Lots of reports today. The Case/Shiller home price index is out at 8 AM, the Chicago PMI is out at 8:45, and Consumer Confidence is at 9 AM. The USDA reports were deemed neutral for corn and wheat, bullish for soybeans. Cotton acreage was bearish, but it’s higher in spite of that.

June S&P:Momentum buy day, resistance is 796.50.
June NASDAQ:Momentum buy day; 1233 and 1242.50 are resistance.
Treasury Futures:The long end of the curve is coiling; the short end has been rallying. I’m waiting for things to clear up on the long end before doing anything.
June Japanese Yen:There’s trendline support at 10137.
June Euro Currency:Momentum buy day, 13351 is resistance.
June British Pound:Momentum buy day; 14250 is support, 14368 is resistance.
June Canadian Dollar:Held Fibonacci retracement support at 7938; 8000 is resistance, 8023 is the next objective,
June Gold:Momentum buy day; resistance is 927.50 then 932.50.
May Cocoa:Looks bullish; there’s double top resistance at 2626.
May Sugar:Momentum buy day, 1274 is resistance.
May Cotton:cleared resistance at 4500, next is Fibonacci resistance at 4539.It rallied in spite of bearish news; sign of strength.
May Crude Oil:Momentum buy day, but it has to regain $50 for the bulls’ case.
June Live Cattle:Slightly higher, but staying under broken support at 8045 keeps the bears in control.
Grains:See the comments above about the USDA report.Soybeans had a momentum buy day, but the early call is 20 cents higher, so be careful. I want to see how they open before committing to anything.

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

www.FeedBurner.com) Swing Traders Insight Morning Watch List for March 31

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