Stocks are sharply lower overnight. Treasury Sec’y Geithner warned that some US financial institutions will still need significant financial aid. The Obama administration rejected GM and Chrysler’s restructuring plans, and the administration also ousted GM CEO Wagonner.Banking stocks are also lower. Spain had to bail out a bank over the weekend, and although it was really picked up on Friday, JP Morgan Chase CEO Dimon (one of the sharper guys in banking) said that conditions deteriorated in March.There aren’t any reports of note today, there’s a bunch tomorrow.The USDA releases it’s first estimate of acreage of soybeans and corn tomorrow before the morning open, so be aware of that if you trade grains.
June S&P:They had a breakout setup today. 800 was important support, and the longer we stay under there, the worse things look. 796 is support, then 788.
June NASDAQ:Breakout day, watch support at 1225.
June Bonds:Doji Friday=directional move today.12921 is resistance.
June Yen:Bullish day, 10377 and 10414 are resistance.
June British Pound:Momentum is down to a buy level, there’s trendline support at 14151.
May Silver:1289 is Fibonacci support.
May Copper: Multiple tops around 188, bearish MACD crossover coming, is it rolling over?
May Cotton:There’s Fibonacci support at 4329, momentum is bullish.
May Crude Oil:There’s support around 5050, momentum is bullish, but it looks like the buy day will be tomorrow.
May Soybeans:There’s trendline support at 900, remember the report tomorrow.
May Wheat:Support is 500 then the march low of 498-4.
May Corn:Downside breakout under 384-4; 374 is the next downside objective.
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