Stocks are higher and the Dollar is lower as traders climb back off the ledge. There wasn’t any real news to cause this-the Chicago PMI and consumer confidence both were slightly lower. However, there also hasn’t been any catastrophic news today-no GM bankruptcy talk today. The Dollar’s selloff has aided a broad swath of commodity prices.
June S&P: 800 is psychological resistance, and 803 is a 50% retracement of the past three days’ selloff,
June Japanese Yen: Broker trendline support at 10137; the low for the move is 10054.
June Canadian Dollar: The rally failed, MACD looks ready for a bearish crossover, Watch yesterday’s low of 7912.
May Coffee: Good buy day rally, 116.03 is 50% retracement resistance
May Cotton: Upside breakout over 4500; 4674 is Fibonacci retracement resistance
May Crude Oil: See my blog post here.
May Soybeans: Extending the opening gains; trading over 940 resistance. There’s trendline resistance at 950-4.
