s a momentum sell short day today; Wednesday’s low at 916.00 is the key downside level.
May Silver: Sell short day; support is at Wednesday’s low of 1295.5.
May Sugar:The low for March is 1242; momentum is still bearish.
May Coffee:118 has been tough resistance; support is 115.
May Cotton:There’s Fibonacci support at 4370; next is 4330.
June Lean Hogs:Key support is 7145, had a doji yesterday, so there’s the potential for a directional move today.
May Soybeans:Broke support at 940.There’s a downside gap with a top at 928-2; will we test that before Tuesday morning’s report?
May Wheat:Momentum moved higher yesterday; which is bearish. Watch Wednesday’s low at 506-6.
May Corn:Looks bearish; watch 388 then 384-4 on the downside.
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.
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