Yesterday’s lackluster session in the US carried through to muted trading in Asia overnight. Chinese stocks saw small gains on some decent earnings reports, but Chinese traders are waiting for a number of economic releases due Thursday. European stocks were lower on concerns over the banking system. Fitch made some supportive comments about Greece, but issued a ratings warning for Portugal. S&P is keeping a negative outlook for the US banking industry. Small business confidence fell last month, but chain store sales rose last week. Manpower released the results of an employment survey that was upbeat on new high for Q2; this would be especially good news for the economy. There are no economic releases today. Tomorrow morning we get a report from the USDA on grain stocks and a new estimate of the 2009 corn and bean crops. Traders will probably focus on this tomorrow morning then look ahead to the 2010 acreage intentions report due at the end of the month. It’s the one year anniversary of the low in the stock market, and there are lots of breakout setups today. Will that overcome the lack of market moving news?
March SP: Breakout setup (NR7, doji) but it hasn’t really made a move yet. It is trading under the first downside breakout point at 1135.00.
March NASDAQ: Another breakout setup after yesterday’s NR7. Will it fail this close to the last high at 1900?
June T Bonds: Breakout setup (NR7) and a Buy day. Yesterday it held Fib retracement support at 116-09. Rally objectives are 116-30 and 117-05.
June Yen: Another breakout day rally (NR7 and doji). 1.1154 and 1.1191 are rally objectives.
June Euro: Good breakout day selloff; a break under Friday’s low of 1.3529 could lead to a retest of last week’s low.
June British Pound: It’s bearish under 1.5000; I think we could see a retest of last week’s low at 1.4778.
June Canadian Collar: Breakout setup (NR7 and doji). It’s under breakout points at yesterday’s low and trend line support of 9709. Fib support at 9698 is a short term pivot point.
June Australian Dollar: Breakout setup (NR7 and doji). Watch trend line support at 8955.
April Gold: Downside follow through from yesterday’s breakout sale; it broke Fib retracement support at 1117.20 and trend line support at 1115.60.
May Silver: Following through on yesterday’s Sell Short day break. Watch support at 16.90.
May Cocoa: Breakout setup; it’s currently testing the recent low at 2780.
May Sugar: Follow through from yesterday’s breakout sale; it’s currently testing a series of lows around 2070 from late ’09. 20.45 is important Fib retracement support.
May Cotton: It’s continuing to hover over Fib support around 81.55; breaking that could take it down to the 78.50 area.
April Crude Oil: Yesterday’s doji is yielding a directional move down today, and it’s a Sell Short day. The first downside target is 79.73.
April Live Cattle: Today is an ‘exit breakout buys’ day; yesterday’s high of 94.42 is the reference price for a Sell Short day.
April Lean Hog: Good Buy day rally; 73.37 is the first rally objective.
May Soybeans: An ’exit breakout buys’ day that’s showing Sell Short day action. Watch trend line support at 939-4.
May Soymeal: A good looking bearish chart after it couldn’t regain old low resistance at 259.90. It broke Fib support at 258.10; the recent low at 255.30 is the next downside objective.
May Wheat: Breakout setup (ID/NR7 and doji); it broke under double bottom support at 492-0 overnight. 486-4 is the first downside target.
This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
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