Stocks are a bit higher.The big news given is a rise in the Chinese Purchasing Managers Index; this helps feed the economic recovery thesis.Expect more talk and speculation (no pun intended!) about the bank stress tests this week.Pending home sales and construction pending are out at 9 AM; neither is top tier info.Along with stress test results there’s a lot of economic news out this week.The Dollar is higher; dollar weakness had been a big driver for commodity rallies last week.

June S&P:Momentum is bullish; watch resistance at 887.
June NASDAQ:Breakout setup today; resistance is 1414 then 1417.50.
June Treasury Bonds:Momentum buy day; 12304 is first resistance.
June Japanese Yen:Bearish MACD crossover coming?10050 is important support.
June Euro Currency:Breakout setup; 13200 is support, 13350 is resistance.
June British Pound:Breakout setup; watch trendline support at 14835.
June Canadian Dollar:The 2009 high of 8508 is resistance, 8368 is support.
June Gold:Breakout setup; 895.50 then 899 are resistance.
July Silver:1264 is resistance; 1250 is support.
July Cocoa:Broken support at 2350 is now resistance.
July Coffee:Momentum sell short day; 11950 is first support.
July Corn:It’s not showing the same strength as the beans, but still bullish.Clearing the April high at 417-4 would be bullish.

This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here. Swing Traders Insight Futures Watch List for May 4

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