Stocks are slightly lower on consolidation from the recent runup.The ISM services report is out at 9 AM, and Bernanke is testifying to Congress this morning.Thursday is shaping up to be a big day; US bank stress test results will be released, and the ECB and BOE meet.
June S&P:Momentum sell short day could equal a correction.Support is 891 then 889; resistance is at yesterday’s high around 905.
June Treasury Bonds:Breakout setup; resistance is at 123-00 to 123-04.
June Japanese Yen:Breakout setup; 10160 then 10185 are resistance; support is 10095.
June British Pound:Upside breakout over 10567 resistance; bullish MACD crossover.
June Canadian Dollar:Tested and held support at 8508.It’s tough to find resistance or targets; there’s a weekly high from November at 8724.
June Gold:Strong followthrough from yesterday’s rally; there’s Fib resistance ay 917.50 then at the 4/27 high of 919.70.Support is 905 then 902.50.
July Silver:Upside breakout over 1325, testing Fib resistance at 1354.5.
July Copper:Is this a lower high forming?Breaking 211 is bearish; next support is 20950 and 207.
July Sugar:Breakout setup; downside breakout point is yesterday’s low of 1475, upside is at Friday’s high of 1513.
July Cocoa:Good rally from a breakout setup; 2388 and 2409 are resistance.A close over 2388 helps the bulls.
July Coffee:Breakout day; testing resistance at the April high of 12235.
June Crude Oil:There’s trendline resistance at 5498, clearing that could lead to a test of April highs.
June Cattle:Two narrow range days; is it ready to move today?Downside breakout point is 8170; upside is at 8260.
July Wheat:Breakout day; resistance is around 563, support is around yesterday’s low of 546-4.
July Corn:417-4 held as resistance yesterday; it’s still the key for the bulls.Momentum is bullish today.

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 5

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