Overnight financial developments include: 1. New banking concerns, with HSBC and Lloyds Bank in Britain spotlighted. This has hurt equities and the Pound. 2. The Obama administration’s muddled message and lack of leadership on the economy.3. The Merck/Schering Plough merger is mitigating things a bit, but that’s really ancillary. No economic releases are due today.
March S&P:Doji Friday means a directional move today?
March NASDAQ:Last Wednesday’s 1062 low is support.
June Treasury Bonds:Doji Friday, momentum is bullish today.
June EuroFX:12570 and 12540 are support.
June British Pound:Getting hammered over concerns about the UK banking system.Downside breakout under 13957 support, the January low at 13618 is the next target.
June Canadian Dollar:Broke support at 7715, momentum is still bearish.
April Gold:Breakout day, not much movement yet. Watch Friday’s high of 945.50 and 929 for breakout points.
May Silver:Narrow range day Friday, breakout today. Watch Fib resistance at 1352 and 1310.
May Copper:Narrow range day Friday, breakout today. Watch 16350 on the downside.
May Sugar:Downside breakout under recent 1258 low, 1238 is the next objective,
May Coffee:10550 is the recent low.
May Cotton:Watch support at 4110.
April Crude Oil:4699 is a 50% retracement of the 2009 selloff.
May Soybeans:Breakout day, 879 resistance, 868 is support.
May Wheat:“Oops” sale overnight, 529 and 524 are support.
May Soymeal:Breakout day, 26450 and 26340 are support.
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