Swing Trader’s Insight Futures Watch List for May 11

The London Telegraph ran a story that the OECD believes the Chinese economic boom may be starting to unravel.  I’ll look for that story later this AM.  A number of Chinese economic reports show that inflation is still a worry and that they have not yet reined in the property market.  The Greek plan and reopening of the USD swap facility aren’t doing enough to allay investor’s concerns; yesterday saw EU banks borrowing from the ECB at the highest pace in the past two months.  Moody’s Investors Service said Greece might have its credit rating lowered to junk within the next month, citing the country’s “dismal” economic prospects, while EU Economic and Monetary Affairs Commissioner Rehn told the French newspaper Les Echos that Spain and Portugal must take immediate steps to improve their public finances. LIBOR continues to creep higher, reflecting banker’s reluctance to lend.  It appears the financial reform legislation may end up having the Volcker rule and the bank liability tax; both are negative for the financial sector.  This morning’s USDA report was deemed bearish for soybeans and wheat, a touch bullish for corn. There’s a 3 year T Note auction today.

June SP:  It’s an ‘exit b.o. buys’ day, looks like we could get the Sell Short day move that often follows.  The first downside objective is 1134.50.
June NASDAQ:  Same setup as ES.  1891 is the first downside objective.
June T Bonds:  Breakout mode (NR4), Buy day. 121^26 and 122^11 are rally objectives.
June Yen:  Buy day.
June Euro:  It’s a ‘cover b.o. sales’ day, trading under Fib retracement support at 1.2811 keeps the pressure on.  I wouldn’t rile out a retest of last week’s low (maybe not today though).
June British Pound:  Sell short day; 1.4765 is important support.  Held trade under there could lead to a retest of last week’s low.
June Canadian Dollar:  Sell Short day; the 9700 area is first support.
June Australian Dollar:  Sell Short day; a Fib retracement level at 8999 is proving to be tough to overcome.  8555 is the first downside target.
June Gold:  Sell day, so it can rally.  Clearing Friday’s high at 1214.90 helped the bulls.
July Silver:  Breakout setup (ID, NR4).  It took out the first profit target at the 5/3 high of18.89.
July Copper:  Exit breakout buys day; but yesterday was an NR4.  I’m treating it as a Sell Short day; downside targets are 313.65 and 311.85.
July Sugar:  Sell Short day; 13.78 and 13.59 are the downside prices to watch.
July Coffee:  By the TT it’s a Sell Short day. There’s Fib retracement resistance at 135.00, first support is 133.05.
July Cotton:  Breakout setup (ID, NR4). Downside breakout point is 81.05, o the upside watch 81.99 and 82.29.
June Crude Oil:  Breakout mode (ID, NR4).  It’s below the first downside point at 75.80 (yesterday’s low), 75.28 is next (Trade or Fade support).
June Natural Gas:  It’s an exit b,o, buys day, looks like we may get the Sell Short day move. A Fib level at 4.140 is first support, 4.045 is the major downside target.
June Live cattle:  Sell Short day; it’s having trouble over 97.00.  96.12 is first support.
June Lean Hogs:  Sell Short day.  85.25 is first support, 84.65 is the next downside target.
July Soybeans:  By the TT today is a Sell Short day. Friday’s low at 948.4 is the first downside target and important support.
July Bean Oil:  Breakout setup (doji, NR4).  38.40 and 38.06 are the downside prices to watch.
July Wheat:  It’s a TT Buy day, but holding under Fib support at 493-3 can keep the heat on.488-6 is a bigger Fib retracement support level.
July Corn:  By the TT today is a Sell Short day; watch the Fib retracement level at 365-6.

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.