There was a huge downward revision to Q4 GDP, which added to already bearish sentiment.The Citi news and concerns about treatment of health care in Obama’s budget proposal are culprits.It’s the last trading day of the month, and it doesn’t look pretty. The Chicago NAPM and consumer confidence are still due.

March S&P:Took out the recent 939.75 low and the Nov. low of 737.25.Momentum is still bearish; regaining 740 might take off some of the pressure.
March Dow Jones:Watch the recent low at 7086-a recovery could bring in some short covering.
June Treasury Bonds:Momentum buy day, yesterday’s high of 125-15.5 and 126-00 are resistance.
March Dollar Index: Bad economic news means a stronger Dollar?That’s not what I learned as an econ major!The recent high was 8857.5, next resistance is 8871.
March Japanese Yen:Finally a bounce. Regaining the old 10253 low helped. Look for an opportunity to sell.
March British Pound:14090 was the recent low; I don’t expect it to hold.
March Canadian Dollar:Breaking the last swing low at .7888, the ’09 low at.7830 is next.
April Gold:It might be back from the dead. 961 and 970 are resistance, 950 is support.
May Silver:Regained 13.00 resistance, the 20 day EMA is 1332.5.
May Copper: 150.95 is Fibonacci support.
May Sugar: The breakout point at 1364 should be support.
May Coffee:Testing the recent low at 110.55.
May Crude Oil:I think the next couple of days will be critical for the direction of crude-we’ll see if it can hold on to its gains.Holding yesterday’s low of 42.27 is something to watch.
May Soybeans: Watch the recent low of 854-2.
May Wheat:Watch the recent double bottom around 515.
May Corn:The 50% retracement level of the recent rally is 365-4.
May Bean Oil:Breakout day today, I’ll be watching for a trade.

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