Markets are lower over concerns about European banking. Europe’s banks have huge exposure to Eastern Europe, among other things, and some of the former Soviet Bloc countries are basket cases. German economic sentiment showed a huge jump for January. What do they see that I don’t?
March SP: 805.50 was support, 797.50 was the low for 2009.
March NASDAQ: Broke 1205.50 support, 1190.50 is next.
March Treasury Bonds: Huge flight to quality rally on a breakout day, 12830 is next resistance.
March Dollar Index: Breakout over the last high at 8740.5.
March Yen: 10829 was the last swing low.
March British Pound: Still in breakout mode, held last Thursday’s low at 14132.
March Canadian Dollar: Downside breakout under 7960, the 2009 low at 7830 is the next target.
April Gold: Big breakout rally over the 954 high, $1000 is the next target.
March Silver: 1413 is Fibonacci retracement resistance.
March Copper: Testing trendline support at 144.50, with a new bearish MACD crossover, look for lower prices.
May Cocoa: Last Thursday’s low of 2599 is key support. Watch the Pound.
May Sugar: 1318 is Fib retracement support, bearish MACD crossover.
May Coffee: 11280 is Fib support.
April Crude Oil: 3982 was the last low.
May Soybeans: 934-4 was the last swing low.
May Corn: 369-6 is support.
May Soymeal: Downside breakout under 294.
May KC Wheat: 580 was the last swing low.
