Stocks are a little lower in slow trade.The North Korean nuke and missile tests are being given as a reason for the pressure; I think the markets may be to the point where they need good economic news to advance farther.The Korean issue did give the Dollar a bid.The Dollar’s strength is pressuring commodity prices.Crude oil is waiting for an OPEC meeting later this week.Grains are lower on ideas that big planting progress was made late last week.The Case/Shiller home price index is out at 8 AM; consumer confidence is due at 9 AM.
June S&P:Support is at 877.25 then 875.25; the 875 area is an important level.
June NASDAQ:1352 to 1350 is first support, then 1336.50.
June Treasury Bonds:Yesterday’s holiday market gives today a breakout signal.Thursday’s big selloff gives momentum a buy signal’ 11915.5 was first resistance; 11931.5 is next.
June Japanese Yen:Momentum buy day; 2 doji bars in a row.Held support around 105 overnight; 10581 is first resistance.
June Euro Currency:Momentum sell short day; 13775 is first support.
June Canadian Dollar:Breakout day; 8940 has bee a tough resistance area.8815 is support.
June gold:Breakout setup; 950 was first support.937.50 is next.
July Silver:Breakout setup; 1437 is first support.
July Copper:Breakout setup; 205.35 is important support.
July Sugar:Triangle forming; the top line is at 1581 today.
July Cotton:Triangle forming; the lower line is at 5634 today.
July Crude Oil:Breakout day; continues to struggle at $62.59.50 is important support.
July Soybeans:Held 1150 support overnight; 1165 then 1170 are resistance.
July Soymeal:Broken trendline support at 375.20 is now resistance.
July Wheat:Momentum is bearish; watch support from 602 to 598.
July Corn:Topping?Watch support at 420.
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.gif "Swing Traders Insight Futures Watch List for May 26")
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