Euro zone GDP fell by 2.5% in the first quarter; this is putting some pressure on stocks, and pushing down the Euro.CPI is out at 7:30; the core rate is forecast to be up 0.1%.Industrial production is out at 8:15 and consumer sentiment is out at 9 AM.
June S&P:A small range yesterday could lead to a directional move today.The 20 day MA has supported the market a number of times the past two months; it’s at 879.30 today.
June Dow:Breakout setup; watch support at 8230.
June Treasury Bonds:Watch trendline support at 123-01.
June Japanese Yen:There’s Fibonacci retracement resistance at 10534.Breakout setup today; there’s been a big outside day up thus far.
June Euro Currency:Trading on support at 13515.
June British Pound:Watch trendline support at 15082.
June Canadian Dollar:Breakout day; 8480 is the downside breakout point.
June Gold:Breakout day; it broke trendline support at 926, 920 is next. Watch 930 on the upside.
July Silver:Couldn’t clear Fibonacci resistance at 1412, support is 1386.5 then 1370.
July Cocoa:Failed rally this morning; watch support at 2300.
July Sugar:Looks bearish; watch trendline support at 1537.
July Coffee:Watch support at 126.70
July Cotton:Breakout day; watch support at 5800.
July Crude Oil:Watch support at yesterday’s low/old high area of 57.50.
July Natural Gas:Momentum is bullish but it’s a breakout day.There’s Fibonacci resistance at 4.470.Support is 4.285 then 4.250.
June Live Cattle:Breakout setup; resistance is 8307, support is 8270.
July Soybeans:Momentum is on a short sell day signal; watch the overnight low of 1144-2.
July Wheat:Momentum is dead neutral; lots of closes around 590.
July Bean Oil:Looks like there’s a bearish MACD crossover coming.Support is 3850.
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.
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