The Dollar is the focus for many futures markets today.Yesterday’s warning from Moody’s about a potential downgrade of UK sovereign debt has traders contemplating the same thing happening to the US.For the US, they upheld the US’ AAA rating, but a downgrade could come if the debt trend continues and appears to be irreversible.They said the trend is more important than the level. In addition, Boston Fed President Rosengren said the US recovery may be slow; this weighed on the dollar. The Dollar is a positive factor for many commodity markets.There are no economic reports due today; there’s a cattle on feed out after the close.For the time being, don’t underestimate the effecton commodity prices of the break in the Dollar.
June S&P:Higher on good earnings from Sears; it’s a momentum buy day.Resistance is around 900.Expect the trade to thin out in the afternoon.
June NASDAQ:Momentum buy day; 1380 then 1387.50 are resistance.There’s trendline support at 1364.50.
June Dow:Momentum buy day, 8376 then 8400 are resistance.
June Treasury Bonds:Momentum buy day.Is there a 123 bottom forming?12108 then 12121 are resistance.
June Japanese Yen:There’s major Fibonacci retracement resistance at 10689, then at March’s high of 10703.
June Euro Currency:Yesterday’s pause under the old monthly high of 13737 fueled today’s rally.14157 is a retracement objective on the weekly chart.
June Canadian Dollar:Yesterday’s narrow range/doji breakout setup and the Loonie’s correlation with commodity prices resulted in today’s big rally.8948 is a price objective.
June Gold:954.50 was retracement resistance; the March high at 970 is the next objective.
July Silver:Clearing the Feb. high at 1463; still looks bullish.
July Copper:Momentum buy day; Wednesday’s high of 21400 is the first objective for a rally.
July Cocoa:Cleared retracement resistance at 2391; there’s trendline resistance at 2419.
July Sugar:Bullish day; there’s trendline resistance at 1584.
July Coffee:137.03 is a 50% retracement of last year’s march to Dec selloff.
July Cotton:Breakout day, has cleared minor trendline resistance at 5703, 5760 is next upside resistance and breakout point.Watch 5615 on the downside.
July Crude Oil:Breakout setup and positive momentum; breakout point is Wednesday’s high of 6226.
Natural Gas:I don’t really have much to say; I just wanted to point out that it’s the only commodity that’s lower on the day.There was a bearish MACD crossover yesterday, and NG is basically a domestically produced and consumed market, so there’s not much forex effect for this market.
August Live Cattle:Working on clearing trendline resistance at 8377.
July Soybeans:Momentum sell day, can rally.Wednesday’s high at 1189-4 is key resistance.
July Bean Oil:Rallying to reverse yesterday’s breakout selloff.Momentum is bullish; there’s retracement resistance at 38.47.
July Wheat:Momentum buy day. Yesterday it held support at 584, today we’ll see if it can clear resistance at Wednesday’s high of 604-6 and close over 600.
July Corn: Momentum buy day; there’s resistance at the double top area around 434.
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