Jan 23-2014 MAR WHEAT Resist: 571-572, 580, 592 3/4* ST Trend: Down (561 1/4) Supprt: 560, 550? Obj: None TRP: 592.75 Comment: The market is bearish, but trade is against likely support at 560. A close under 560 is needed to continue a washout to an extreme at 525-520. A quick bounce off 560 will reconfirm expected support at 565-560, but a push past 580 is the key to start a near term friendly turn for rallies to 592 3/4* resistance. MAR CORN Resist: 430-431, 436, 449 3/4* ST Trend: Sdwys/Up (426 1/4) Supprt: 421 3/4-, 417 1/2* Obj: 449 3/4 TRP: 417.50 Comment: Recent trade still hints for a bottoming turn and a push over 431 and 436 will boost rallies to test of 449 3/4* resistance. Near term trade may yet extend sideways consolidation action inside the upper half of the previous Fridays upturn, but only a close under 417 1/2* rekindles bear forces. Continue to look for bull flagging action to setup for follow through rallies. MAR SOYBEANS Resist: 1288, 1293, 1296 1/4* ST Trend: Down (1279 1/2) Supprt: 1275 1/2, 1267-1262 1/2 Obj: 1268 TRP: 1308.25 Comment: Tuesdays sharp break signals a bear turnover and targets selloffs to attack the basing levels from 2-3 weeks ago. A slide through 1266 1/2 will propel trade into a breakout test under the 1262 1/2 swing low. We may see minor corrective congestion in the lower half of Tuesdays break, but tight congestion days should bear flag. A close over 1296 1/4* is needed to stop aggressive bear forces. MAR SOYMEAL Resist: 42010, 42370-42450* ST Trend: Down (41940) Supprt: 41330, 410-, 40460 Obj: 41120 TRP: 430.20 Comment: Tuesdays sharp break signals a bear turnover and targets selloffs to 407-. Look for pressing action to extend into the 412-410 levels. We may see minor corrective congestion in the lower half of Tuesdays break, but tight congestion days should bear flag. A close over 42450* is needed to stop aggressive bear forces. MAR BEAN OIL Resist: 3839, 3868, 3910 ST Trend: Down (3784) Supprt: 3774, 3735, 3600- Obj: None TRP: 39.77 Comment: The market is overall bearish and a close through Tuesdays gap higher open will drive renewed selloffs into new lows. However, be prepared for additional corrective days. Sustained action over recent congestion will generate near term corrections with a pop over 3868 and 3910 sparking a retracement to test 3977* for a larger bottoming turnaround. APR CATTLE Resist: 143?, 14550+ ST Trend: Up (142225) Supprt: 141725*, 140+/-, 13950 Obj: 14215 ACHD TRP: 137.80 Comment: The market is bullish, accelerating into a blow off run. A close over 143 will keep the drive stretching for an extreme, alerting for an extension to 14550+/-. Be prepared for minor corrective consolidation of yesterdays sharp advance. Any corrective dips that hold 140- will maintain the drive. A drop through 13950 could start retracements / topping trade. APR HOGS Resist: 9320, 9400+ ST Trend: Sdwys/Up (92925) Supprt: 9230-20, 91975, 9110* Obj: 9390 TRP: 91.10 Comment: The market is triggering an upturn from sideways congestion, suggesting a base off weekly support and projecting a bull climb to 9400. A close over 9425 is bullish. Any corrective dips will likely fight to stabilize just under 9200- and only a close under 9110* signals a reversing turn back to lower prices. MAR B-POUND Resist: 16641, 16777 ST Trend: Up (16570) Supprt: 16498, 16420-08* Obj: 16777 TRP: 164.08 Comment: The market is bullish and triggering a breakout over the late December highs. Sustained action over 166+ should spark fresh buying and close over 16640-50 confirms a run to 16777. We may see minor consolidation inside the upper half of yesterdays rally, but only a close under 16408* marks a reversing turnover. MAR CANADIAN$ Resist: 9044, 9088, 9191* ST Trend: Down (9011) Supprt: 9000-, 8910-8785 Obj: 8785 TRP: 91.91 Comment: The market is bearish with yesterdays acceleration alerting for follow through selloffs. A close under 9000 helps reinforce a weekly alignment for washouts to monthly support at 8785. A push over yesterdays high is near term positive, but rallies should struggle at 9191* resistance, needing a close over 9191* for a bottoming turn. MAR EURO Resist: 13581-13591, 13626*-49 ST Trend: Down (13546) Supprt: 13507-13496, 13440+/- Obj: None TRP: 137.46 Comment: The market is bearish and suggests a larger selloff to 13440. Be ready for additional pressing selloffs if trade penetrates 13496. Any rebounds from current levels will likely find resistance at 13626*. A close over 13626* or punch over last Thursdays high is needed to trigger a recovery phase. MAR J-YEN Resist: 9621, 9652* ST Trend: Sdwys/Down (9581) Supprt: 9544-?, 9510-9490 Obj: None TRP: 96.52 Comment: The slide lower last week is negating the bottoming turn and targets trade to another test of recent basing lows. A close under 9486 could open up a selling wave under 9400-. A close back over 9652* is needed to rekindle bottoming action. MAR SWISS Resist: 11013, 11054* ST Trend: Sdwys/Down (10975) Supprt: 10962-, 10926 Obj: 109? TRP: 110.97 Comment: Overall the market remains in a bear trend with Tuesdays spike lower challenging the last swing low. A breakout under 10960 targets near 109. The rebound from under the last swing low alerts for near term friendly recovery action for a couple days. A close over 11054* is needed to start a sustained recovery phase to attack 11097* for a bull turn. MAR AUSSIE$ Resist: 8833-41, 8880, 8925* ST Trend: Down (8814) Supprt: 8740-, 8700+/-, 8655- Obj: 8655? TRP: 89.25 Comment: The market is bearish, signaling for a drop to 8655 and chances for a spike under 8600-. Any recovery action will likely bear flag in the low 8800s. Only a close over 8925* will trigger a bottoming turn and spark retracements to 9100+. MAR US DOLLAR Resist: 8147-81735 ST Trend: Sdwys/Up (81305) Supprt: 8095, 8058-, 80455* Obj: 8148 ACHD TRP: 80.455 Comment: The market is short term friendly with trade testing the early November peaking levels. Near term action remains lined up for rallies over the next few days. Any corrective dips should try to hold the previous Wednesdays range to maintain a friendly alignment. A drop through 8087 will trigger near term selling. A close under 80455* is needed for a short term downturn. MAR T-NOTES Resist: 12419-21, 12429, 12516+/- T Trend: Sdwys/Up (12331) Supprt: 12325, 123135* Obj: 12516 TRP: 123.135 Comment: The market action is short term bullish and signals for a larger bull drive to 12516. Minor corrective consolidation will likely develop a bull flag and keep trade positioned to resume rallies. A punch over last Mondays high should spark the next bull leg to 125+. A close under 123135* is needed for a reversing downturn. MAR T-BONDS Resist: 13113, 13119-24* ST Trend: Up (13102) Supprt: 13028, 13014, 13001* Obj: 13124 TRP: 129.06 Comment: The market is bullish and projects rallies to test against a 13124* weekly resistance level. A close over 13124* projects a larger bull drive to 13310. Stable action over the 13115+ may boost rallies today to test 13124*. Any dips should continue to find support in the low 130s. A close under 13001* is needed for sustained setbacks to attack 12906*. MAR MINI S&P Resist: 184650, 1870+ ST Trend: Sdwys/Up (183850) Supprt: 1829-182325*, 1811*- Obj: 1870+ TRP: 1789.25 Comment: Overall the market is bullish. A breakout over the 184650 high should spark rallies and create a target to 1870+. If trade struggles to extend over 184650+, then be alert for a reactionary setback for congestion around 1829-182325*. A close under 182325* is negative, but a close under 1811* is the key to extend a correction phase to test 178925* support for a larger short term top. MAR MINI DJ Resist: 16451-16489, 16540 ST Trend: Sdwys/Up (16317) Supprt: 16280-16253, 16184* Obj: None TRP: 161.84 Comment: Overall the market is bullish and the bounce off 16184* hints for a reactionary turn back to rallies. A breakout back over the recent high calls for aggressive rallies to 16700+. Trade may congestion sideways, but likely hold 16280- to keep a strong alignment. Key on a close under 16184* to highlight a reversing turn and retracements under 16000. MAR MIN NASDAQ Resist: 365000, 369000+/-? ST Trend: Sdwys/Up (362050) Supprt: 358550, 354450* Obj: 365000 TRP: 3544.50 Comment: The market is bullish and current breakout action at new highs signals a drive to 365000+. A surge beyond 365000 implies a climb near 370000+/-. Dips need to hold 354450* to maintain the breakout / bull forces. A close under 354450* alerts for a reactionary selloff under 349250-. MAR MIN-RUSSEL Resist: 118500?, 121500+/- ST Trend: Up (117830) Supprt: 116460, 115420*- Obj: 118500 TRP: 1154.20 Comment: The market is bullish, showing breakout action into new highs and targeting a drive to 118500+ with potential to 121500+/-. Trade is poised for strong advances and stable action over 116460+ should encourage rallies. Only a close under 115420* alerts for a failed breakout and reversing turnover. MAR COPPER Resist: 33665-33725*, 341-34245 ST Trend: Sdwys/Down (33275) Supprt: 33190-50, 33010, 32720- Obj: 32525? TRP: 337.25 Comment: The recent short term turnover still holds potential for a retracement slide against the Nov-December advance to 32525. A drop under last Wednesdays low suggests selloffs below 330-. Rebounds should fade around 33725* to keep a bear formation. A close over 33725* will rekindle bull trend forces and launch an upswing to attack the last 34245 swing high. FEB GOLD Resist: 1255+, 127770* ST Trend: Sdwys/Up (123630) Supprt: 1231-1230, 1218970 Obj: 127770 TRP: 1211.80 Comment: Short term advances still hold potential for retracement moves to 127770*. A close over 1255+ or pop over 1262 should fuel rallies. The rejection from over 1255 on Tuesday hints for reactionary selloffs the next couple days into the 1230s. A drop under 121870 is near term negative. Only a close under 121180* rekindles bear trend forces. MAR SILVER Resist: 2048, 2067, 2100-2111 ST Trend: Sdwys/Up (19785) Supprt: 19895, 1946* Obj: None TRP: 1946.0 Comment: The market remains caught in congestion of recent weeks, but Tuesdays slide suggests a negative shift within the congestion. A close under 1946* is needed to put trend forces back down and rekindle potential to 1820-1800. A breakout close over 2048 or pop over last weeks 2067 high will spark bull advances. MAR CRUDE OIL Resist: 9723*+/-, 9820-65 ST Trend: Up (9673) Supprt: 9605, 9561, 9482* Obj: 9723 TRP: 93.54 Comment: The market is bullish and pressing to test 9723* resistance. Be alert for a setback from 9723*+/- on the first test that could drive consolidation dips back inside yesterdays range. A close under 9482* is near term negative. Tight congestion will build to attack past 9723*. A close over 9723* projects a run to 9855/9920. MAR BRENT Resist: 10888, 10975-11030 ST Trend: Up (10827) Supprt: 10762, 10721, 10630* Obj: 11012 TRP: 106.30 Comment: The market is signaling a bottoming upturn and projects a retracement to downturn levels around 11012+/-. Stable action over 108+ will encourage follow through rallies. We may see minor corrective congestion just under 108, but tight congestion will bull flag. A close under 10630* is needed to flip trend forces back down. MAR HEAT OIL Resist: 29955, 30172*+/- ST Trend: Sdwys/Down (29812) Supprt: 29729, 294, 29306-29227 Obj: None TRP: 301.72 Comment: Corrective retracements have muscled a near term upturn and target additional rallies to 30172*. A pop over Tuesdays high will boost a run at 30172*. A close over 30172* is bullish for moves near 035. Suspect a setback from 30172* on the first test. A close under 29306* marks a reversing turnover. MAR RBOB Resist: 26950*+/-, 27140, 27517* ST Trend: Sdwys/Down (26882) Supprt: 26706-00, 26545, 26366* Obj: None TRP: 269.50 Comment: The trend is still down. However, yesterdays surge higher gives near term friendly signals for a push to challenge the 26950* resistance. A close over 26950* marks an upturn to 27517*. Be careful for a setback from 26950* today. A close under 26366* is needed to rekindle bear trending forces. MAR NATRL GAS Resist: 4625?, 4765 ST Trend: Up (4550) Supprt: 4460+/-, 4439, 4311* Obj: 4765 TRP: 43.11 Comment: The market is showing a bull breakout over the December swing high, signaling for an initial run to 4765 and a larger projected advance based on weekly charts to 5000+. Trade is poised for strong rallies. Any minor corrections will likely hold in a tight consolidation within yesterdays range and bull flag after 1-2 days. A close under 4311* is needed to negate the breakout / bull signals. MAR SUGAR Resist: 1522, 1551, 1597* ST Trend: Down (1503) Supprt: 1500-1490 Obj: None TRP: 16.60 Comment: The market is bearish, but selloffs are down against long term support at 1531-1500. Still suspect a fight to bottom around 1531-1500. A close under 1490 is needed to continue washout declines. If trade punches back over 1551+, then be alert for reactionary corrections with a close over 1597* highlighting initial bottoming action. MAR COFFEE Resist: 11610, 11830, 11940* ST Trend: Sdwys/Down (11485) Supprt: 11405, 11180- Obj: 11180- TRP: 119.40 Comment: The slide from the past two weeks has triggered a shirt term trend turn to the downside, alerting for declines to 11180- and chance to probe against the 11020 swing low. A press through 11405 will encourage selloffs. A close over 11940* is needed to trigger an upturn out of the two week correction and launch a drive to breakout over the 12260 swing high. MAR COCOA Resist: 2709, 2731, 2756* ST Trend: Sdwys (2697) Supprt: 2660-56, 2600- Obj: None TRP: 27.56 Comment: The rollover from 2756* alerts for a peaking turnover that will lead into selloffs. A drop under 2656 could release a selling wave to 2600-. Trade may try to stabilize just over 2700+, but suspect rebounds will stay contained under Fridays gap if bear forces have control. A close over 2756* is needed for a bull upturn to higher prices. MAR COTTON Resist: 8833-40, 8910-60 ST Trend: Up (8784) Supprt: 8704, 8655-12* Obj: 8910+ TRP: 84.69 Comment: The market is bullish and breakout over the early October swing high is fueling the advance, alerting for rallies to 8910-60. Wednesdays inside day suggest consolidation of a bull flag to setup for rallies and favors renewed rallies by Friday. Only a close under 8612* signals a near term turnover for corrections back to 8469*. SHORT-TERM OUTLOOK MAY SUGAR: Longs at 1549 should risk a close under 1500. The objective is 1690. MAR BEAN OIL: Longs at 3795-88 and risk 3754 Stop. The objective is 4020. MAR CORN: The market shows the potential for a bottoming turn. If near term secondary dips test and hold under 420, then we could see a climbing upswing to 449 3/4. Consider buying at 417 1/2 and risk a close under 411 1/2 or 407 3/4 Stop. The objective is 449. MAR T-BONDS: The Bonds are staging a recovery advance, but the drive should hit 13124* resistance which could trigger a turnover and corrective retracement back along 130+/-, possibly into the mid 129 area. Consider selling at 13124 and risk a close over 13129 or 13206 Stop. The objective is 13005 and 12918. MAR CRUDE OIL: The market is showing a bull upturn, but trade will face resistance at 9723* which may turn trade back into corrections. Consider selling at 9723-58 and risk a close over 9778 or 9798 Stop. The objective is 9512 and possibly 9400. ***OVERNIGHT DAY TRADE** MAR BEAN OIL: The slip lower by March Bean Oil calls for follow through selloffs today. Consider selling at 3800 and risk 3832 Stop. the objective is 3747 or exit by the close.
Posted on: Thu, 23 Jan 2014 10:53:51 +0000