Mar 06-2014 MAY WHEAT Resist: 646-647 1/2, 655-658* ST Trend: Up (642 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 another consolidation day, 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: 486-488, 495 ST Trend: Up (482) Supprt: 474*-471 1/2, 469 1/4 Obj: 490+ TRP: 466.50 Comment: The market gives bull signals for a larger emerging advance that could climb to 490-495 and on weekly charts suggests a drive to 531. Wednesdays reversal cautions for near term corrective pullbacks for 1-2 days, but look for a fight to hold 474*-. A close under 466 1/2* highlights a topping turnover. A punch over Wednesdays high should spark a leg to 490-495. MAY SOYBEANS Resist: 1434, 1445 1/2 ST Trend: Up (1420 1/2) 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: 45620, 46090*, 47150 ST Trend: Up (44960) Supprt: 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 46090* is needed to continue pressing bullish trade. Trade capped under 46090* will lead into corrective setbacks to test 44270*. MAY BEAN OIL Resist: 4368-93, 4481* ST Trend: Up (4340) Supprt: 4300-, 4258, 4196* Obj: 4481 TRP: 41.96 Comment: The market is bullish and this weeks acceleration higher projects a run to weekly resistance at 4481*. A push over yesterdays high favors strong continuation rallies today. Any corrections should only last another day and likely find support back around previous peaking levels under 4300-. However, only a close under 4196* marks a peaking turnover. APR CATTLE Resist: 14450-575, 145225* ST Trend: Sdwys (14560) Supprt: 14330*-, 14240 Obj: None TRP: 143.30 Comment: The market rallied just shy of the 14685 target and then reversed into a peaking turnover. A follow up close under 14330* will release topping selloffs to 14150-14040. We may see residual bull forces lift trade within yesterdays reversal for a few congestion days, but a close over 145225* is needed to void topping signals and breakout over 146825 is needed to rekindle bull trending. APR HOGS Resist: 11260, 11450-675 ST Trend: Up (111675) Supprt: 10925, 10845, 10670? Obj: 11450 ACHD TRP: 105.20 Comment: The market has run the blow off trade to the weekly chart target at 11450. Be alert for peaking action into the balance of the next week that could touch off retracements to 10520*. A close over 11450 is needed to continue the bull drive. MAR B-POUND Resist: 16739, 16771?, 16800-21 ST Trend: Up (16720) 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 (9058) 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 prompting a bounce and stopping 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 (13735) 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: 9807, 9852-69 ST Trend: Sdwys/Up (9774) Supprt: 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 should still setup for another rally. A close over 9869 is the spark to fuel moves to a 9980 target. MAR SWISS Resist: 11298, 11339*, 11398 ST Trend: Sdwys/Down (11270) Supprt: 11240, 11199- Obj: 11199- TRP: 113.39 Comment: The slide lower this week has negated Fridays breakout and we should be prepared for continued 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 11339* is needed to renew the drive to attack over 11398+. MAR AUSSIE$ Resist: 9000-9001, 9025*+/- ST Trend: Sdwys/Up (8980) Supprt: 8911, 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 (80105) Supprt: 8000-7998, 79825, 79355- Obj: 79355 TRP: 80.255 Comment: The market is still influenced by the sharp break on Friday, suggesting a bear flag downturn for selloffs to press into an attack of the 79355 low from last October. Any corrections will likely bear flag inside Fridays selloff if trade remains capped by 79255*. A close over 80255* voids bear forces. JUN T-NOTES Resist: 12416, 124295, 12522 ST Trend: Sdwys/Up (124085) Supprt: 12403, 123235* Obj: None TRP: 123.235 Comment: Tuesdays selloff leaves a failed breakout and signals for reactionary declines into today to test 123235*. A close under 123235* marks a reversing turn to lower levels, likely driving selloffs under 123155-. Secondary rally attempts trapped within Tuesdays downturn will bear flag and setup to test 123235*. JUN T-BONDS Resist: 13219, 13230, 13309* ST Trend: Sdwys/Up (13208) Supprt: 13202*, 13115-14, 13028- Obj: None TRP: 132.02 Comment: Tuesdays selloff alerts for a failed breakout over the 13315 swing high on Monday and favors reactionary declines into today to test 13202*. A close under 13202* marks a reversing turn to lower levels, likely driving selloffs under 131-. Secondary rally attempts trapped within the lower half of Tuesdays downturn under 13309* will bear flag and setup to test 13202*. MAR MINI S&P Resist: 1882-1884?, 1909 ST Trend: Up (187250) Supprt: 1869, 1855+/-, 184875* Obj: 1909 TRP: 1811.50 Comment: The market is bullish and Tuesdays 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 184875*+. Only a drop under Mondays low will highlight a critical topping turnover. MAR MINI DJ Resist: 16382, 16470-16540 ST Trend: Up (16355) 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: 374300, 380000+ ST Trend: Up (372825) Supprt: 369600, 367350* Obj: 380000+ TRP: 3673.50 Comment: The market is bullish and breakout action at new highs calls for sharp rallies into a bull tail rally. Yesterdays positive close favors aggressive rallies into the next 2-6 days and may 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 (120500) 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 Mondays low alerts for a topping turnover. MAY COPPER Resist: 32220-25, 32530* ST Trend: Sdwys/Down (32035) 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- is prompting rebounds that may inch sideways higher 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: 134200-40, 1351+, 136110 ST Trend: Up (133680) 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+. The back off 1351 calls for a drop 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 (21195) 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: 10141, 10210-20, 10355* ST Trend: Down (10094) Supprt: 10056, 9997*, 9927 Obj: 9997 TRP: 103.55 Comment: The market is signaling a short term topping turnover and projects a drop to 9997*. A close under 9997* or drop through 9927 alerts for a larger turnover back into the 9800-9700 levels. Be careful for a bounce off 9997*+/- on the first test. Corrections trapped to the lower half of yesterdays accelerating break will bear flag. A close over 10355* is needed to recapture bull forces. APR BRENT Resist: 10848-55, 109+, 11054* ST Trend: Sdwys/Down (10774) Supprt: 10768*, 10657, 106- Obj: 10768 ACHD TRP: 110.54 Comment: The sharp drop this week left a failed upside breakout and turns trend forces down. Yesterdays slide puts trade into a test of 10768* support. A close under 10768* is bearish and suggests declines to the starting levels of the last bull wave around 106+/-. We may see minor rebounds inside yesterdays range, but a close over 11054* is needed to rekindle bull trend forces. APR HEAT OIL Resist: 30052, 30210, 30542* ST Trend: Down (29810) Supprt: 29615*, 294, 291- Obj: 29615 TRP: 305.42 Comment: The market is triggering a bear downturn and calls for a slide to retracement support at 29615*. A close under 29615* could extend declines to the starting levels of the last bull wave near 292-291. Be careful for a bounce off 29615* on the first test. Congestion inside yesterdays range will bear flag. A close over 30542* is needed for an upturn. APR RBOB Resist: 29580, 29760, 30086* ST Trend: Sdwys/Down (29379) Supprt: 29240-10, 29106, 28865* Obj: 28865 TRP: 300.86 Comment: The market is triggering a topping downturn and projects a slide to near 290-, possibly a wash to 28865*. Sustained action under 29389 will promote selloffs. Any congestion inside yesterdays range will bear flag. A close over 30086* is needed for an upturn. APR NATRL GAS Resist: 4596, 4680-4736 ST Trend: Down (4523) Supprt: 4499, 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: 1830, 1850+/- ST Trend: Up (1823) Supprt: 1797-94, 1751* Obj: 1850+ TRP: 17.51 Comment: The market is bullish and yesterdays punch over recent congestion marks a bull flag upturn and should produce follow through rallies to reach for 1850. A close beyond 1870 is friendly. We may see minor corrections test into recent congestion, but tight consolidation within yesterdays range keeps the market poised for rallies. A close under 1751* is needed for a reversing downturn. MAY COFFEE Resist: 206, 21070-212 ST Trend: Up (20240) Supprt: 19750+/-, 192-19025* Obj: 206 TRP: 190.25 Comment: The market is bullish. Yesterdays outside bull day highlights the continued bull trending action and targets to 206 as well as 21070-212. Stable action over Mondays high will encourage rallies. If trade spikes to a reversal high near 21070-212, be alert for a peak and setback. Current corrections should only last another day. A close under 19025* alerts for a turnover into corrections. MAY COCOA Resist: 2988-3002, 3024, 3089* ST Trend: Sdwys/Up (2970) Supprt: 2951-50, 2920* Obj: 3089? TRP: 29.20 Comment: The market is in congestion, but appears to be working on a staging level for another bull leg to rekindle previous advances. Yesterdays positive trade calls for rallies to attack the recent swing high. A breakout over 3002 could launch a drive to 3089* monthly resistance. A close under 2920* or drop below 2901 is needed to trigger a topping turnover. MAY COTTON Resist: 9000+/-, 9044, 9250 ST Trend: Sdwys/Up (8861) Supprt: 8819-15, 8743* Obj: None TRP: 87.43 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 resistance associated with the 9000 level that may reject rallies into additional defensive congestion. A close under 8743* 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 184325 Stop. The objective is 1909. MAY COCOA: The market is shifting the bias of recent congestion from peaking to flagging action, setting up for a potential drive to 3089* monthly resistance. Consider buying at 2950-2948 and risk a close under 2920 or 1999 Stop. The objective is 3089. APR HOGS: The market hit a long term target at 11450 and stopped the drive, alerting for a peaking extreme. Consider selling at 11185-11240 and risk a close over 11450 or 11510 Stop. The objective is 10520. ***OVERNIGHT DAY TRADE** APR CRUDE OIL: The break by April Crude alerts for selloffs today. Consider selling into a minor correction in the overnight at 10213 and risk 10243 Stop. The objective is 10020 or exit by the close.
Posted on: Thu, 06 Mar 2014 07:55:30 +0000
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