Mar 05-2014 MAY WHEAT Resist: 646-647 1/2, 655-658* ST Trend: Up (643 1/2) Supprt: 635 3/4, 630 1/4, 624 Obj: 658 TRP: 610.25 Comment: This weeks jump higher highlights a bull upturn and climbing wave to 658*. We may see 1-2 days of consolidation, but narrow congestion over 624 will quickly resume rallies. Stable action over Mondays high could motivate rallies near 655-658*. Be careful for a setback from 658* on the first test, but respect a close over 658* to signal a larger bull trend. A close under 610 1/4* is needed to reject bullish action. MAY CORN Resist: 478 3/4, 486, 495 ST Trend: Up (470 1/2) Supprt: 459 1/2, 454, 445 1/4* Obj: 490+ TRP: 445.25 Comment: This weeks surging rallies give bull signals for a larger emerging advance that could climb to 490-495 and on weekly charts suggests a drive to 531. Any near term corrective consolidation should only last 1-2 days and now hold over 470+. A close under 465 1/4* damages bull forces and could lead into harder setbacks. Yesterdays punch over Mondays spike high gives strong signals for rallies today-Thursday. MAY SOYBEANS Resist: 1434, 1445 1/2 ST Trend: Up (1423) Supprt: 1410, 1394 1/2, 1385- Obj: None TRP: 1369.75 Comment: Last Thursdays spike still suggests an extreme and may lead into corrective setbacks. Residual bull forces are lifting rallies to test last Thursdays spike. Posting a close over 1419 1/2* or pop over Mondays high should kick off pressing bullish trade to attack over 1445 1/2+. Be ready for corrective congestion under 1400-. A close under 1369 3/4* is needed for a lasting turnover and retracements to 1340-1323*. MAY SOYMEAL Resist: 45650, 46220*, 47150 ST Trend: Up (44970) Supprt: 44680, 445-44270* Obj: None TRP: 442.70 Comment: Last Thursdays spike still suggests an extreme and calls for setbacks to test 44270* support for a larger short term top/downturn. Residual bull forces may yet foster rallies within Thursdays spike, but a close over 46220* is needed to continue pressing bullish trade. Trade capped under 46220* will lead into corrective setbacks to test 44270*. MAY BEAN OIL Resist: 4400?, 4481* ST Trend: Up (4371) Supprt: 4300-, 4258, 4191* Obj: 4481 TRP: 41.91 Comment: The market is bullish and yesterdays acceleration higher projects a direct run to weekly resistance at 4481*. The strong close favors continuation rallies today. Any corrections should only last 1-2 days and likely find support back around previous peaking levels under 4300-. Only a close under 4191* marks a peaking turnover. APR CATTLE Resist: 146, 14685 ST Trend: Up (14560) Supprt: 145225-15, 14445, 14310* Obj: 14685 TRP: 143.10 Comment: The market remains bullish, following a major bull wave and targeting follow through rallies to 14685. Any near term corrective congestion should fight to hold over 144+ and build a bull flag, creating a setup for rallies. Only a close under 14310* signals a reversing turnover. APR HOGS Resist: 11450 ST Trend: Up (111675) Supprt: 10930, 10845, 10670 Obj: 11450 TRP: 102.90 Comment: The market is showing a blow off run with the weekly chart suggests a run to 11450. Any corrections at this stage should only last 1-2 days and likely hold Mondays 10670 low. A close under 10670 cautions for a back off to test 10290* support for a topping turnover. MAR B-POUND Resist: 16719, 16771?, 16800-21 ST Trend: Up (16668) Supprt: 16640-14, 16584* Obj: None TRP: 165.84 Comment: The market is still bullish, suggesting sideways trade over 16584* is a bull flag setup. A punch over the previous weeks 16821 high alerts for aggressive rallies with potential for a run to longer term resistance at 170-171. A close under 16584* is needed for a peaking turn and drop back to 16440. MAR CANADIAN$ Resist: 9071*, 9134-9160 ST Trend: Sdwys/Down (9010) Supprt: 8994-90, 8940-, 8899 Obj: None TRP: 90.71 Comment: The market remains in a bear turnover, but previous declines have found support under the bear target at 8940- which appears to be again prompting a bounce to stop secondary declines. A close under 8940 or breakout under 8899 is needed to release a new selling wave near 8800+/-. A close over 9071* will shift trade back up and project to 9200+/-. MAR EURO Resist: 13800-12, 13893 ST Trend: Up (13736) Supprt: 13713*, 13680- Obj: 13893 TRP: 137.13 Comment: The market still indicates a bull breakout over recent flagging congestion, signaling for a bull run to attack the 13893 late December swing high and projecting a drive to 13950+/-. Mondays back off hurts the upturn, but holding back within flagging congestion over 13713* retains bull forces. A close under 13713* is needed to signal a turn back to lower levels. MAR J-YEN Resist: 9833, 9915, 9980 ST Trend: Sdwys/Up (9780) Supprt: 9777, 97505-, 9688* Obj: 9980? TRP: 96.88 Comment: Trade action has been working through flagging action. A close under 9688* is needed to secure a topping turnover and break against basing levels under 9600-. However, sideways basing over the low 9700s is setting up for another rally. Mondays surge hints for a flagging upturn, but a close over 9869 is needed to fuel moves to a 9980 target. MAR SWISS Resist: 11313, 11346*, 11398 ST Trend: Sdwys/Down (11267) Supprt: 11240, 11199- Obj: 11199- TRP: 113.46 Comment: The slide over the past two day has negated Fridays breakout and we should be prepared for reactionary selloffs to 11199-. A close under 11185 could drive declines to 11106*. Residual bull forces may try to work rallies back over 11300+, but a close over 11346* is needed to renew the drive to attack over 11398+. MAR AUSSIE$ Resist: 8970, 9025*+/- ST Trend: Sdwys/Up (8920) Supprt: 8884-82, 8796* Obj: None TRP: 87.96 Comment: The market shows a bottoming turn, but rallies have been stopped at the 9025* retracement resistance. A close over 9025* alerts for a larger emerging upturn. Further setbacks from 9025* warns for near term pullbacks and a slip under Mondays low is negative and should release declines to 8796*. A close under 8796* is bearish. MAR US DOLLAR Resist: 80255*, 8044+ ST Trend: Down (8015) Supprt: 8000-7998, 79825, 79355- Obj: 79355 TRP: 80.255 Comment: The sharp break on Friday still indicates a bear flag downturn for selloffs to press into an attack of the 79355 low from last October. The weekly chart warns for declines to 7890-7870. Any corrections will likely bear flag inside Fridays selloff. Only a close over 80255* voids bear forces. JUN T-NOTES Resist: 124165, 124295, 12522 ST Trend: Sdwys/Up (124085) Supprt: 12403, 123235* Obj: None TRP: 123.235 Comment: Yesterdays selloff leaves a failed breakout and signals for reactionary declines into today-Thursday to test 123235*. A close under 123235* marks a reversing turn to lower levels, likely driving selloffs under 123155-. Secondary rally attempts trapped within yesterdays downturn will bear flag and setup to test 123235*. JUN T-BONDS Resist: 13219, 13230, 13310* ST Trend: Sdwys/Up (13208) Supprt: 13202*, 13115-14, 13028- Obj: None TRP: 132.02 Comment: Yesterdays sharp selloff alerts for a failed breakout over the 13315 swing high on Monday and we should look for reactionary declines into today-Thursday to test 13202*. A close under 13202* marks a reversing turn to lower levels, likely driving selloffs under 131-. Secondary rally attempts trapped within yesterdays downturn under 13310* will bear flag and setup to test 13202*. MAR MINI S&P Resist: 1882-1884?, 1909 ST Trend: Up (187150) Supprt: 1869, 1855+/-, 184850* Obj: 1909 TRP: 1811.25 Comment: The market is bullish and yesterdays strong surge back into a new high alerts for an emerging bull tail drive that could quickly run trade to 1909 and 1920+. The market action suggests strong upside forces and any corrections should only last 1-2 days, likely staying over 184850*+. Only a drop under Mondays low will highlight a critical topping turnover. MAR MINI DJ Resist: 16382, 16470-16540 ST Trend: Up (16381) Supprt: 16290, 16192*, 16058 Obj: 16900 TRP: 161.92 Comment: The market is short term bullish and pushing up from rising congestion alerts for aggressive rallies into a bull tail run to attack the late December high. A punch over 16540 indicates aggressive rallies near 16900. Any correction should only last 1-2 days and likely stay over 16192*. A drop under 16058 is needed for a peaking turn. MAR MIN NASDAQ Resist: 372000, 374300 ST Trend: Up (371675) Supprt: 369400, 367000* Obj: 380000+ TRP: 3670.00 Comment: The market is bullish and breakout action at new highs calls for sharp rallies into a bull tail rally. A close beyond 372000 should promote aggressive rallies and generate a bull tail run to 380000+, possibly 392000+. Any corrections should only last 1-2 days to maintain strong upside forces. A sustained roll off through 363700 is needed for a topping turnover. MAR MIN-RUSSEL Resist: 121840, 123000+? ST Trend: Up (120560) Supprt: 119300, 118130* Obj: 123000 TRP: 1181.30 Comment: The market is bullish and breakout into a new high alerts for an accelerating move to 123000+. We may see a 1-2 day correction, but a quick stabilizing dip over 118130*+ will quickly foster renewed rallies. Only a drop under last Mondays low alerts for a topping turnover. MAY COPPER Resist: 32240, 32530* ST Trend: Sdwys/Down (32110) Supprt: 31915, 317-, 315- Obj: 315- TRP: 325.30 Comment: The market is still short term negative and slip under 317- favors a drop to attack under 315-. A close under 31240 is bearish. The markets reluctance to extend under 315- prompted yesterdays rebound and may foster sideways higher congestion for a few days. A close over 32530* is needed to mark a flip to sideways higher trending trade. Trade capped by 32530* will retain bear forces. APR GOLD Resist: 134390, 1351+/-, 136110 ST Trend: Up (133440) Supprt: 133070, 1322, 130210* Obj: None TRP: 1302.10 Comment: The market is structured with a bull trend, but trade has shown a rejection against the late October swing high resistance at 1351. Closes over 1351 and 136110 are needed to propel a larger emerging bull drive over 1400+. Yesterdays back off 1351 calls for back tracking into Mondays gap. Holding Mondays gap is friendly. A drop through the gap marks a bear turn to attack 130210* support for a short term top. MAY SILVER Resist: 21415, 2176*, 2210 ST Trend: Sdwys/Up (2118) Supprt: 2100*, 2050- Obj: None TRP: 2100.0 Comment: Current trade signals a near term downturn, but note that retracements are holding 2100* support keeping the trend biased to the upside. A close under 2100* marks a peaking turn and retracement drop to upturn levels at 2050-. Trade is trying to restart rallies, but needs a close over 2176* to rekindle bull trending to attack over 2210+. A close over 2210 projects a drive to 2276*. APR CRUDE OIL Resist: 10400-07, 10495, 106+/- ST Trend: Sdwys/Up (10336) Supprt: 103-10262*, 10180 Obj: None TRP: 102.62 Comment: The trend is still up and breakout from flagging congestion on Monday still implies bull potential to 106 and 10835. A punch over Mondays high should launch strong rallies. However, yesterdays retreat back through Mondays range hurts the upturn and should prompt a test of 10262* support today-Thursday. A close under 10262* or drop under 10180 marks a reversing / topping turnover for a sharp retracement along 100+/-. APR BRENT Resist: 10993, 11040+, 11110* ST Trend: Sdwys/Down (10908) Supprt: 10845, 10768* Obj: 10768 TRP: 111.10 Comment: The sharp drop back through Mondays upturn leaves a failed upside breakout and flips trend forces back to the downside. Look for selloffs to press for a test of 10768* support. A close under 10768* is bearish. We may see minor consolidation inside yesterdays range, but a close over 11110* is needed to rekindle bull trend forces. APR HEAT OIL Resist: 30509, 30693*, 30884+ ST Trend: Sdwys (30378) Supprt: 30282*, 30005-299 Obj: None TRP: 302.82 Comment: Yesterdays full retracement of Mondays range leaves a failed breakout over old highs and alerts for a reversing turn to lower prices. Trade is against the 30282* support that may hold up the market in congestion, but a close over 30693* is needed to rekindle bull forces. A close under 30282* will pressure trade to reach under last weeks Friday low. APR RBOB Resist: 30000-17, 30212*, 30394+ ST Trend: Sdwys (29828) Supprt: 29827*, 29603, 29389 Obj: None TRP: 298.27 Comment: Yesterdays full retracement of Mondays range leaves a failed breakout over old highs and alerts for a reversing turn to lower prices. Trade is against the 29827* support that may hold up the market in congestion, but a close over 30212* is needed to rekindle bull forces. A close under 29827* will pressure trade to reach under last weeks Friday low. APR NATRL GAS Resist: 4680, 4736 ST Trend: Down (4667) Supprt: 4579, 4455-4442, 4374* Obj: 4374 TRP: 49.16 Comment: Last weeks topping selloff still projects retracements to 4374*. We may see near term corrective congestion, but continued tight consolidation will bear flag. A drop under Mondays low should fuel a slide to 4374*. A close under 4374* is bearish. A pop over Mondays high is needed to run secondary rallies, but trade should be stopped against 4916* resistance. MAY SUGAR Resist: 1797, 1813, 1850+/- N ST Trend: Up (1774) Supprt: 1745*, 1711-1708 Obj: 1850+ TRP: 17.45 Comment: The market holds a friendly posture and pop over last weeks high should renew the bull trend, projecting a push to 1850. Any corrective dips should hold off 1745*+ and bull flag current congestion. A close under 1745* alerts for a reversal and slide back along 1710-1680. MAY COFFEE Resist: 19225, 19780, 206 ST Trend: Up (18545) Supprt: 18410, 182-18125* Obj: 206 TRP: 175.50 Comment: The market is bullish. Despite yesterdays retracement, the market held over 18125*, keeping trade poised for renewed rallies. A pop over Mondays high will boost a bull tail stretch to 206. Once trade spikes to an extreme or reversal near 206+/-, then be alert for a peak and setback. Current corrections should only last another day and stay over 18125* to maintain bull forces. A close under 18125* alerts for a topping turnover. MAY COCOA Resist: 2957*, 2988-3002 ST Trend: Sdwys (2956) Supprt: 2929, 2897-90, 2840-33 Obj: None TRP: 29.57 Comment: The market is in congestion with the balance point around 2957*. If trade continues to stall at or just over 2957*, be looking for a topping formation. A penetration under last weeks low calls for selloffs near 2833. A close over 2957* will rekindle bull trend forces and motivate rallies to attack the recent swing high. MAY COTTON Resist: 9000+/-, 9044, 9250 ST Trend: Sdwys/Up (8922) Supprt: 8856, 8819, 8731* Obj: None TRP: 87.31 Comment: The market is shifting back to friendly trade and suggests secondary rallies to challenge near 9000. A breakout over 9044 could open up a driving run to 9250. Still be careful for resting associated with the 9000 level that may reject rallies into additional defensive congestion. A close under 8731* signals a turn back to corrective selloffs. SHORT-TERM OUTLOOK MAR AUSSIE$: Shorts at 9008 should risk 9026 Stop. The objective is 8800. MAR MINI S&P: Longs at 1845 should risk 183175 Stop. The objective is 1909. APR CRUDE OIL: The complete retraction of Mondays rally in conjunction with a failed turn over the 10442* weekly resistance warns for a short term top. Consider selling into rallies from residual bull forces at 10418 and risk a close over 10442 or 10471 Stop. The objective is 9997. ***OVERNIGHT DAY TRADE** MAY SILVER: The slide lower by May Silver leaves the market poised for selloffs today. Consider selling at 2124 and risk 21485 Stop. The objective is 2095 or exit by the close.
Posted on: Wed, 05 Mar 2014 08:06:19 +0000
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