The ECB cut rates by 25 BP, less than expected.This is pressuring the Dollar while aiding commodities and stocks. The good news yesterday (pending home sales, ISM) are keeping hopes alive about an incipient economic recovery. Jobless claims rose last week, but tomorrow’s payroll number for March dwarfs that.After the bombshell from ADP on Tuesday, traders are probably braced for the worst.The ADP has been a pretty good predictor of NFP this year. Factory orders are out at 9 AM, and tomorrow also sees the ISM services number.
June S&P:Follow through buying today (it’s a momentum sell day); last week’s high at 830.50 is resistance. It looks like tomorrow will be a momentum sell short day for stocks.
June NASDAQ:See the S&P comments. Last weeks’ high was 1231.75.
June Dow:Last week’s high was 7880.
June Treasury Bonds: Momentum sell short day, first objective is 12913.
June Euro Currency:Good rally on a breakout day; 13499 is next resistance.
June British Pound: Strong today; tomorrow should be a momentum sell short day. 14782 was the recent high, resistance.
June Canadian Dollar:8040 is next resistance.
June Gold:Breaking down, 910.40 was the recent low, support.
May Silver:1288 is key support today; momentum is bearish.
May Copper:Breakout day; testing resistance at 188.
May Cocoa:The channel breakout projects to 2692m, 2626 should be support now.
May Sugar:1310 is Fibonacci retracement resistance.
May Coffee:Breakout day; upside breakout over 116 projects to 119.
May Cotton:Breakout setup; watch Fibonacci retracement resistance at 4674.
May Crude Oil:Held trendline support; a close over $50 would be bullish.
June Live Cattle:Breakout day; bullish over 8190.
May Soybeans:Strong rally overnight from a breakout setup. The recent high was 981-2.
May Wheat: Resistance is at Tuesday’s high of 534.
May Corn:Bullish; watch Tuesday’s high at 406.
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.gif "Swing Traders Insight Morning Watch List for April 2")
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