The Dollar is getting crushed this morning on a return to risk tolerance and end of the month squaring.The return to pro-risk investing is tied to ideas that there will be a worldwide economic recovery in the second half of the year.These ideas are driving commodity interest as well.US Q1 GDP was revised to a decline of 5.37%; this was worse than expected, but hey, we’re looking ahead, not in the rearview mirror.The Chicago NAPM report is out at 8:45, consumer confidence is out at 9 AM.
June S&P:A bit higher in early trade; resistance is at Wednesday’s high of 914.
June NASDAQ:Overnight they tested resistance at the Wednesday’s high of 1428.75, next resistance is 1437.75.
June Dow:There’s trendline resistance at 8468. Still looks good.
June Bonds:Treasuries roll over to Sept. for Sunday night.Holding over Fibonacci resistance at 11719.5 is bullish; 11802 is next resistance.
June Dollar Index:Downside breakout under the recent 77.905 low; the mid-December low of 78.775 is the next downside target.
June Japanese Yen:Momentum buy day after yesterday’s breakout sale.There’s trendline resistance at 1.0464.
June Euro Currency:Upside breakout over the last swing high of 1.4048.If you view the recent pattern as a bull flag; there’s lots of upside left.
June British Pound:Yesterday’s doji means a breakout day today; cleared Wednesday’s high of 1.6084.There’s trendline resistance at 1.6177.
June Canadian Dollar:Upside breakout over the recent 9012 high.There’s a gap on the weakly chart with a bottom at 9145 that will serve as resistance.
June Gold:Rolls over to August.Broke over the March high at 970; I have 977 as next resistance.
July Silver:There’s Fibonacci resistance on the weekly chart at 1566.5.
July Copper:Trading at trendline resistance at 219.50, the May high at 221.70 is the next objective.
July Sugar:Recovering from a spike down earlier in the session; regaining 1550 puts things on a more bullish footing.
July Coffee:Clearing Wednesday’s high at 137.80 is key for the bulls.
July Cotton:Held Fibonacci retracement support at 54.24; sharp recovery rally after a breakout sale.There’s trendline resistance around 5700.
July Natural Gas:4.095 is a 50% retracement of the May selloff; this is a real test for a trend change.
August Live Cattle:The May low at 81.60 is support; momentum is at buy day levels.
July Lean Hogs: Breakout day; downside breakout under a double bottom at 66.45.
July Soybeans:Doji yesterday; will today repeat the recent pattern of strong open and weak close?
July Soymeal:2 narrow range days; breakout points are 382 and 392.
July Corn:Approaching the top of the channel at 434-6.
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