Stocks dropped after the ADP employment report, which showed that the US shed 742K in jobs in March. That’s a big number, but employment is always a last stage factor in recessions. There’s pessimism about the automakers again; Obama is said to favor a quick bankruptcy. The ISM Manufacturing survey and pending home sales are at 9 AM, crude inventories at 9:30.
June S&P: Bearish posture; watch Monday’s low of 775.50.
June Japanese Yen: Tested and held the March low of 10054 for now. Momentum is bullish today, looks bearish longer term.
June British Pound: Breakout setup; 14447 is resistance/breakout point.
June Canadian Dollar: Breakout setup; watch Monday’s low of 7912. Next support is 7870.
June Gold: Good breakout day rally; 940 is the upside objective, 929 is support.
May Silver: 1323 is the first upside objective.
May Sugar: Momentum sell short day; 1300 is resistance.
May Coffee: Momentum sell short day; 116 is resistance.
May Cotton: Momentum sell short day; 4674 is Fibonacci retracement resistance.
May Crude Oil: Trendline support is 4804; MACD is on a bearish crossover. Watch action at 9:30.
June Live Cattle: Momentum sell short day, 8190 is Fibonacci retracement resistance.
May Soybeans: Broke through trendline resistance at 945-2. momentum is on a short sell signal
May Wheat: Sell short day, 517-4 is the downside objective.
May Corn: Can it stay over 400? Momentum is bearish today.
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