Stocks are lower; they extended early losses after a bearish retail sales report.At some point the rally will need better economic numbers to be validated. Crude inventories are out at 9:30; they’re supposed to show a build last week.Crude might be expensive near $60 in the current supply/demand situation.The Dollar is higher; Euro zone industrial production remains weak, and the BOE released a downbeat economic forecast.Rain and rainy forecasts continue to drive corn and soybean prices higher as planting delays continue.
June S&P:Doji yesterday and a pending bearish MACD crossover fuel today’s selloff.Broke first support at 894, 890 then 887 are next.
June NASDAQ:Momentum is on a buy day signal but the chart looks bearish.Watch support at yesterday’s low of 1360.75.
June Treasury Bonds:Yesterday was an NR4; it broke trendline resistance at 121-09.5.The May high at 123-03.5 is the next target.
June Japanese Yen:Recovered from losses after the retail sales report; it’s also gaining in the Euro/Yen cross.The April 28 high at 10464 is resistance.
June Euro Currency:Support is 13580 then 13555; look to buy a break.
June British Pound:Momentum is down to buy day levels but the buy day may come tomorrow. 151 then 15072 are support.
June Canadian Dollar:Momentum is bullish; the market is non-committal so far.8634 is resistance, 8566 is support.
June Gold:Tested Fibonacci resistance at 930 overnight; it’s now nearing trendline support at 917.50.
July Silver:Momentum sell short day; support is 1390.
July Copper:Copper’s decline is a bearish economic indicator, although the rally was attributed to Chinese stockpiling, not industrial demand.It’s breakout day; it broke under Fibonacci support at 205.85; next support is 202.15.
July Sugar:Momentum is down to buy day levels; it looks like the cycle day may be tomorrow.First support is 1543.
July Cocoa:The May low at 2300 is the next support; look to be a buyer around 2320.
July Coffee:Another momentum buy day setup; downside price action may push that to tomorrow.
June Crude Oil:Another test of the Jan. 6 high of 5966; it’s now a waiting game for the 9:30 inventory report.Lately they’ve been breaking then rallying after the report; will today continue that tendency?
July Soybeans:Cleared last week’s high of 131; staying over there keeps the bulls in the driver’s seat.
July Soymeal:Pushing over last week’s high of 350.90; a close over that is bullish.
July Wheat:Momentum is bullish; holding over key 590 support.
July Corn:On the fundamental side, the planting delays for corn are getting worrisome. The Jan 6 high of 449-2 is the next objective.
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