Stocks are higher on economic optimism.Goldman Sachs and Morgan Stanley want to start to repay their TARP money, and a German survey of investor sentiment rose for the seventh straight month.Housing starts came out worse than expected, denting the optimism from yesterday’s upbeat earnings report from Lowes.Home Depot’s results also did not corroborate the upbeat outlook of Lowes.
June S&P:It’s a momentum sell short day; yesterday’s high at 908.75 is a pivot point today.
June NASDAQ:Momentum sell short day; 1385 then 1375 are support.
June Treasury Bonds:Momentum buy day; 121-03 is first support.
June Japanese Yen:Momentum buy day; 10375 is a pivot point today, 10434 is the first upside objective.
June British Pound:Big upside breakout over 15352; momentum is at short sale levels.
June Gold:Momentum buy day; 925 is resistance.
July Silver:Testing trendline resistance at 1401; momentum is neutral.
July Copper:Cleared Fibonacci resistance at 209.20; 212.15 is next. Tomorrow should be a momentum sell short day.
July sugar:Momentum sell short day; 1541 is the next support/target.
July Coffee:Well it didn’t take off (yet) after taking out the 13075 high. Watch that level today.
July Cotton:Momentum sell short day; 5787 is Fibonacci resistance; 5700 then 5671 are downside targets.
July Crude Oil:Double top made last night.5910 is the next downside target.
June Live Cattle:Breakout day, use yesterday’s range as breakout points for now.
July Soybeans:Upside breakout over last week’s 1156-2 high; momentum is on a sell short day signal.
July wheat:Momentum is on a sell short day signal; watch trendline resistance at 598-2.
July Corn:First resistance is 428.
July Bean Oil:Momentum sell short day; 3875 is resistance.
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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