Stocks are roughly unchanged, digesting yesterday’s big rally.Existing home sales are out at 9 AM Central; the trade is expecting a rate of 4.65 mln.GM has until next Monday to come up with a restructuring plan; this will give more insight into the Obama Administration’s stance toward business.Crude oil is higher; the Saudi Oil minister said demand is starting to recover.OPEC is meeting this week; the Saudis say no output cut is needed.I think the Iranian nuclear situation is adding some background support to crude prices.Grains are higher as it continues to rain in the Midwest.I need to get my grass cut!
June S&P:There’s often a selloff in the session after a breakout buy.There’s an intraday double bottom around 905 that will be first support, 900 is next.Resistance is the overnight high of 914, then trendline resistance at 921.
June NASDAQ:Post breakout day selloff here as well?There’s trendline resistance at 1416.50.
June Treasury Bonds:They still look terrible.Support is at yesterday’s low of 118-00. Clearing 118-24 would take some of the heat off,
June Japanese Yen:Breakout day; support is 10500 then 10472.
June British Pound:Doji yesterday could equal a directional move today.Clearing Fibonacci retracement resistance at 1.6016.
June Gold:Sound and fury, signifying nothing yesterday.I’m still bullish, 950 then 944 are support.
July Copper:Momentum sell short day; 208.50 is the next downside target.214 is now resistance.
July Cocoa:Breakout setup; cleared first breakout area at 2435.2476 is the next profit target.
July Sugar:Bullish; has to clear a recent double top around 1600.
July Cotton:Collapsed yesterday; staying under 5550 keeps the pressure on.
July Crude Oil:Tested and rallied from old high support at 6226.The crude inventory report is out tomorrow morning; will today be a consolidation day?
July Natural Gas:Doji yesterday will probably mean a selloff today.The late April low of 3.395 is the next downside target.
August Live Cattle:Upside breakout of a pennant yesterday; the May high at 8440 is the next upside target.
July Wheat:Doji yesterday; watch yesterday’s high at 620.
July Corn:Channel formed; 434 is the top, there’s support at 424.50.
July Bean Oil:Breaking a down trendline; 3807 is resistance.
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