Durable goods orders were stronger than expected; we still have existing home sales at 9 AM and crude inventories at 9:30.Stocks are a bit higher as the recent back and forth continues.The Yen is sharply lower with renewed appetite for carry trades noted.Treasuries are higher after the latest pounding yesterday.Fundamentally I think the Treasury selloff is overdone; the economy isn’t strong enough for higher interest rates.Treasuries are protesting all the bailout money Washington is shoveling out; at some point something has to give.
June S&P: Momentum is at buy signal levels; 898.50 is resistance.
June NASDAQ:First resistance is at 1415.
June Treasury Bonds:117-19.5 is first resistance, then 11802.
June Japanese Yen:Big downside breakout, bearish MACD crossover coming.Broke support at the 200 day MA (1.0361) and Fibonacci retracement of 1.0341, 10266 is the next target.
June Euro Currency:Momentum buy day; resistance is 13889 then 13920.
June Gold:Breakout setup, bullish day so far.Clearing 960 is key for the bulls.
July Cocoa:Breakout over 2519 Fibonacci resistance, 2592 is the next objective.
July Sugar:Breakout day; I like selling if it breaks under 1548.
July Coffee:Oops buy today; 136 then 137 are resistance.
July Cotton:Breakout day; bearish under 5550.5450 is support, then 5424.
July Crude Oil:Watch the action at 9:30 when the inventory report is released.
July Natural Gas:Breakout day; I’m looking to sell.355 then 350 are breakout points.
August Live Cattle:Momentum buy day; 8340 then 8372 are upside targets.
July Soybeans:Breakout setup; 1195 is first upside breakout point, then major resistance at 1200.
July Wheat:Momentum sell short day after yesterday’s breakout rally; 612.50 is first support.
July Bean Oil: Narrow range/doji breakout setup today.
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