S&P lowered its outlook for UK government debt, one step from a downgrade. Yesterday’s FOMC meeting minutes were downbeat on the economy, and their discussion of possible widening of quantitative easing weighed on the Dollar.The UK news gave the Dollar a bid, but we’ll see if it holds.Concern about the economy is weighing on commodity prices. and improving weather forecasts pressured corn and soybeans. There wasn’t much reaction to jobless claims, and then LEI and the Philly Fed are out at 9 AM. The WSJ is
June S&P:Breaking under Fibonacci retracement support at 899.38; 893.68 is next support. Momentum is down to buy day levels, but the buying may come tomorrow before the long weekend.
June NASDAQ:Doji yesterday, bearish looking bar.Watch Fibonacci support at 1379.75.
June Dow:There’s support around 8327, trendline support at 8233.
June Treasury Bonds:Momentum is up to sell short day levels, but the action is positive so far.12307 is resistance.
June Dollar Index:Momentum buy day; resistance is broken support at 8198 then 8210.
June Japanese Yen:10534 is major Fib retracement resistance and has been capping the Yen.Clearing that would be a bullish signal. It’s on a momentum sell short signal today, 10507 then 10476 are support.
June Euro Currency:Momentum sell short day today; watch yesterday’s high of 13826.
June British Pound:Momentum sell short day; 15624 then 15572 are support.
June Canadian Dollar:Momentum sell short day; watch the breakout level at 8717.
June Gold: Momentum sell short day; watch the breakout level around $935.
July Silver:Narrow range breakout day; downside breakout points at 1410 then 1405.
July Copper:Broke Fibonacci support at 205.35, 200.30 is next.
July Cocoa:Momentum sell short day; 2319 is support. I’m watching to sell this.
July Sugar:NR4 Breakout setup; 1529 then 1517 are support, 1552 then 1569 are the upside breakout points.
July Coffee:Momentum sell short day; support is at the breakout point of 13075.
July Cotton:Breakout setup; support is 5600 then 5550.
July Crude Oil:Momentum sell short day; 6015 is first support.
July Natural Gas:Doji yesterday, bearish MACD crossover coming?The EIA gas storage report is out at 9:35.Watch yesterday’s low of 3.937.
July Soybeans:Momentum is down to buy day levels, but the buy may come tomorrow.1150 is support today.
July Soymeal:Momentum sell short day; 366 is support.
July Bean Oil:Breakout setup; support is 3785 then 3766.
July Wheat: Momentum sell short day; having problems clearing the 600 level.584 is support.
July Corn:Topping out?It made a double top around 434, momentum sell short day today.420-4 is support.
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