Chinese Premier Wen Jiabao said his country’s targeted 8% GDP growth rate is within reach this year, indicating he doesn’t see the need for additional stimulus.And then depression set in (not economic, psychological).That’s the driver this morning. In addition, Goldman Sachs downgraded their global growth estimate for 2009 as they said the worldwide recession is worsening. Unemployment claims fell-I think we might be nearing the worst for the employment picture.GM and its auditors expressed doubts over the firm’s ability to survive, which in part will depend on car sales rising next year.Factory orders are out at 9 AM, money supply is out after the close (does anyone remember when that was important?). I believe Treasury Sec’y Geithner is also due to testify at a Congressional hearing on the federal budget.Tomorrow morning is the employment picture for January; it’s supposed to show a drop of about 650K in NFP.

Stocks:A momentum sell short day across the board. Tomorrow could end up being a test of yesterday’s low. In the big picture, I think it will take a move over the late Feb. low at 740 basis ESH to get sentiment back to neutral.
March NASDAQ:Support is 1092 and 1085.
June Treasury Bonds:Great momentum buy day rally; they’re testing trend line and swing high resistance around 125-28.
June 10 Year T Notes:Their corresponding trendline resistance is at 121-19.
March EuroFX:Momentum sell short day, broke after the ECB decision.Has broken support at 12555 and 12532, the recent low at 12465 is next.
March Canadian Dollar:The series of lows around 7700 are the area to watch.
April Gold:Momentum buy day, 905.50 is support, 923.50 is resistance
May Silver:1319 and 1326.5 are resistance.
May Copper:It seems the copper bulls are hanging their hopes on the Chinese; will 16650 support hold?
May Cocoa:Momentum sell short day; 2279 is support
May Sugar:Momentum sell short day; 1270 is support
May Coffee:Momentum sell short day; 10760 is support
May Cotton: 4111 is the recent low
April Crude Oil:Momentum sell short day; 4300 is support. I’m looking to buy a break.
May Soybeans:Momentum sell short day; 858-4 is support
May Wheat:Momentum sell short day; 515 is support
May Corn: Momentum sell short day; 362-4 is Fibonacci resistance. 357 and 354-4 are support.

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 Swing Traders Insight Futures Watch List for March 5

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