Key Market Reports and Commentary for Monday 09/06/2014

Morning Markets Report
Prepared on Monday, June 9, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is declining 12 points to 16920. The US Dollar Index trended higher 0.133 points to 80.556. Gold has gained 2.605 dollars to 1255.650. Silver has gained 0.068 dollars to 19.106. The Dow Industrials edged higher by 88.17 points, at 16924.28, while the S&P 500 gained 8.98 points, last seen at 1949.44. The Nasdaq Composite rose 23.55 points to 4319.78. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Mastering High-Risk Decision Making
Sunday Jun 8th

Letting Go of Your Leverage: Why Slow and Steady Works Better With FX Trading
Saturday Jun 7th

Weekly Futures Recap With Mike Seery
Friday Jun 6th

Key Events for Monday

10:00 AM ET. 1st Quarter Quarterly Financial Report – Industry

10:00 AM ET. May Employment Trends Index

US Employment Trends Index (ETI) (previous 118)

US Employment Trends Index (ETI) MoM Change (previous +5.5%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.556 +0.133 +0.17%
POWERSHARES DB US DOLLAR INDEX 21.475 +0.015 +0.07%
US Dollar/Canadian Dollar 1.092340 -0.000965 -0.09%
Euro/US Dollar 1.36229 -0.00221 -0.16%
JAPANESE YEN Jun 2014 0.009760 +0.000007 +0.07%
SWISS FRANC Jun 2014 1.1161 -0.0035 -0.31%

CURRENCIES

The June Dollar was higher due to short covering overnight as it consolidates some of last Thursday’s decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 80.34 are needed to confirm that a short-term top has been posted. If June renews the rally off May’s low, the 87% retracement level of the January-May-decline crossing at 81.29 is the next upside target. First resistance is last Thursday’s high crossing at 81.06. Second resistance is the 87% retracement level of the January-May-decline crossing at 81.29. First support is the 20-day moving average crossing at 80.34. Second support is the reaction low crossing at 79.93.

The June Euro was lower overnight as it consolidates some of last Thursday’s rally. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 136.57 are needed to confirm that a low has been posted. If June renews the decline off May’s high, the 50% retracement level of the 2013-2014-rally crossing at 134.06 is the next downside target. First resistance is the 20-day moving average crossing at 136.57. Second resistance is the reaction high crossing at 137.34. First support is last Thursday’s low crossing at 135.02. Second support is the 50% retracement level of the 2013-2014-rally crossing at 134.06.

The June British Pound was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends last week’s rally, the reaction high crossing at 1.6919 is the next upside target. If June renews the decline off May’s high, the reaction low crossing at 1.6640 is the next downside target. First resistance is the reaction high crossing at 1.6919. Second resistance is May’s high crossing at 1.6992. First support is the reaction low crossing at 1.6640. Second support is the reaction low crossing at 1.6545.

The June Swiss Franc was lower overnight as it consolidates some of last Thursday’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends last Thursday’s rally, the reaction high crossing at 1.1260 is the next upside target. If June extends the decline off May’s high, the 87% retracement level of the January-March-rally crossing at 1.1018 is the next downside target. First resistance is last Thursday’s high crossing at 1.1226. Second resistance is the reaction high crossing at 1.1260. First support is last Thursday’s low crossing at 1.1065. Second support is the 87% retracement level of the January-March-rally crossing at 1.1018.

The June Canadian Dollar was slightly higher due to short covering overnight as it consolidates some of last week’s decline. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 91.77 are needed to confirm that a short-term low has been posted. If June extends last week’s decline, May’s low crossing at 90.66 is the next downside target. First resistance is the reaction high crossing at 92.40. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is last Thursday’s low crossing at 91.20. Second support is the reaction low crossing at 90.66.

The June Japanese Yen was slightly higher due to short covering overnight as it consolidates some of last week’s decline. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at .9808 would confirm that a short-term low has been posted. From a broad perspective, June needs to close above .9930 or below .9598 to confirm a breakout of a four-month old trading range. First resistance is May’s high crossing at .9920. Second resistance is February’s high crossing at .9930. First support is Wednesday’s low crossing at .9728. Second support is May’s low crossing at .9687.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Jul 2014 103.36 +0.70 +0.68%
NY HARBOR ULSD HEATING OIL Jul 2014 2.8765 +0.0053 +0.18%
NATURAL GAS Jul 2014 4.726 +0.016 +0.34%
RBOB GASOLINE Jul 2014 2.9552 +0.0162 +0.55%
POWERSHARES DWA ENERGY MOMENT 62.0500 +0.4000 +0.64%
UNITED STATES GASOLINE 60.30 -0.70 -1.16%

ENERGIES

July Nymex crude oil was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 102.37 would confirm that a short-term top has been posted. If July renews May’s rally, the April 2011 high crossing at 107.17 is the next upside target. First resistance is May’s high crossing at 104.50. Second resistance is the April-2011 high crossing at 107.17. First support is the 20-day moving average crossing at 102.37. Second support is the reaction low crossing at 100.82.

July heating oil was higher due to short covering overnight as it consolidates some of the decline off May’s high. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 291.67 would confirm that a short-term low has been posted. If July renews the decline off May’s high, April’s low crossing at 284.20 is the next downside target. First resistance is the 20-day moving average crossing at 291.67. Second resistance is May’s high crossing at 296.81. First support is last Thursday’s low crossing at 284.55. Second support is April’s low crossing at 284.20.

July unleaded gas was higher due to short covering overnight as it consolidates some of the decline off May’s high. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 296.20 would confirm that a low has been posted. If July extends the aforementioned decline, May’s low crossing at 285.36 is the next downside target. First resistance is April’s high crossing at 301.72. Second resistance is monthly resistance crossing at 316.32. First support is last Thursday’s low crossing at 292.02. Second support is May’s low crossing at 285.36.

July Henry natural gas was slightly higher overnight as it extends the rally off May’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May’s low, May’s high crossing at 4.844 is the next upside target. Closes below the 20-day moving average crossing at 4.529 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4.743. Second resistance is May’s high crossing at 4.844. First support is May’s low crossing at 4.297. Second support is the 50% retracement level of the November-February rally crossing at 4.251.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3060 -19 -0.62%
COFFEE Jul 2014 169.10 -3.00 -1.75%
ORANGE JUICE-A Jul 2014 163.40 -0.30 -0.18%
IPATH DJ-UBS SUGAR TRUST 53.730 +0.445 +0.82%
IPATH DJ-UBS SOFTS TRUST 49.000 +0.406 +0.83%

FOOD & FIBER

July coffee closed higher due to short covering on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the 62% retracement level of this winter’s rally crossing at 15.61 is the next downside target. Closes above the 20-day moving average crossing at 18.05 would confirm that a short-term low has been posted.

July cocoa posted a downside reversal due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Close below the 20-day moving average crossing at 29.90 are needed to confirm that a top has been posted. If July extends this year’s rally, weekly resistance crossing at 32.48 is the next upside target.

July sugar closed higher due to short covering on Friday as it consolidated some of the decline off May’s high. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May’s high, the 62% retracement level of the January-March-rally crossing at 16.51 is the next downside target. Closes above the 20-day moving average crossing at 17.42 would confirm that a short-term top has been posted.

July cotton closed lower on Friday as it extends this week’s decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off March’s high, the 75% retracement level of the November-March-rally crossing at 82.52 is the next downside target. Closes above the 20-day moving average crossing at 87.97 are needed to confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Jul 2014 454.00 -5.00 -1.09%
OATS Jul 2014 356.75 0.00 0.00%
WHEAT Jul 2014 615.50 -2.75 -0.44%
TEUCRIUM CORN 31.6105 +0.7305 +2.32%
IPATH DJ-UBS GRAINS TRUST 47.0100 +0.7700 +1.63%
ELEMENTS MLCX GRAINS INDEX TRUST 6.0100 +0.0001 0.00%
SOYBEANS Nov 2014 1224.75 +6.00 +0.49%
SOYBEAN (MINI) Nov 2014 1222.500 +3.750 +0.31%
SOYBEAN MEAL Jul 2014 480.3 -7.3 -1.49%
TEUCRIUM SOYBEAN 25.26 +0.03 +0.12%

GRAINS

July corn was lower overnight leaving last Friday’s key reversal up unconfirmed. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 4.73 1/4 are needed to confirm that a short-term low has been posted. If July extends this spring’s decline, the 87% retracement level of this year’s rally crossing at 4.35 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 4.62. Second resistance is the 20-day moving average crossing at 4.73 1/4. First support is the 75% retracement level of this year’s rally crossing at 4.47 1/2. Second support is the 87% retracement level of this year’s rally crossing at 4.35 1/2.

July wheat was lower overnight after testing minor resistance marked by the 10-day moving average crossing at 6.22 1/2. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 6.50 3/4 are needed to confirm that a low has been posted. If July extends the decline off May’s high, the 87% retracement level of this year’s rally crossing at 5.81 1/4 is the next downside target. First resistance is the 10-day moving average crossing at 6.22 3/4. Second resistance is the 20-day moving average crossing at 6.50 3/4. First support is the 75% retracement level of this year’s rally crossing at 6.03 3/4. Second support is the 87% retracement level of this year’s rally crossing at 5.81 1/4.

July Kansas City Wheat closed up 22-cents at 7.36.

July Kansas City wheat closed higher due to short covering on Friday. Today’s high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.57 1/4 are needed to confirm that a low has been posted. If July extends this week’s decline, the 62% retracement level of this year’s rally crossing at 6.95 is the next downside target. First resistance is today’s high crossing at 7.36. Second resistance is the 20-day moving average crossing at 7.57 1/4. First support is Tuesday’s low crossing at 7.07 3/4. Second support is the 62% retracement level of this year’s rally crossing at 6.95.

July Minneapolis wheat was fractionally higher due to short covering overnight as it consolidates some of the decline off May’s high. However, the low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 7.28 1/4 would confirm that a short-term low has been posted. If July extends this spring’s decline, the 75% retracement level of the January-May rally crossing at 6.56 is the next downside target. First resistance is the 20-day moving average crossing at 7.28 1/4. Second resistance is the reaction high crossing at 7.53 3/4. First support is the 62% retracement level of the January-May rally crossing at 6.83 3/4. Second support is the 75% retracement level of the January-May rally crossing at 6.56.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

July soybeans were lower overnight as it extends the decline off May’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May’s high, May’s low crossing at 14.41 3/4 is the next downside target. Closes above the 20-day moving average crossing at 14.84 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.84. Second resistance is May’s high crossing at 15.36 3/4. First support is the overnight low crossing at 14.52. Second support is May’s low crossing at 14.41 3/4.

July soybean meal was lower overnight as it extends the decline off last week’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, May’s low crossing at 471.00 is the next downside target. If July renews this year’s rally, weekly resistance crossing at 527.70 is the next upside target. First resistance is last Monday’s high crossing at 509.40. Second resistance is weekly resistance crossing at 527.70. First support is the overnight low crossing at 480.00. Second support is May’s low crossing at 471.00.

July soybean oil was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 39.90 would confirm that a short-term low has been posted. If July renews the decline off April’s high, February’s low crossing at 37.47 is the next downside target. First resistance is the 20-day moving average crossing at 39.90. Second resistance is the reaction high crossing at 41.39. First support is last Tuesday’s low crossing at 37.76. Second support is February’s low crossing at 37.47.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16924.28 +88.17 +0.52%
NASDAQ COMPOSITE INDEX (COMBINED) 4319.78 +23.55 +0.54%
S&P 500 CASH 1949.44 +8.98 +0.46%
SPDR S&P 500 195.35 +0.90 +0.46%
QQQQ VOLATILITY INDEX 3.28 +0.42 +12.88%
iShares RUSSELL 2000 INDEX 115.82 +1.04 +0.90%

U.S. STOCK INDEXES

The June NASDAQ 100 was slightly lower overnight as it consolidates some of the rally off April’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April’s low, monthly resistance crossing at 3862.37 is the next upside target. Closes below the 20-day moving average crossing at 3680.31 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 3800.00. Second resistance is monthly resistance crossing at 3862.37. First support is the 10-day moving average crossing at 3748.13. Second support is the 20-day moving average crossing at 3680.31.

The June S&P 500 was slightly lower overnight as it consolidates some of the rally off April’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1904.98 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1949.80. Second resistance is unknown. First support is the 10-day moving average crossing at 1926.27. Second support is the 20-day moving average crossing at 1904.98.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 135.06250 -0.31250 -0.23%
iShares FLOATING RATE NOTE 50.7351 -0.0049 -0.01%
5 YEAR T-NOTES Sep 2014 118.953125 -0.179688 -0.15%
ULTRA T-BONDS Sep 2014 146.93750 -0.37500 -0.25%
POWERSHARES SENIOR LOAN PORTF 24.90 0.00 0.00%

INTEREST RATES

June T-bonds were lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May’s high, the 38% retracement level of the January-May-rally crossing at 134-12 is the next downside target. Closes above the 10-day moving average crossing at 137-02 are needed to confirm that a short-term low has been posted. First resistance is May’s high crossing at 139-03. Second resistance is weekly resistance crossing at 140-16. First support is the 25% retracement level of the January-May-rally crossing at 136-00. Second support is the 38% retracement level of the January-May-rally crossing at 134-12.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 200.525 +0.700 +0.35%
LEAN HOGS Aug 2014 129.300 +1.100 +0.85%
LIVE CATTLE Aug 2014 141.300 -0.025 -0.02%
IPATH DJ-UBS LIVESTOCK TRUST SUB 31.5200 +0.4099 +1.30%

LIVESTOCK

July hogs closed up $0.68 at $122.17.

July hogs closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 123.77 are needed to confirm that a short-term low has been posted. If July renews the decline off April’s high, the 25% retracement level of the 2013-2014-rally crossing at 118.10 is the next downside target. First resistance is the 20-day moving average crossing at 123.77. Second resistance is the reaction high crossing at 127.20. First support is the 25% retracement level of the 2013-2014-rally crossing at 118.10. Second support is April’s low crossing at 114.65.

August cattle closed up $1.15 at 141.32.

August cattle closed higher on Thursday and posted a new contract high as it extends this year’s rally. The high-range close sets the stage for a steady to higher opening when Friday’s session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off last week’s low, weekly resistance crossing at 142.60 is the next upside target. Closes below the 20-day moving average crossing at 138.73 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 141.40. Second resistance is weekly resistance crossing at 142.60. First support is the 20-day moving average crossing at 138.73. Second support is the reaction low crossing at 136.50.

August feeder cattle closed up $1.05 at $199.82.

August Feeder cattle closed higher on Thursday and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 194.89 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 199.85. Second resistance is unknown. First support is the 10-day moving average crossing at 196.58. Second support is the 20-day moving average crossing at 194.89.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2014 1256.4 +3.9 +0.31%
SPDR GOLD SHARES 120.65 -0.01 -0.01%
SILVER Jul 2014 19.120 +0.129 +0.68%
PALLADIUM Sep 2014 844.35 +0.10 +0.01%
DIREXION DAILY GOLD MINERS BEA 27.7499 +0.0499 +0.18%
POWERSHARES DB PRECIOUS METALS 40.19 -0.01 -0.02%

PRECIOUS METALS

August gold was higher overnight. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1273.60 are needed to confirm that a short-term low has been posted. If August extends the decline off April’s high, the 75% retracement level of the January-March-rally crossing at 1237.50 is the next downside target. First resistance is the 10-day moving average crossing at 1252.40. Second resistance is the 20-day moving average crossing at 1273.60. First support is the 75% retracement level of the January-March-rally crossing at 1237.50. Second support is the 87% retracement level of the January-March-rally crossing at 1212.80.

July silver was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 19.200 would confirm that a low has been posted. If July renews the decline off May’s high, monthly support crossing at 15.34 is the next downside target. First resistance is the 20-day moving average crossing at 19.200. Second resistance is the reaction high crossing at 20.005. First support is the reaction low crossing at 18.61. Second support is monthly support crossing at 15.34.

July copper was lower overnight as it extends the decline off May’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, May’s low crossing at 300.30 is the next downside target. Closes above the 20-day moving average crossing at 313.34 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 313.34. Second resistance is May’s high crossing at 319.25. First support is the overnight low crossing at 301.85. Second support is May’s low crossing at 300.30.


 

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3. INTC INTEL 28.17 +0.51 +1.81% 34,626,000 +100    Entry Signal
4. GE GENERAL ELECTRIC 27.14 +0.37 +1.36% 29,780,872 +100    Entry Signal
5. MSFT MICROSOFT 41.48 +0.27 +0.65% 23,928,157 +100    Entry Signal
6. HCT AMERICAN REALTY CAPITAL HEALTH 10.97 -0.01 -0.09% 16,706,640 +100    Entry Signal
7. AA ALCOA 14.34 +0.34 +2.37% 15,110,961 +100    Entry Signal
8. BRCM BROADCOM 38.024 +0.410 +1.08% 10,488,451 +100    Entry Signal
9. WY WEYERHAEUSER 31.340 +0.050 +0.16% 9,799,492 +90    Entry Signal
10. CIM CHIMERA INVESTMENT 3.265 -0.035 -1.07% 9,560,207 +90    Entry Signal
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3. CL.N14.E CRUDE OIL Jul 2014 103.36 +0.70 +0.68% 18,626 +100    Entry Signal
4. CL.Q14.E CRUDE OIL Aug 2014 102.64 +0.70 +0.69% 5,399 +100    Entry Signal
5. M6A.M14.E E-MICRO AUD/USD Jun 2014 0.9355 +0.0021 +0.23% 439 +100    Entry Signal
6. NQ.U14.E NASDAQ 100 INDEX (E-MINI) Sep 2014 3788.25 -2.50 -0.07% 137 +100    Entry Signal
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8. SF.N15.E SUGAR #16 Jul 2015 25.88 -0.27 -1.04% 95 +100    Entry Signal
9. AJY.M14.E AUSTRALIAN $/JAPANESE YEN Jun 2014 95.86 +0.16 +0.17% 49 +100    Entry Signal
10. CL.V15.E CRUDE OIL Oct 2015 91.54 +0.05 +0.05% 35 +100    Entry Signal

Key Market Reports and Commentary for Tuesday 20/05/2014

Morning Markets Report
Prepared for Alessandro on Tuesday, May 20, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is up 5 points to 16486. The US Dollar Index rose 0.017 points to 80.041. Gold has retreated 1.48 dollars to 1292.94. Silver is trending higher 0.004 dollars to 19.395. The Dow Industrials edged higher by 20.55 points, at 16511.86, while the S&P 500 advanced 7.22 points, last seen at 1885.08. The Nasdaq Composite climbed 37.60 points to 4128.19. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
The Summer Doldrums: Are They Here Already?
Monday May 19th

Chart of The Week – Live Cattle
Monday May 19th

Advanced Trading Applications of Candlestick Charting
Sunday May 18th

Key Events for Tuesday

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -0.1%)

Chain Store Sales Index – YoY (previous +3.9%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +1.1%)

12MonChgPct (previous +4.2%)

52WkChgPct (previous +4.2%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +0.91M)

Gasoline Stocks (Net Change) (previous -2M)

Distillate Stocks (Net Change) (previous +0.88M)

Refinery Runs (previous

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 363.4)

Market Composite Index Cur Chg (previous +3.6%)

Purchase Index (S.A.) (previous 185.1)

Purchase Index (S.A.) Cur Chg (previous -0.1%)

Refinance Index (previous 1386.4)

Refinance Index Cur Chg (previous +6.8%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 398.52M)

Crude Oil Stocks (Net Change) (previous +0.95M)

Gasoline Stocks (previous 212.41M)

Gasoline Stocks (Net Change) (previous -0.77M)

Distillate Stocks (previous 112.88M)

Distillate Stocks (Net Change) (previous -1.12M)

Refinery Usage (previous 88.8%)

Total Products Supplied (previous 19.45M)

Total Products Supplied (Net Change) (previous +0.9M)

 


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.041 +0.017 +0.02%
POWERSHARES DB US DOLLAR INDEX 21.3850 -0.0050 -0.02%
US Dollar/Canadian Dollar 1.08864 +0.00131 +0.12%
Euro/US Dollar 1.369615 -0.001535 -0.11%
JAPANESE YEN Jun 2014 0.009868 -0.000004 -0.04%
SWISS FRANC Jun 2014 1.1214 -0.0002 -0.02%

CURRENCIES

The June Dollar was slightly higher overnight as it extends the trading range of the past five days. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 79.79 are needed to confirm that a short-term top has been posted. If June renews this month’s rally, April’s high crossing at 80.77 is the next upside target. First resistance is last Thursday’s high crossing at 80.40. Second resistance is April’s high crossing at 80.77. First support is the 20-day moving average crossing at 79.79. Second support is this month’s low crossing at 78.93.

The June Euro was slightly lower overnight as it extends the trading range of the past five days. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3801 are needed to confirm that a low has been posted. If June renews this month’s decline, the 38% retracement level of the 2013-2014-rally crossing at 135.45 is the next downside target. First resistance is the 20-day moving average crossing at 1.3801. Second resistance is this month’s high crossing at 139.93. First support is last Thursday’s low crossing at 136.45. Second support is the 38% retracement level of the 2013-2014-rally crossing at 135.45.

The June British Pound was slightly higher overnight as it rebounds off last Thursday’s low. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 1.6842 are needed to confirm that a short-term top has been posted. If June renews the decline off this month’s high, the reaction low crossing at 1.6640 is the next downside target. First resistance is the 10-day moving average crossing at 1.6842. Second resistance is this month’s high crossing at 1.6992. First support is the reaction low crossing at 1.6640. Second support is the reaction low crossing at 1.6545.

The June Swiss Franc was slightly lower overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1.1320 are needed to confirm that a low has been posted. If June extends this month’s decline, the 75% retracement level of the January-March-rally crossing at 1.1160 is the next downside target. First resistance is the 20-day moving average crossing at 1.1320. Second resistance is this month’s high crossing at 1.1493. First support is the 62% retracement level of the January-March-rally crossing at 1.1160. Second support is the 75% retracement level of the January-March-rally crossing at 1.1086.

The June Canadian Dollar was slightly lower overnight. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 91.41 would confirm that a short-term top has been posted. If June renews the rally off March’s low, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next upside target. First resistance is the reaction high crossing at 92.40. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is the 20-day moving average crossing at 91.41. Second support is the reaction low crossing at 90.35.

The June Japanese Yen was slightly lower overnight. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. From a broad perspective, June needs to close above .9930 or below .9598 to confirm a breakout of a three and a half-month old trading range. First resistance is Monday’s high crossing at .9893. Second resistance is February’s high crossing at .9930. First support is the reaction low crossing at .9687. Second support is April’s low crossing at .9598.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Jul 2014 102.36 +0.25 +0.24%
NY HARBOR ULSD HEATING OIL Jul 2014 2.9357 -0.0011 -0.04%
NATURAL GAS Jul 2014 4.451 -0.022 -0.49%
RBOB GASOLINE Jul 2014 2.9439 -0.0052 -0.18%
POWERSHARES DWA ENERGY MOMENT 58.472 +0.402 +0.69%
UNITED STATES GASOLINE 60.49 -0.18 -0.30%

ENERGIES

June Nymex crude oil was higher overnight as it extends this month’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, April’s high crossing at 104.10 is the next upside target. Closes below the 20-day moving average crossing at 100.93 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 103.09. Second resistance is April’s high crossing at 104.10. First support is the 38% retracement level of the January-April-rally crossing at 99.10. Second support is the 50% retracement level of the January-April-rally crossing at 97.54.

June heating oil was slightly higher overnight as it consolidates some of Monday’s decline. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off this month’s low, April’s high crossing at 301.58 is the next upside target. Closes below the 10-day moving average crossing at 293.68 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 297.25. Second resistance is April’s high crossing at 301.58. First support is the 10-day moving average crossing at 293.68. Second support is May’s low crossing at 288.56.

June unleaded gas was lower overnight as it consolidates some of the rally off this month’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, April’s high crossing at 306.10 is the next upside target. Closes below the 10-day moving average crossing at 293.96 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 299.94. Second resistance is April’s high crossing at 306.10. First support is the 10-day moving average crossing at 293.96. Second support is the 62% retracement level of the January-April-rally crossing at 287.65.

June Henry natural gas was lower overnight. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 4.613 would confirm that a short-term low has been posted. If June renews this month’s decline, the 50% retracement level of the November-February rally crossing at 4.214 is the next downside target. First resistance is the 10-day moving average crossing at 4.481. Second resistance is the 20-day moving average crossing at 4.613. First support is last Thursday’s low crossing at 4.289. Second support is the 50% retracement level of the November-February rally crossing at 4.214.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2014 2938 +8 +0.27%
COFFEE Jul 2014 184.8 +1.3 +0.71%
ORANGE JUICE-A Jul 2014 156.20 +1.60 +1.02%
IPATH DJ-UBS SUGAR TRUST 56.69 -0.33 -0.58%
IPATH DJ-UBS SOFTS TRUST 52.38 -2.07 -3.95%

FOOD & FIBER

SOFTS: July sugar closed down 14 points at 17.77 cents today. Prices closed nearer the session low today and saw more profit taking. Sugar bulls have the slight near-term technical advantage.

July coffee closed down 155 points at 183.50 cents today. Prices closed near the session low today and saw more profit taking and weak long liquidation. The bulls have the overall near-term technical advantage. However, prices are still in a four-week-old downtrend on the daily bar chart.

July cocoa closed up $9 at $2,926 a ton today. Prices closed nearer the session high, hit a two-week high and scored a bullish “outside day” up on the daily bar chart. Cocoa bears still have the slight overall near-term technical advantage.

July cotton closed down 67 points at 89.15 cents today. Prices closed near the session low and hit a fresh nine- week low today. The bulls have lost their near-term technical advantage.

July orange juice closed up 120 points at $1.5630 today. Prices closed nearer the session high on short covering after hitting a six-week low on Friday. The FCOJ bulls and bears are on a level near-term technical playing field.

July lumber futures closed up $1.00 at $325.20 today. Prices closed near the session low. Bears have the solid near-term technical advantage.

 


 

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Grains Snapshot
Symbol Last Change %
CORN Jul 2014 478.00 +0.75 +0.16%
OATS Jul 2014 333.50 +1.50 +0.45%
WHEAT Jul 2014 683.25 +8.75 +1.30%
TEUCRIUM CORN 32.80 -0.39 -1.19%
IPATH DJ-UBS GRAINS TRUST 48.75 -0.32 -0.65%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4100 +0.0100 +0.16%
SOYBEANS Jul 2014 1493.25 +8.00 +0.54%
SOYBEAN (MINI) Nov 2014 1246.00 +7.25 +0.59%
SOYBEAN MEAL Jul 2014 494.8 +4.3 +0.88%
TEUCRIUM SOYBEAN 25.7701 +0.3101 +1.20%

GRAINS

July corn was higher due to short covering overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the 50% retracement level of this year’s rally crossing at 4.73 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.03 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.96. Second resistance is the 20-day moving average crossing at 5.03 3/4. First support is Monday’s low crossing at 4.76 1/4. Second support is the 50% retracement level of this year’s rally crossing at 4.73 1/4.

July wheat was higher due to short covering overnight as it rebounds off the 38% retracement level of this year’s rally crossing at 6.72 3/4. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7.07 1/4 would confirm that a low has been posted. If July extends this month’s decline, the 50% retracement level of this year’s rally crossing at 6.50 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.07 1/4. Second resistance is May’s high crossing at 7.44. First support is Monday’s low crossing at 6.62 3/4. Second support is the 50% retracement level of this year’s rally crossing at 6.50 3/4.

July Kansas City Wheat closed up 1-cents at 7.68 3/4.

July Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the reaction low crossing at 7.41 3/4 is the next downside target. Closes above the 10-day moving average crossing at 8.12 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.12 3/4. Second resistance is this month’s high crossing at 8.49 1/2. First support is the reaction low crossing at 7.41 3/4. Second support is April’s low crossing at 7.26.

July Minneapolis wheat was higher due to short covering overnight as it consolidates some of the decline off May’s high. The high-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the 50% retracement level of the January-May rally crossing at 7.08 1/2 is the next downside target. Closes above the 10-day moving average crossing at 7.75 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.75 1/2. Second resistance is May’s high crossing at 8.13 1/2. First support is the 38% retracement level of the January-May rally crossing at 7.33 1/2. Second support is the 50% retracement level of the January-May rally crossing at 7.08 1/2.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

July soybeans were higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last week’s low, April’s high crossing at 15.21 is the next upside target. If July renews the decline off April’s high, the 38% retracement level of this year’s rally crossing at 14.11 1/2 is the next downside target. First resistance is April’s high crossing at 15.21. Second resistance is weekly resistance crossing at 15.61. First support is the 25% retracement level of this year’s rally crossing at 14.49 1/2. Second support is the 38% retracement level of this year’s rally crossing at 14.11 1/2.

July soybean meal was higher overnight and posted a new contract high as it extends this year’s rally. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends this year’s rally, weekly resistance crossing at 505.90 is the next upside target. Closes below the reaction low crossing at 471.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 495.90. Second resistance is weekly resistance crossing at 505.90. First support is the reaction low crossing at 471.00. Second support is the reaction low crossing at 467.00.

July soybean oil was lower overnight as it extends the decline off April’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April’s high, March’s low crossing at 40.08 is the next downside target. Closes above the 20-day moving average crossing at 41.54 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 41.54. Second resistance is April’s high crossing at 43.95. First support is March’s low crossing at 40.08. Second support is the 75% retracement level of the February-March rally crossing at 39.38.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16511.86 +20.55 +0.12%
NASDAQ COMPOSITE INDEX (COMBINED) 4128.19 +37.60 +0.91%
S&P 500 CASH 1885.08 +7.22 +0.38%
SPDR S&P 500 188.88 +0.83 +0.44%
QQQQ VOLATILITY INDEX 14.23 -0.22 -1.55%
iShares RUSSELL 2000 INDEX 110.77 +1.20 +1.08%

U.S. STOCK INDEXES

The June NASDAQ 100 was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April’s low, April’s high crossing at 3669.00 is the next upside target. Closes below the reaction low crossing at 3497.50 would confirm that a short-term top has been posted. First resistance is April’s high crossing at 3669.00. Second resistance is March’s high crossing at 3733.25. First support is the reaction low crossing at 3497.50. Second support is the reaction low crossing at 3480.50.

The June S&P 500 was lower overnight following a two-day bounce off last Thursday’s low. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near-term. If June resumes this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the reaction low crossing at 1855.00 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last Tuesday’s high crossing at 1898.50. Second resistance is unknown. First support is the reaction low crossing at 1855.00. Second support is the reaction low crossing at 1844.50.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 136.93750 -0.03125 -0.02%
iShares FLOATING RATE NOTE 50.75 -0.01 -0.02%
5 YEAR T-NOTES Jun 2014 120.226563 -0.023438 -0.02%
ULTRA T-BONDS Jun 2014 149.68750 +0.03125 +0.02%
POWERSHARES SENIOR LOAN PORTF 24.75 -0.02 -0.08%

INTEREST RATES

June T-bonds were slightly higher overnight as it consolidates some of the decline off last Thursday’s high. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 135-27 would confirm that a short-term top has been posted. If June extends this year’s rally, weekly resistance crossing at 140-16 is the next upside target. First resistance is last Thursday’s high crossing at 138-04. Second resistance is weekly resistance crossing at 140-16. First support is the 20-day moving average crossing at 135-27. Second support is the reaction low crossing at 135-05.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 196.20 +0.55 +0.28%
LEAN HOGS Jul 2014 125.775 +0.100 +0.08%
LIVE CATTLE Aug 2014 140.425 -0.125 -0.09%
IPATH DJ-UBS LIVESTOCK TRUST SUB 31.4700 +0.3500 +1.11%

LIVESTOCK

LIVESTOCK: June live cattle closed up $1.60 at $139.50 Monday. Prices closed near the session high today and closed at a fresh contract high close. Perceived bargain hunting following recent selling pressure pushed prices sharply up. A neutral USDA cattle-on-feed report on Friday was quickly discounted by traders. The bulls have the solid overall near-term technical advantage and gained fresh upside momentum today.

August feeder cattle closed up $2.32 at $195.65 Monday. Prices soared to a fresh contract high today. Bulls have the solid overall near-term technical advantage and gained more power today.

June lean hogs closed up $0.087 at $119.80 Monday. Prices closed near the session high on short covering after hitting a six-week low early on. The bears have the overall near-term technical advantage. A nine-week-old downtrend line is in place on the daily bar chart.

 


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1290.9 -2.9 -0.22%
SPDR GOLD SHARES 124.56 +0.06 +0.05%
SILVER Jul 2014 19.320 -0.033 -0.17%
PALLADIUM Jun 2014 819.1 +3.5 +0.43%
DIREXION DAILY GOLD MINERS BEA 25.50 +0.02 +0.08%
POWERSHARES DB PRECIOUS METALS 41.4400 -0.0250 -0.06%

PRECIOUS METALS

June gold was lower overnight while extending the trading range of the past seven weeks. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off April’s high, the 62% retracement level of the January-March-rally crossing at 1265.10 is the next downside target. If June renews the rally off April’s low, April’s high crossing at 1331.40 is the next upside target. First resistance is April’s high crossing at 1331.40. Second resistance is the reaction high crossing at 1343.20. First support is the 62% retracement level of the January-March-rally crossing at 1265.10. Second support is the 75% retracement level of the January-March-rally crossing at 1237.80.

July silver was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 19.045 would temper the near-term friendly outlook. If July renews this month’s rally, April’s high crossing at 20.430 is the next upside target. First resistance is last Wednesday’s high crossing at 20.005. Second resistance is April’s high crossing at 20.430. First support is the reaction low crossing at 19.045. Second support is May’s low crossing at 18.685.

July copper was lower overnight as it consolidates some of the rally off March’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last Friday’s low, the 62% retracement level of the January-March-decline crossing at 319.64 is the next upside target. Closes below the 20-day moving average crossing at 309.27 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at 319.64. Second resistance is the 75% retracement level of the January-March-decline crossing at 326.63. First support is the 20-day moving average crossing at 309.27. Second support is the reaction low crossing at 300.30.


 

Top Stocks
# symbol name last net % volume score triangles
1. T AT&T 36.39 -0.35 -0.96% 75,420,198 +100    Entry Signal
2. CSCO CISCO SYSTEMS 24.350 -0.020 -0.08% 38,499,190 +90    Entry Signal
3. JCP JC PENNEY 9.36 -0.37 -3.95% 25,569,184 +90    Entry Signal
4. VZ VERIZON COMMUNICATIONS 49.195 +0.125 +0.25% 16,887,887 +90    Entry Signal
5. AMAT APPLIED MATERIALS 20.12 -0.09 -0.45% 16,272,516 +90    Entry Signal
6. EMC EMC 26.36 +0.11 +0.42% 9,442,671 +100    Entry Signal
7. USB US BANCORP 41.35 +0.46 +1.11% 7,912,306 +100    Entry Signal
8. SRC SPIRIT REALTY CAPITAL 11.3600 -0.0300 -0.26% 7,601,588 +90    Entry Signal
9. S SPRINT 9.125 +0.115 +1.26% 7,080,632 +100    Entry Signal
10. ATVI ACTIVISION BLIZZARD 20.78 +0.43 +2.07% 7,051,634 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ED.Z15 EURODOLLAR Dec 2015 99.105 +0.030 +0.03% 149,188 +100    Entry Signal
2. ED.H16 EURODOLLAR Mar 2016 98.850 +0.035 +0.04% 142,488 +100    Entry Signal
3. ED.H17 EURODOLLAR Mar 2017 97.810 +0.025 +0.03% 87,398 +100    Entry Signal
4. ED.U17 EURODOLLAR Sep 2017 97.415 +0.010 +0.01% 62,694 +100    Entry Signal
5. GE.Z15.E EURODOLLAR Dec 2015 99.100 -0.005 -0.01% 34,465 +100    Entry Signal
6. GE.U15.E EURODOLLAR Sep 2015 99.330 -0.005 -0.01% 29,987 +100    Entry Signal
7. CL.N14.E CRUDE OIL Jul 2014 102.36 +0.25 +0.24% 21,802 +100    Entry Signal
8. YM.M14.E DJ $5 (E-MINI) Jun 2014 16486 +5 +0.03% 17,831 +100    Entry Signal
9. CL.Q14.E CRUDE OIL Aug 2014 101.40 +0.21 +0.21% 4,007 +100    Entry Signal
10. CL.M14.E CRUDE OIL Jun 2014 102.78 +0.17 +0.17% 3,169 +100    Entry Signal

Key Market Reports and Commentary for Monday 19/05/2014

Morning Markets Report
Prepared on Monday, May 19, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has slid 36 points to 16429. The US Dollar Index softened 0.059 points to 79.954. Gold has gained 5.625 dollars to 1300.535. Silver has gained 0.09600 dollars to 19.54500. The Dow Industrials gained 44.50 points, at 16491.31, while the S&P 500 climbed 7.01 points, last seen at 1877.86. The Nasdaq Composite trended higher 20.08 points to 4089.37. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Advanced Trading Applications of Candlestick Charting
Sunday May 18th

Yellen’s Wand Is Running Low on Magic
Saturday May 17th

Weekly Futures Recap With Mike Seery
Friday May 16th

Key Events for Monday

No Economic Reports

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -0.1%)

Chain Store Sales Index – YoY (previous +3.9%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +1.1%)

12MonChgPct (previous +4.2%)

52WkChgPct (previous +4.2%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +0.91M)

Gasoline Stocks (Net Change) (previous -2M)

Distillate Stocks (Net Change) (previous +0.88M)

Refinery Runs (previous 89.1%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 79.954 -0.059 -0.08%
POWERSHARES DB US DOLLAR INDEX 21.40 +0.01 +0.05%
US Dollar/Canadian Dollar 1.085560 -0.000395 -0.04%
Euro/US Dollar 1.37195 +0.00140 +0.10%
JAPANESE YEN Jun 2014 0.009889 +0.000036 +0.37%
SWISS FRANC Jun 2014 1.1221 +0.0005 +0.04%

CURRENCIES

The June Dollar was lower overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 79.78 are needed to confirm that a short-term top has been posted. If June extends this month’s rally, April’s high crossing at 80.77 is the next upside target. First resistance is last Thursday’s high crossing at 80.40. Second resistance is April’s high crossing at 80.77. First support is the 20-day moving average crossing at 79.78. Second support is this month’s low crossing at 78.93.

The June Euro was slightly higher overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3807 are needed to confirm that a low has been posted. If June extends the aforementioned decline, the 38% retracement level of the 2013-2014-rally crossing at 135.45 is the next downside target. First resistance is the 20-day moving average crossing at 1.3807. Second resistance is this month’s high crossing at 139.93. First support is last Thursday’s low crossing at 136.45. Second support is the 38% retracement level of the 2013-2014-rally crossing at 135.45.

The June British Pound was steady to slightly lower overnight. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 1.6858 are needed to confirm that a short-term top has been posted. If June extends the decline off this month’s high, the reaction low crossing at 1.6640 is the next downside target. First resistance is the 10-day moving average crossing at 1.6858. Second resistance is this month’s high crossing at 1.6992. First support is the reaction low crossing at 1.6640. Second support is the reaction low crossing at 1.6545.

The June Swiss Franc was slightly higher overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1.1324 are needed to confirm that a low has been posted. If June extends this month’s decline, the 75% retracement level of the January-March-rally crossing at 1.1160 is the next downside target. First resistance is the 20-day moving average crossing at 1.1324. Second resistance is this month’s high crossing at 1.1493. First support is the 62% retracement level of the January-March-rally crossing at 1.1160. Second support is the 75% retracement level of the January-March-rally crossing at 1.1086.

The June Canadian Dollar was slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March’s low, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next upside target. Closes below the 20-day moving average crossing at 91.35 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 92.40. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is the 20-day moving average crossing at 91.35. Second support is the reaction low crossing at 90.35.

The June Japanese Yen was higher overnight as it extends this month’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. From a broad perspective, June needs to close above .9930 or below .9598 to confirm a breakout of a three and a half-month old trading range. First resistance is March’s high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is the reaction low crossing at .9687. Second support is April’s low crossing at .9598.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Jul 2014 102.26 +0.68 +0.67%
NY HARBOR ULSD HEATING OIL Jul 2014 2.9616 +0.0130 +0.44%
NATURAL GAS Jul 2014 4.468 +0.047 +1.06%
RBOB GASOLINE Jul 2014 2.9709 +0.0154 +0.52%
POWERSHARES DWA ENERGY MOMENT 57.9351 -0.3824 -0.66%
UNITED STATES GASOLINE 60.7000 +0.2800 +0.46%

ENERGIES

June Nymex crude oil was higher overnight as it extends this month’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, April’s high crossing at 104.10 is the next upside target. Closes below the 20-day moving average crossing at 100.88 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 102.77. Second resistance is April’s high crossing at 104.10. First support is the 38% retracement level of the January-April-rally crossing at 99.10. Second support is the 50% retracement level of the January-April-rally crossing at 97.54.

June heating oil was higher overnight as it extends the rally off this month’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off this month’s low, April’s high crossing at 301.58 is the next upside target. Closes below the 10-day moving average crossing at 293.38 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 297.25. Second resistance is April’s high crossing at 301.58. First support is the 10-day moving average crossing at 293.38. Second support is May’s low crossing at 288.56.

June unleaded gas was higher overnight as it extends the rally off this month’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, April’s high crossing at 306.10 is the next upside target. Closes below the 10-day moving average crossing at 293.52 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 299.94. Second resistance is April’s high crossing at 306.10. First support is the 10-day moving average crossing at 293.50. Second support is the 62% retracement level of the January-April-rally crossing at 287.65.

June Henry natural gas was higher overnight. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 4.627 would confirm that a short-term low has been posted. If June renews this month’s decline, the 50% retracement level of the November-February rally crossing at 4.214 is the next downside target. First resistance is the 10-day moving average crossing at 4.513. Second resistance is the 20-day moving average crossing at 4.627. First support is last Thursday’s low crossing at 4.289. Second support is the 50% retracement level of the November-February rally crossing at 4.214.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2014 2899 -18 -0.62%
COFFEE Jul 2014 185.65 +0.60 +0.32%
ORANGE JUICE-A Jul 2014 155.10 -1.15 -0.74%
IPATH DJ-UBS SUGAR TRUST 57.09 -0.89 -1.56%
IPATH DJ-UBS SOFTS TRUST 52.38 -2.07 -3.93%

FOOD & FIBER

July coffee closed lower on Friday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 20.02 would confirm that a short-term low has been posted. If July renews this month’s decline, the 38% retracement level of the January-April-rally crossing at 18.02 is the next downside target.

July cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple close above the 20-day moving average crossing at 29.32 are needed to confirm that a low has been posted. If July renews the decline off March’s high, weekly support crossing at 28.14 is the next downside target.

July sugar closed lower on Friday as it consolidates some of this week’s rally. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, the reaction high crossing at 18.42 is the next upside target. Closes below the 10-day moving average crossing at 17.58 would confirm that a short-term top has been posted.

July cotton closed lower on Friday as it extends this month’s decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week’s decline, the 38% retracement level of the November-March-rally crossing at 89.50 is the next downside target. Closes above the 20-day moving average crossing at 92.67 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Jul 2014 479.00 -4.50 -0.93%
OATS Jul 2014 331 -6 -1.78%
WHEAT Jul 2014 670.75 -3.50 -0.52%
TEUCRIUM CORN 33.095 -0.045 -0.14%
IPATH DJ-UBS GRAINS TRUST 49.036 -0.244 -0.50%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4201 -0.1399 -2.19%
SOYBEANS Jul 2014 1465.00 0.00 0.00%
SOYBEAN (MINI) Nov 2014 1221.5 +5.5 +0.45%
SOYBEAN MEAL Jul 2014 481.5 +1.3 +0.27%
TEUCRIUM SOYBEAN 25.4113 -0.0087 -0.03%

GRAINS

July corn was lower overnight as it extends this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the 50% retracement level of this year’s rally crossing at 4.73 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.05 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.05. Second resistance is the reaction high crossing at 5.22 3/4. First support is the overnight low crossing at 4.77 3/4. Second support is the 50% retracement level of this year’s rally crossing at 4.73 1/4.

July wheat was lower overnight as it extends the decline off this month’s high. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week’s decline, the 50% retracement level of this year’s rally crossing at 6.50 3/4 is the next downside target. Closes above the 10-day moving average crossing at 7.07 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 7.07. Second resistance is May’s high crossing at 7.44. First support is the overnight low crossing at 6.65 1/2. Second support is the 50% retracement level of this year’s rally crossing at 6.50 3/4.

July Kansas City Wheat closed down 11-cents at 7.67 3/4.

July Kansas City wheat closed lower on Friday as it extended this month’s decline. Today’s low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week’s decline, the reaction low crossing at 7.41 3/4 is the next downside target. Closes above the 10-day moving average crossing at 8.19 1/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.19 1/4. Second resistance is this month’s high crossing at 8.49 1/2. First support is the reaction low crossing at 7.41 3/4. Second support is April’s low crossing at 7.26.

July Minneapolis wheat was lower overnight as it extends the decline off May’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this week’s decline, the 50% retracement level of the January-May rally crossing at 7.08 1/2 is the next downside target. Closes above the 10-day moving average crossing at 7.80 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.80 1/4. Second resistance is May’s high crossing at 8.13 1/2. First support is the 38% retracement level of the January-May rally crossing at 7.33 1/2. Second support is the 50% retracement level of the January-May rally crossing at 7.08 1/2.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

July soybeans were fractionally lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April’s high, the 38% retracement level of this year’s rally crossing at 14.11 1/2 is the next downside target. If July extends the rally off last week’s low, April’s high crossing at 15.21 is the next upside target. First resistance is April’s high crossing at 15.21. Second resistance is weekly resistance crossing at 15.61. First support is the 25% retracement level of this year’s rally crossing at 14.49 1/2. Second support is the 38% retracement level of this year’s rally crossing at 14.11 1/2.

July soybean meal was slightly higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 471.00 would confirm that a short-term top has been posted. If July resumes this year’s rally, weekly resistance crossing at 505.90 is the next upside target. First resistance is April’s high crossing at 494.30. Second resistance is weekly resistance crossing at 505.90. First support is the reaction low crossing at 471.00. Second support is the reaction low crossing at 467.00.

July soybean oil was lower overnight as it renewed the decline off April’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April’s high, March’s low crossing at 40.08 is the next downside target. Closes above the 20-day moving average crossing at 41.68 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 41.68. Second resistance is April’s high crossing at 43.95. First support is March’s low crossing at 40.08. Second support is the 75% retracement level of the February-March rally crossing at 39.38.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16491.31 +44.50 +0.27%
NASDAQ COMPOSITE INDEX (COMBINED) 4089.37 +20.08 +0.49%
S&P 500 CASH 1877.86 +7.01 +0.37%
SPDR S&P 500 188.05 +0.65 +0.35%
QQQQ VOLATILITY INDEX 14.45 -0.83 -5.74%
iShares RUSSELL 2000 INDEX 109.5699 +0.6899 +0.63%

U.S. STOCK INDEXES

The June NASDAQ 100 was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 3497.50 would confirm that a short-term top has been posted. If June resumes the rally off April’s low, April’s high crossing at 3669.00 is the next upside target. First resistance is April’s high crossing at 3669.00. Second resistance is March’s high crossing at 3733.25. First support is the reaction low crossing at 3497.50. Second support is the reaction low crossing at 3480.50.

The June S&P 500 was lower overnight and is poised to extend last Thursday’s decline below the 20-day moving average. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1855.00 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If June resumes this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Tuesday’s high crossing at 1898.50. Second resistance is unknown. First support is the reaction low crossing at 1855.00. Second support is the reaction low crossing at 1844.50.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 137.50000 +0.06250 +0.05%
iShares FLOATING RATE NOTE 50.75 0.00 0.00%
5 YEAR T-NOTES Jun 2014 120.210938 +0.015625 +0.01%
ULTRA T-BONDS Jun 2014 150.6875 +0.1250 +0.08%
POWERSHARES SENIOR LOAN PORTF 24.775 +0.025 +0.10%

INTEREST RATES

June T-bonds were slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this year’s rally, weekly resistance crossing at 140-16 is the next upside target. Closes below the 20-day moving average crossing at 136-23 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 138-04. Second resistance is weekly resistance crossing at 140-16. First support is the 20-day moving average crossing at 135-23. Second support is the reaction low crossing at 135-05.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 193.325 +0.900 +0.47%
LEAN HOGS Jul 2014 125.250 -0.100 -0.08%
LIVE CATTLE Aug 2014 138.375 +0.550 +0.40%
IPATH DJ-UBS LIVESTOCK TRUST SUB 31.060 -0.222 -0.71%

LIVESTOCK

June hogs closed down $0.50 at $118.92.

June hogs closed lower on Friday as it extended the decline off April’s high. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April’s high, April’s low crossing at 118.55 is the next downside target. Closes above the 20-day moving average crossing at 122.20 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 122.20. Second resistance is the reaction high crossing at 124.70. First support is April’s low crossing at 118.55. Second support is the 38% retracement level of the 2012-2014-rally crossing at 115.98.

June cattle closed up $0.50 at 137.90.

June cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday’s session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes below the 20-day moving average crossing at 137.11 would confirm that a short-term top has been posted. If June renews the rally off April’s low, weekly resistance crossing at 144.03 is the next upside target. First resistance is the reaction high crossing at 139.85. Second resistance is weekly resistance crossing at 144.03. First support is the 20-day moving average crossing at 137.11. Second support is April’s low crossing at 133.95.

August feeder cattle closed up $0.90 at $193.32.

August Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 188.58 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 193.47. Second resistance is unknown. First support is the 20-day moving average crossing at 188.58. Second support is the May 2nd gap crossing at 187.75.


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1302.1 +8.7 +0.67%
SPDR GOLD SHARES 124.525 -0.245 -0.20%
SILVER Jul 2014 19.575 +0.246 +1.27%
PALLADIUM Jun 2014 821.75 +6.75 +0.83%
DIREXION DAILY GOLD MINERS BEA 25.45 +0.64 +2.51%
POWERSHARES DB PRECIOUS METALS 41.44 -0.14 -0.34%

PRECIOUS METALS

June gold was higher overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June renews the rally off April’s low, April’s high crossing at 1331.40 is the next upside target. If June renews the decline off April’s high, the 62% retracement level of the January-March-rally crossing at 1265.10 is the next downside target. First resistance is April’s high crossing at 1331.40. Second resistance is the reaction high crossing at 1343.20. First support is the 62% retracement level of the January-March-rally crossing at 1265.10. Second support is the 75% retracement level of the January-March-rally crossing at 1237.80.

July silver was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 19.045 would temper the near-term friendly outlook. If July renews this month’s rally, April’s high crossing at 20.430 is the next upside target. First resistance is last Wednesday’s high crossing at 20.005. Second resistance is April’s high crossing at 20.430. First support is the reaction low crossing at 19.045. Second support is May’s low crossing at 18.685.

July copper was higher overnight as it extends the rally off March’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last Friday’s low, the 62% retracement level of the January-March-decline crossing at 319.64 is the next upside target. Closes below the 20-day moving average crossing at 308.68 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at 319.64. Second resistance is the 75% retracement level of the January-March-decline crossing at 326.63. First support is the 20-day moving average crossing at 308.68. Second support is the reaction low crossing at 300.30.


 

Top Stocks
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1. JCP JC PENNEY 9.6904 +1.3204 +13.57% 94,912,882 +100    Entry Signal
2. CSCO CISCO SYSTEMS 24.370 +0.190 +0.78% 40,409,112 +100    Entry Signal
3. AMAT APPLIED MATERIALS 20.21 +1.52 +7.52% 38,137,281 +100    Entry Signal
4. VZ VERIZON COMMUNICATIONS 49.065 +1.105 +2.25% 28,290,203 +90    Entry Signal
5. S SPRINT 9.01 -0.52 -5.77% 22,451,750 +90    Entry Signal
6. T AT&T 36.735 +0.215 +0.59% 22,344,274 +100    Entry Signal
7. SYMC SYMANTEC 22.44 +0.13 +0.58% 11,704,659 +100    Entry Signal
8. SRC SPIRIT REALTY CAPITAL 11.385 +0.135 +1.19% 10,835,837 +100    Entry Signal
9. VALE.P VALE SA 12.47 -0.22 -1.76% 9,077,124 +90    Entry Signal
10. JWN NORDSTROM 70.55 +9.06 +12.84% 8,206,017 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ZF.M14.E 5 YEAR T-NOTES Jun 2014 120.210938 +0.015625 +0.01% 57,165 +100    Entry Signal
2. ED.U17 EURODOLLAR Sep 2017 97.405 -0.015 -0.02% 51,324 +100    Entry Signal
3. CL.N14.E CRUDE OIL Jul 2014 102.26 +0.68 +0.67% 23,348 +100    Entry Signal
4. GE.U15.E EURODOLLAR Sep 2015 99.310 0.000 0.00% 20,878 +100    Entry Signal
5. CL.M14.E CRUDE OIL Jun 2014 102.74 +0.72 +0.70% 9,461 +100    Entry Signal
6. PL.N14.E PLATINUM Jul 2014 1481.4 +15.3 +1.04% 3,140 +100    Entry Signal
7. CL.Q14.E CRUDE OIL Aug 2014 101.39 +0.63 +0.62% 2,812 +100    Entry Signal
8. CL.Z14.E CRUDE OIL Dec 2014 97.50 +0.46 +0.47% 1,872 +100    Entry Signal
9. CL.U14.E CRUDE OIL Sep 2014 100.41 +0.59 +0.59% 1,892 +100    Entry Signal
10. SB.H15.E SUGAR #11-WORLD Mar 2015 19.42 +0.06 +0.31% 1,055 +100    Entry Signal

Key Market Reports and Commentary for Friday 11/04/2014

Morning Markets Report
Prepared on Friday, April 11, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has slipped 73 points to 16037. The US Dollar Index advanced 0.076 points to 79.487. Gold is up 3.380 dollars to 1322.805. Silver is up 0.0995 dollars to 20.1220. The Dow Industrials declined 266.96 points, at 16170.22, while the S&P 500 softened 39.10 points, last seen at 1833.08. The Nasdaq Composite moved lower 125.57 points to 4058.33. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
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Key Events for Friday

8:30 AM ET. March PPI

PPI Final Demand (expected +0.1%; previous -0.1%)

PPI, Ex-Food & Energy (expected +0.2%; previous -0.2%)

PPI Personal Consumption

9:55 AM ET. April Thomson Reuters / University of Michigan Survey of Consumers – preliminary

Sentiment Index Mid Month (expected 81; previous 79.9)

Expectations Index Mid Month (previous 69.4)

Value (Current Period) Mid Month (previous 96.1)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 79.487 +0.076 +0.10%
POWERSHARES DB US DOLLAR INDEX 21.255 -0.015 -0.07%
US Dollar/Canadian Dollar 1.092995 -0.000110 -0.01%
Euro/US Dollar 1.38957 +0.00004 0.00%
JAPANESE YEN Jun 2014 0.009866 +0.000006 +0.06%
SWISS FRANC Jun 2014 1.1417 -0.0002 -0.02%

CURRENCIES

The June Dollar was slightly higher due to short covering overnight as it consolidates some of this week’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week’s decline, weekly support crossing at 78.91 is the next downside target. Closes above the 10-day moving average crossing at 80.07 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 80.07. Second resistance is the 62% retracement level of the January-March-decline crossing at 80.78. First support is March’s low crossing at 79.37. Second support is weekly support crossing at 78.91.

The June Euro was slightly lower overnight as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week’s rally, March’s high crossing at 139.66 is the next upside target. Closes below the 10-day moving average crossing at 137.89 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 139.03. Second resistance is March’s high crossing at 139.66. First support is the 10-day moving average crossing at 137.89. Second support is the 62% retracement level of the February-March-rally crossing at 136.67.

The June British Pound was lower due to profit taking overnight as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, monthly resistance crossing at 1.7043 is the next upside target. Closes below the 20-day moving average crossing at 1.6609 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 1.6812. Second resistance is monthly resistance crossing at 1.7043. First support is the 20-day moving average crossing at 1.6609. Second support is March’s low crossing at 1.6455.

The June Swiss Franc was slightly higher overnight as it extends this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week’s rally, March’s high crossing at 1.1503 is the next upside target. Closes below the 10-day moving average crossing at 1.1319 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.1443. Second resistance is March’s high crossing at 1.1503. First support is the 10-day moving average crossing at 1.1319. Second support is the 62% retracement level of the January-March-rally crossing at 1.1160.

The June Canadian Dollar was lower due to profit taking overnight as it consolidates some of the rally off March’s low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 90.26 are needed to confirm that a short-term top has been posted. If June extends the rally off March’s low, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next downside target. First resistance is Wednesday’s high crossing at 91.95. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is the 10-day moving average crossing at 90.96. Second support is the 20-day moving average crossing at 90.26.

The June Japanese Yen was slightly higher overnight as it extends this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week’s rally, March’s high crossing at .9889 is the next upside target. Closes below the 10-day moving average crossing at .9739 would confirm that a short-term top has been posted. First resistance is March’s high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is the 10-day moving average crossing at .9739. Second support is last Thursday’s low crossing at .9598.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Jun 2014 102.20 -0.18 -0.18%
NY HARBOR ULSD HEATING OIL May 2014 2.9337 -0.0053 -0.18%
NATURAL GAS May 2014 4.642 -0.013 -0.28%
RBOB GASOLINE May 2014 3.0022 -0.0057 -0.19%
POWERSHARES DWA ENERGY MOMENT 57.2800 -1.4499 -2.52%
UNITED STATES GASOLINE 60.6000 +0.0100 +0.02%

ENERGIES

May Nymex crude oil was slightly lower due to profit taking overnight as it consolidates some of the rally off March’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, March’s high crossing at 104.48 is the next upside target. Closes below the 20-day moving average crossing at 100.59 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 103.81. Second resistance is March’s high crossing at 104.48. First support is the 20-day moving average crossing at 100.59. Second support is the reaction low crossing at 98.86.

May heating oil was slightly lower overnight as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, the 50% retracement level of the March-April-decline crossing at 298.23 is the next upside target. Closes below the 20-day moving average crossing at 291.46 would confirm that a short-term top has been posted. First resistance is the reaction crossing at 296.07. Second resistance is the 50% retracement level of the March-April-decline crossing at 298.23. First support is the 20-day moving average crossing at 291.46. Second support is April’s low crossing at 284.92.

May unleaded gas was slightly lower due to profit taking overnight as it consolidates some of the rally off last Wednesday’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last week’s low, March’s high crossing at 304.13 is the next upside target. Closes below the 20-day moving average crossing at 291.97 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 301.40. Second resistance is March’s high crossing at 304.13. First support is the 20-day moving average crossing at 291.97. Second support is the 62% retracement level of the November-March rally crossing at 283.07.

May Henry natural gas was slightly lower due to light profit taking overnight as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last Wednesday’s low, February’s high crossing at 4.893 is the next upside target. Closes below the 20-day moving average crossing at 4.447 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 4.703. Second resistance is February’s high crossing at 4.893. First support is the 20-day moving average crossing at 4.447. Second support is the 50% retracement level of the November-February-rally crossing at 4.195.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2014 2990 +5 +0.17%
COFFEE Jul 2014 206.95 -1.45 -0.70%
ORANGE JUICE-A May 2014 163.85 +3.55 +2.17%
IPATH DJ-UBS SUGAR TRUST 56.6699 +0.1699 +0.30%
IPATH DJ-UBS SOFTS TRUST 55.0199 +1.0599 +1.93%

FOOD & FIBER

May coffee closed higher on Thursday extending the rally off March’s low. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, March’s high crossing at 20.97 is the next upside target. Closes below the 20-day moving average crossing at 18.39 would confirm that a top has been posted.

May cocoa closed lower on Thursday but remains above the 20-day moving average crossing at 29.70. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, March’s high crossing at 30.39 is the next upside target. If May renews the decline off March’s high, the reaction low crossing at 28.86 is the next downside target.

May sugar closed higher on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 17.27 would temper the near-term bearish outlook. If May extends the decline off March’s high, the reaction low crossing at 15.57 is the next downside target.

May cotton closed lower on Thursday as it extends this month’s decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today’s close below the reaction low crossing at 89.84 confirms that a short-term top has been posted. If May renews the rally off the late-January low, monthly resistance crossing at 93.93 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Jul 2014 509.25 +2.00 +0.39%
OATS May 2014 402 -3 -0.74%
WHEAT Jul 2014 669.00 -1.00 -0.15%
TEUCRIUM CORN 34.62 -0.07 -0.20%
IPATH DJ-UBS GRAINS TRUST 50.100 -0.170 -0.34%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4901 -0.0199 -0.31%
SOYBEANS May 2014 1480.00 -2.25 -0.15%
SOYBEAN (MINI) Nov 2014 1225.500 -3.250 -0.27%
SOYBEAN MEAL May 2014 481.0 +1.5 +0.31%
TEUCRIUM SOYBEAN 25.361 +0.022 +0.09%

GRAINS

May corn was higher overnight. Stochastics and the RSI are diverging and have turned are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.93 3/4 would confirm that a short-term top has been posted. If May extends the rally off January’s low, the 50% retracement level of the 2012-2014-decline crossing at 5.45 1/2 is the next upside target. First resistance is Wednesday’s high crossing at 5.19. Second resistance is the 50% retracement level of the 2012-2014-decline crossing at 5.45 1/2. First support is the 20-day moving average crossing at 4.93 3/4. Second support is the reaction low crossing at 4.75 1/2.

May wheat was fractionally higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the 50% retracement level of this year’s rally crossing at 6.38 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.87 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.87 3/4. Second resistance is March’s high crossing at 7.23 1/2. First support is the 38% retracement level of this year’s rally crossing at 6.58 3/4. Second support is the 50% retracement level of this year’s rally crossing at 6.38 1/2.

May Kansas City Wheat closed down 10 3/4-cents at 7.22 1/2.

May Kansas City wheat closed lower on Thursday as it extended the decline off March’s high. Today’s low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the reaction low crossing at 7.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 7.58 3/4 is the next upside target. First resistance is the 20-day moving average crossing at 7.58 3/4. Second resistance is the reaction high crossing at 7.88. First support is today’s low crossing at 7.22 1/2. Second support is the reaction low crossing at 7.11 1/4.

May Minneapolis wheat was higher due to short covering overnight as it consolidates some of the decline off March’s high. The low-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the 50% retracement level of this year’s rally crossing at 6.82 1/2 is the next downside target. Closes above the 20-day moving average crossing at 7.35 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.35 1/4. Second resistance is March’s high crossing at 7.70. First support is the 38% retracement level of this year’s rally crossing at 7.03 1/4. Second support is the 50% retracement level of this year’s rally crossing at 6.82 1/2.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

May soybeans were lower overnight as they consolidate the rally off January’s low. The high-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 14.50 1/2 would confirm that a short-term top has been posted. If May extends this year’s rally, monthly resistance crossing at 15.61 is the next upside target. First resistance is Wednesday’s high crossing at 15.12. Second resistance is monthly resistance crossing at 15.61. First support is the 20-day moving average crossing at 14.50 1/2. Second support is the reaction low crossing at 14.23.

May soybean meal was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 470.60 would confirm that a short-term top has been posted. If May extends the rally off March’s low, weekly resistance crossing at 505.90 is the next upside target. First resistance is Wednesday’s high crossing at 490.90. Second resistance is weekly resistance crossing at 505.90. First support is the 10-day moving average crossing at 479.20. Second support is the 20-day moving average crossing at 470.60.

May soybean oil was lower due to profit taking overnight as it consolidates some of the rally off last week’s low. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the reaction high crossing at 43.72 is the next upside target. Closes below the 20-day moving average crossing at 41.45 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 42.96. Second resistance is the reaction high crossing at 43.72. First support is the 20-day moving average crossing at 41.45. Second support is the 62% retracement level of the February-March-rally crossing at 40.18.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16170.22 -266.96 -1.65%
NASDAQ COMPOSITE INDEX (COMBINED) 4058.33 -125.57 -3.10%
S&P 500 CASH 1833.08 -39.10 -2.13%
SPDR S&P 500 183.34 -3.75 -2.05%
QQQQ VOLATILITY INDEX 18.91 +3.14 +16.61%
iShares RUSSELL 2000 INDEX 112.03 -3.22 -2.88%

U.S. STOCK INDEXES

The June NASDAQ 100 was lower overnight as it extends the decline off March’s high. Stochastics and the RSI are bearish again signaling that sideways to lower prices are possible near-term. If June extends the decline off March’s high, the 87% retracement level of the February-March-rally crossing at 3449.03 is the next downside target. Closes above the 20-day moving average crossing at 3595.51 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3595.51. Second resistance is the reaction high crossing at 3669.00. First support is the 87% retracement level of the February-March-rally crossing at 3449.03. Second support is February’s low crossing at 3408.00.

The June S&P 500 was lower overnight as it extends this week’s decline. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week’s decline, the 50% retracement level of the February-April-rally crossing at 1809.03 is the next downside target. Closes above Thursday’s high crossing at 1867.10 would confirm that a low has been posted. First resistance is Thursday’s high crossing at 1867.10. Second resistance is April’s high crossing at 1892.00. First support is Thursday’s low crossing at 1823.50. Second support is the 50% retracement level of the February-April-rally crossing at 1809.03.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 134.53125 +0.09375 +0.07%
iShares FLOATING RATE NOTE 50.7099 +0.0299 +0.06%
5 YEAR T-NOTES Jun 2014 119.765625 +0.031250 +0.03%
ULTRA T-BONDS Jun 2014 146.28125 +0.15625 +0.11%
POWERSHARES SENIOR LOAN PORTF 24.800 -0.020 -0.08%

INTEREST RATES

June T-bonds were slightly lower due to light profit taking overnight as they consolidate some of this week’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Friday’s low, weekly resistance crossing at 135-24 is the next upside target. Closes below the 20-day moving average crossing at 133-04 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 134-19. Second resistance is weekly resistance crossing at 135-24. First support is the 20-day moving average crossing at 133-04. Second support is last Friday’s low crossing at 131-21.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 181.650 -0.275 -0.15%
LEAN HOGS Jun 2014 120.350 -0.800 -0.66%
LIVE CATTLE Jun 2014 135.375 +0.175 +0.13%
IPATH DJ-UBS LIVESTOCK TRUST SUB 30.67 -0.06 -0.20%

LIVESTOCK

April hogs closed up $0.15 at $125.17.

April hog closed higher on Thursday and above the 20-day moving average crossing at 124.34. The mid-range close sets the stage for a steady opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the reaction low crossing at 120.25 would confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at 128.62. Second resistance is unknown. First support is the reaction low crossing at 123.00. Second support is the reaction low crossing at 120.25.

April cattle closed up $0.25 at 144.00.

April cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 144.76 would confirm that a low has been posted. If April renews the decline off March’s high, the 38% retracement level of the November-March-rally crossing at 141.38. First resistance is the 20-day moving average crossing at 144.76. Second resistance is March’s high crossing at 147.00. First support is Monday’s low crossing at 142.35. Second support is the 38% retracement level of the November-March-rally crossing at 141.38.

April feeder cattle closed down $0.60 at $178.27.

April Feeder cattle gapped down and closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 177.44 are needed to confirm that a short-term top has been posted. First resistance is March’s high crossing at 179.80. Second resistance is unknown. First support is the 20-day moving average crossing at 177.44. Second support is the reaction low crossing at 174.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1323.0 +2.5 +0.19%
SPDR GOLD SHARES 127.0199 +0.6999 +0.55%
SILVER May 2014 20.080 -0.011 -0.05%
PALLADIUM Jun 2014 796.20 +3.90 +0.49%
DIREXION DAILY GOLD MINERS BEA 22.60 +1.16 +5.13%
POWERSHARES DB PRECIOUS METALS 42.5788 +0.3788 +0.89%

PRECIOUS METALS

April gold was higher overnight as it extends Thursday’s breakout above the 20-day moving average, which confirmed that a low has been posted. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week’s rally, the reaction high crossing at 1343.00 is the next upside target. Closes below the 10-day moving average crossing at 1299.50 would confirm that a top has been posted. First resistance is the reaction high crossing at 1343.00. Second resistance is March’s high crossing at 1392.60. First support is the 10-day moving average crossing at 1299.50. Second support is the 62% retracement level of the January-March-rally crossing at 1262.50.

May silver was slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 20.090 are needed to confirm that a short-term low has been posted while opening the door for additional short covering gains. If May renews the decline off February’s high, the 87% retracement level of the January-February-rally crossing at 19.233 is the next downside target. First resistance is the 20-day moving average crossing at 20.090. Second resistance is the reaction high crossing at 21.795. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper was higher overnight as it extends the rally off March’s low. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off March’s low, the 38% retracement level of the December-March crossing at 308.20 is the next upside target. Closes below the 20-day moving average crossing at 300.57 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the December-March-decline crossing at 308.20. Second resistance is the 50% retracement level of the December-March-decline crossing at 314.55. First support is the 20-day moving average crossing at 300.57. Second support is March’s low crossing at 287.70.


 

Top Stocks
# symbol name last net % volume score triangles
1. RAD RITE AID 6.940 +0.540 +7.78% 103,875,364 +90    Entry Signal
2. ORCL ORACLE CORP 39.85 -1.03 -2.59% 23,399,052 +90    Entry Signal
3. PBR PETROLEO BRASILEIRO SA 13.705 -0.125 -0.91% 20,357,513 +90    Entry Signal
4. VALE VALE 14.81 -0.18 -1.22% 20,070,092 +90    Entry Signal
5. WIN WINDSTREAM HOLDINGS 8.72 +0.18 +2.06% 16,769,209 +90    Entry Signal
6. MRK MERCK 55.875 -1.225 -2.19% 15,864,838 +90    Entry Signal
7. MNKD MANNKIND 6.85 -0.15 -2.19% 14,509,269 +100    Entry Signal
8. RFMD RF MICRO DEVICES 7.84 -0.38 -4.85% 13,367,025 +90    Entry Signal
9. KOG KODIAK OIL & GAS 12.955 -0.475 -3.67% 12,065,468 +90    Entry Signal
10. MO ALTRIA 37.840 -0.300 -0.79% 10,860,655 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. TY.M14 10 YEAR T-NOTES Jun 2014 124.703125 +0.500000 +0.40% 1,752,487 +100    Entry Signal
2. BO.K14 SOYBEAN OIL May 2014 42.50 -0.41 -0.96% 59,268 +100    Entry Signal
3. BO.N14 SOYBEAN OIL Jul 2014 42.68 -0.44 -1.03% 52,585 +100    Entry Signal
4. C.U14 CORN Sep 2014 507.00 +0.25 +0.05% 35,549 +100    Entry Signal
5. BO.Z14 SOYBEAN OIL Dec 2014 41.96 -0.35 -0.84% 12,035 +100    Entry Signal
6. ZL.K14.E SOYBEAN OIL May 2014 42.25 -0.25 -0.59% 6,527 +100    Entry Signal
7. ZL.N14.E SOYBEAN OIL Jul 2014 42.41 -0.27 -0.63% 4,793 +100    Entry Signal
8. GE.K14.E EURODOLLAR May 2014 99.770 0.000 0.00% 2,457 +100    Entry Signal
9. GE.H18.E EURODOLLAR Mar 2018 96.92 +0.01 +0.01% 2,934 +100    Entry Signal
10. BO.Q14 SOYBEAN OIL Aug 2014 42.52 -0.39 -0.92% 2,005 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 09/04/2014

Morning Markets Report
Prepared for Alessandro on Wednesday, April 9, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has advanced 37 points to 16217. The US Dollar Index advanced 0.018 points to 79.798. Gold is declining 3.315 dollars to 1309.125. Silver is trending lower 0.12715 dollars to 19.93285. The Dow Industrials gained 10.27 points, at 16256.14, while the S&P 500 trended higher 6.92 points, last seen at 1851.96. The Nasdaq Composite advanced 34.67 points to 4114.42. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Big Data Goes Hollywood: Alfred Maydorn
Tuesday Apr 8th

Apple Vs. Amazon: Which Should You Own?
Tuesday Apr 8th

Why I REALLY Moved to Puerto Rico, and You Should Too
Tuesday Apr 8th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 356.7)

Market Composite Index Cur Chg (previous -1.2%)

Purchase Index (S.A.) (previous 175.6)

Purchase Index (S.A.) Cur Chg (previous +0.9%)

Refinance Index (previous 1391.3)

Refinance Index Cur Chg (previous -2.9%)

10:00 AM ET. Feb Metropolitan Area Employment & Unemployment

10:00 AM ET. Feb Monthly Wholesale Trade

Inventories (expected +0.5%; previous +0.6%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 380.09M)

Crude Oil Stocks (Net Change) (previous -2.38M)

Gasoline Stocks (previous 215.62M)

Gasoline Stocks (Net Change) (previous -1.57M)

Distillate Stocks (previous 112.96M)

Distillate Stocks (Net Change) (previous +0.55M)

Refinery Usage (previous 87.7%)

Total Products Supplied (previous 18.2M)

Total Products Supplied (Net Change) (previous -0.06M)

12:00 AM ET. World Agricultural Supply & Demand Estimates (WASDE)

U.S. Corn, Ending Stocks, Bushels

U.S. Soybeans, Ending Stocks, Bushels

U.S. Wheat, Ending Stocks, Bushels

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 79.798 +0.018 +0.02%
POWERSHARES DB US DOLLAR INDEX 21.3499 -0.1401 -0.66%
US Dollar/Canadian Dollar 1.093450 +0.001795 +0.16%
Euro/US Dollar 1.38045 +0.00145 +0.11%
JAPANESE YEN Jun 2014 0.009805 -0.000037 -0.38%
SWISS FRANC Jun 2014 1.1327 -0.0001 -0.01%

CURRENCIES

The June Dollar closed sharply lower on Tuesday and below the 20-day moving average crossing at 80.10 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If June extends today’s decline, March’s low crossing at 79.37 is the next downside target. First resistance is last Friday’s high crossing at 80.77. Second resistance is the 75% retracement level of the January-March-decline crossing at 81.08. First support is today’s low crossing at 79.80. Second support is March’s low crossing at 79.37.

The June Euro closed higher on Tuesday as it consolidated some of the decline off March’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 138.06 would temper the near-term bearish outlook. If June extends the decline off March’s high, the 75% retracement level of the February-March-rally crossing at 136.03 is the next downside target. First resistance is the 20-day moving average crossing at 138.06. Second resistance is the reaction high crossing at 138.75. First support is last Friday’s low crossing at 136.69. Second support is the 75% retracement level of the February-March-rally crossing at 136.03.

The June British Pound closed sharply higher on Tuesday as it renewed the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bullish again signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, February’s high crossing at 1.6805 is the next upside target. Multiple closes below the 20-day moving average crossing at 1.6586 would temper the near-term bullish outlook. First resistance is today’s high crossing at 1.6747. Second resistance is February’s high crossing at 1.6805. First support is the 38% retracement level of the November-February-rally crossing at 1.6449. Second support is the 50% retracement level of the November-February-rally crossing at 1.6337.

The June Swiss Franc closed higher due to short covering on Tuesday as it consolidated some of the decline off March’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at .11341 would confirm that a short-term low has been posted. If June renews the decline off March’s high, the 62% retracement level of the January-March-rally crossing at .11160 is the next downside target. First resistance is the 20-day moving average crossing at .11341. Second resistance is the reaction high crossing at .11388. First support is the 62% retracement level of the January-March-rally crossing at .11160. Second support is the 75% retracement level of the January-March-rally crossing at .11086.

The June Canadian Dollar closed higher on Tuesday as it extends the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bulish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next upside target. Closes below the 20-day moving average crossing at 90.03 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 91.51. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is the 20-day moving average crossing at 90.03. Second support is March’s low crossing at 88.45.

The June Japanese Yen closed higher on Tuesday and below the 20-day moving average crossing at .9759 confirming that a low has been posted. Today’s high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends today’s rally, February’s high crossing at .9930 is the next upside target. Closes below the 10-day moving average crossing at .9715 would confirm that a short-term top has been posted. First resistance is March’s high crossing at .9886. Second resistance is February’s high crossing at .9930. First support is the 10-day moving average crossing at .9715. Second support is last Thursday’s low crossing at .9598.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2014 102.81 +0.25 +0.24%
NY HARBOR ULSD HEATING OIL May 2014 2.9448 +0.0104 +0.35%
NATURAL GAS May 2014 4.553 +0.019 +0.42%
RBOB GASOLINE May 2014 2.9913 +0.0112 +0.38%
POWERSHARES DWA ENERGY MOMENT 57.660 +1.160 +2.01%
UNITED STATES GASOLINE 60.27 +1.09 +1.81%

ENERGIES

May crude oil closed sharply higher on Tuesday. Today’s high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, March’s high crossing at 104.48 is the next upside target. Closes below the 20-day moving average crossing at 99.78 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 102.71. Second resistance is March’s high crossing at 104.48. First support is last Wednesday’s low crossing at 98.86. Second support is March’s low crossing at 97.00.

May heating oil closed higher on Tuesday and above the 20-day moving average crossing at 391.04. The high-range close sets the stage for a steady to higher opening when Wednesday’s night trading begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last week’s low, the reaction high crossing at 296.07 is the next upside target. If May renews the decline off March’s high, November’s low crossing at 383.93 is the next downside target. First resistance is the reaction high crossing at 296.07. Second resistance is the reaction high crossing at 297.70. First support is last Wednesday’s low crossing at 284.92. Second support is November’s low crossing at 283.93.

May unleaded gas closed sharply higher on Tuesday as it extends the rally off last Wednesday’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, March’s high crossing at 304.13 is the next upside target. Closes below the 20-day moving average crossing at 290.96 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 298.58. Second resistance is March’s high crossing at 304.13. First support is the 20-day moving average crossing at 290.96. Second support is the 62% retracement level of the November-March rally crossing at 283.07.

May Henry natural gas closed higher on Tuesday. Today’s high-range close sets the stage for a steady to higher opening when Wednesday’s session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last week’s low, the reaction high crossing at 4.570 is the next upside target. If May renews the decline off February’s high, the 50% retracement level of the November-February-rally crossing at 4.195 is the next downside target. First resistance is the reaction high crossing at 4.570. Second resistance is the reaction high crossing at 4.669. First support is the 50% retracement level of the November-February-rally crossing at 4.195. Second support is the 62% retracement level of the November-February-rally crossing at 4.029.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2014 2997 -3 -0.10%
COFFEE May 2014 194.50 -2.00 -1.02%
ORANGE JUICE-A May 2014 155.50 +1.95 +1.25%
IPATH DJ-UBS SUGAR TRUST 56.43 +0.73 +1.29%
IPATH DJ-UBS SOFTS TRUST 51.192 -0.438 -0.81%

FOOD & FIBER

May coffee closed higher on Tuesday extending the rally off March’s low. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, March’s high crossing at 20.97 is the next upside target. Closes below the 10-day moving average crossing at 18.08 would confirm that a top has been posted.

May cocoa closed higher on Tuesday and above the 20-day moving average crossing at 29.69 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May renews the decline off March’s high, the reaction low crossing at 28.86 is the next downside target.

May sugar closed higher on Tuesday and the high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 17.38 would temper the near-term bearish outlook. If May extends the decline off March’s high, the reaction low crossing at 15.57 is the next downside target.

May cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 89.84 would confirm that a short-term top has been posted. If May renews the rally off the late-January low, monthly resistance crossing at 93.93 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN May 2014 508.75 +1.75 +0.35%
OATS May 2014 435.00 -3.75 -0.86%
WHEAT May 2014 686.50 +5.50 +0.81%
TEUCRIUM CORN 35.2400 +0.6300 +1.79%
IPATH DJ-UBS GRAINS TRUST 50.52 +0.58 +1.15%
ELEMENTS MLCX GRAINS INDEX TRUST 6.5036 -0.1664 -2.52%
SOYBEANS May 2014 1495.00 +12.50 +0.84%
SOYBEAN (MINI) Nov 2014 1217.5 +6.5 +0.53%
SOYBEAN MEAL May 2014 480.9 +2.8 +0.59%
TEUCRIUM SOYBEAN 25.2601 +0.2001 +0.79%

GRAINS

May Corn closed up 7 3/4-cents at 5.07.

May corn closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.91 1/4 would confirm that a short-term top has been posted. First resistance is last Tuesday’s high crossing at 5.12 1/2. Second resistance is the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2. First support is the 20-day moving average crossing at 4.91 1/4. Second support is last Monday’s low crossing at 4.75 1/2.

May wheat closed up 4 3/4-cents at 6.81.

May wheat closed higher on Tuesday as it consolidates some of the decline off March’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6.90 1/4 would confirm that a short-term low has been posted. If May extends the decline off March’s high, the 50% retracement level of this year’s rally crossing at 6.38 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 6.90 1/4. Second resistance is March’s high crossing at 7.23 1/2. First support is the 38% retracement level of this year’s rally crossing at 6.58 3/4. Second support is the 50% retracement level of this year’s rally crossing at 6.38 1/2.

May Kansas City Wheat closed up 3-cents at 7.42 1/2.

May Kansas City wheat closed higher due to short covering on Tuesday as it consolidated some of the decline off March’s high. Today’s high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the reaction low crossing at 7.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 7.60 1/4 is the next upside target. First resistance is the 20-day moving average crossing at 7.60 1/4. Second resistance is the reaction high crossing at 7.88. First support is last Friday’s low crossing at 7.33 3/4. Second support is the reaction low crossing at 7.11 1/4.

May Minneapolis wheat closed up 1-cents at 7.23 1/4.

May Minneapolis wheat closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the 38% retracement level of this year’s rally crossing at 7.03 1/4 is the next downside target. Closes above the 20-day moving average crossing at 7.38 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.38 3/4. Second resistance is March’s high crossing at 7.70. First support is the 38% retracement level of this year’s rally crossing at 7.03 1/4. Second support is the 50% retracement level of this year’s rally crossing at 6.82 1/2.

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May soybeans closed up 18 1/4-cents at 14.82 1/2.

May soybeans closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, psychological resistance crossing at 15.00 is the next upside target. Closes below the 20-day moving average crossing at 14.36 1/4 are needed to confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at 14.96. Second resistance is psychological resistance crossing at 15.00. First support is the 20-day moving average crossing at 14.36 1/4. Second support is the reaction low crossing at 13.93 1/4.

May soybean meal closed up $3.80 at 478.10.

May soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this winter’s rally, weekly resistance crossing at 505.90 is the next upside target. Closes below the 20-day moving average cossing at 464.60 would confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at 486.00. Second resistance is weekly resistance crossing at 505.90. First support is the 20-day moving average cossing at 464.60. Second support is the reaction low crossing at 450.20.

May soybean oil closed up 68-pts. At 42.11.

May soybean oil closed higher on Tuesday and is poised to renew the rally off last week’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today’s close above the 20-day moving average crossing at 41.50 confirms that a low has been posted. If May renews the decline off March’s high, the 75% retracement level of the February-March-rally crossing at 39.13 is the next downside target. First resistance is the reaction high crossing at 42.35. Second resistance is the reaction high crossing at 42.70. First support is the 62% retracement level of the February-March-rally crossing at 40.18. Second support is the 75% retracement level of the February-March-rally crossing at 39.13.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16256.14 +10.27 +0.06%
NASDAQ COMPOSITE INDEX (COMBINED) 4114.42 +34.67 +0.84%
S&P 500 CASH 1851.96 +6.92 +0.37%
SPDR S&P 500 185.115 +0.775 +0.42%
QQQQ VOLATILITY INDEX 17.13 -1.10 -6.44%
iShares RUSSELL 2000 INDEX 113.59 +0.77 +0.68%

U.S. STOCK INDEXES

The June NASDAQ 100 closed higher due to short covering on Tuesday as it consolidated some of the decline off March’s high. Today’s high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March’s high, the 87% retracement level of the February-March-rally crossing at 3449.03 is the next downside target. Multipe closes above the 20-day moving average crossing at 3616.61 are needed to confirm that a low has been posted. First resistance is last week’s high crossing at 3669.00. Second resistance is the reaction high crossing at 3712.75. First support is the 75% retracement level of the February-March-rally crossing at 3488.39. Second support is the 87% retracement level of the February-March-rally crossing at 3449.03.

The June S&P 500 closed higher due to short covering on Tuesday but remains below the 20-day moving average crossing at 1855.80 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends Monday’s decline, March’s low crossing at 1824.90 is the next downside target. Closes above the 10-day moving average crossing at 1858.42 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1858.42. Second resistance is last Friday’s high crossing at 1892.00. First support is March’s low crossing at 1824.90. Second support is the 50% retracement level of the February-April-rally crossing at 1809.03.

The Dow closed slightly higher on Tuesday but remains below the 20-day moving average crossing at 16,325.05 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off last Friday’s high, the 38% retracement level of the February-April-rally crossing at 16,139.87 is the next downside target. Closes above the 10-day moving average crossing at 16,390.15 would temper the near-term bearish outlook. First resistance the 10-day moving average crossing at 16,390.15. Second resistance is last Friday’s high crossing at 16,631.63. First support is the 38% retracement level of the February-April-rally crossing at 16,139.87. Second support is the 50% retracement level of the February-April-rally crossing at 15,987.04.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 133.43750 -0.21875 -0.16%
iShares FLOATING RATE NOTE 50.7002 +0.0202 +0.04%
5 YEAR T-NOTES Jun 2014 119.148438 -0.101563 -0.09%
ULTRA T-BONDS Jun 2014 144.87500 -0.25000 -0.17%
POWERSHARES SENIOR LOAN PORTF 24.80 +0.01 +0.04%

INTEREST RATES

June T-bonds closed up 05/32′s at 133-19.

June T-bonds closed higher on Tuesday as it extends the rally off last Friday’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night trading begins. Stochastics and the RSI have neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Friday’s low, March’s high crossing at 134-16 is the next upside target. If June renews the decline off March’s high, March’s low crossing at 130-20 is the next downside target. First resistance is today’s high crossing at 133-25. Second resistance is March’s high crossing at 134-16. First support is last Friday’s low crossing at 131-21. Second support is March’s low crossing at 130-20.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE May 2014 179.050 +0.175 +0.10%
LEAN HOGS Jun 2014 118.050 -0.700 -0.59%
LIVE CATTLE Jun 2014 135.375 +0.100 +0.07%
IPATH DJ-UBS LIVESTOCK TRUST SUB 30.4421 -0.2979 -0.98%

LIVESTOCK

April hogs closed up $1.72 at $123.30.

April hog closed lower on Tuesday and below the 20-day moving average crossing at 123.57 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Wednesday’s high crossing at 128.62. Second resistance is unknown. First support is today’s low crossing at 123.00. Second support is the reaction low crossing at 120.25.

April cattle closed up $0.30 at 143.33.

April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off March’s high, the 38% retracement level of the November-March-rally crossing at 141.38. Closes above the 10-day moving average crossing at 144.85 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 144.85. Second resistance is March’s high crossing at 147.00. First support is Monday’s low crossing at 142.35. Second support is the 38% retracement level of the November-March-rally crossing at 141.38.

April feeder cattle closed up $0.80 at $178.30.

April Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 177.18 are needed to confirm that a short-term top has been posted. First resistance is March’s high crossing at 179.80. Second resistance is unknown. First support is the 20-day moving average crossing at 177.18. Second support is the reaction low crossing at 174.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1304.2 -4.9 -0.37%
SPDR GOLD SHARES 126.059 +1.149 +0.91%
SILVER May 2014 19.800 -0.257 -1.28%
PALLADIUM Jun 2014 776.10 +0.25 +0.03%
DIREXION DAILY GOLD MINERS BEA 21.9270 -1.7130 -7.81%
POWERSHARES DB PRECIOUS METALS 42.2161 +0.3961 +0.94%

PRECIOUS METALS

April gold closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1321.20 would confirm that a low has been posted. If April renews the decline off March’s high, the 62% retracement level of the January-March-rally crossing at 1262.50 is the next downside target. First resistance is today’s high crossing at 1314.10. Second resistance is the 20-day moving average crossing at 1321.20. First support is last Tuesday’s low crossing at 1277.30. Second support is the 62% retracement level of the January-March-rally crossing at 1262.50.

May silver closed higher on Tuesday. The mid-range close set the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI have turning neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 20.306 would confirm that a short-term low has been posted. If May renews the decline off February’s high, the 87% retracement level of the January-February-rally crossing at 19.233 is the next downside target. First resistance is the 20-day moving average crossing at 20.306. Second resistance is the reaction high crossing at 21.795. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper closed higher on Tuesday and is poised to extend the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, the 38% retracement level of the December-March-decline crossing at 308.20 is the next upside target. Closes below the 20-day moving average crossing at 299.01 would confirm that a short-term low has been posted. First resistance is last Wednesday’s high crossing at 307.40. Second resistance is the 38% retracement level of the December-March-decline crossing at 308.20. First support is the 20-day moving average crossing at 299.02. Second support is March’s low crossing at 287.70.


 

Top Stocks
# symbol name last net % volume score triangles
1. PBR PETROLEO BRASILEIRO SA 13.91 -0.31 -2.23% 56,672,630 +90    Entry Signal
2. VALE VALE 15.050 +0.070 +0.46% 39,762,649 +90    Entry Signal
3. PBR.A PETROLEO BRASILEIRO SA 14.470 -0.360 -2.49% 38,434,292 +90    Entry Signal
4. ITUB ITAU UNIBANCO HOLDINGS 15.570 -0.230 -1.48% 32,889,740 +90    Entry Signal
5. BBD BANK BRADESCO 14.69 -0.18 -1.22% 30,183,500 +90    Entry Signal
6. ABEV AMBEV SA 7.535 -0.005 -0.07% 15,953,485 +90    Entry Signal
7. VALE.P VALE SA 13.615 +0.095 +0.70% 14,060,430 +90    Entry Signal
8. CX CEMEX 13.225 +0.015 +0.11% 13,561,876 +100    Entry Signal
9. BSBR BANCO SANTANDER BRASIL 5.695 -0.185 -3.25% 11,394,924 +90    Entry Signal
10. ONNN ON SEMICONDUCTOR 9.89 +0.31 +3.13% 10,433,863 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. C.K14 CORN May 2014 507.00 +7.75 +1.53% 131,388 +100    Entry Signal
2. CL.K14.E CRUDE OIL May 2014 102.81 +0.25 +0.24% 25,748 +100    Entry Signal
3. CL.M14.E CRUDE OIL Jun 2014 102.04 +0.23 +0.23% 9,113 +100    Entry Signal
4. ZS.X14.E SOYBEANS Nov 2014 1222.75 +5.25 +0.43% 4,866 +100    Entry Signal
5. HOT.M14.E NYH ULSD TAS Jun 2014 0 +8 0.00% 2,628 +100    Entry Signal
6. C.H15 CORN Mar 2015 520 +8 +1.55% 2,567 +100    Entry Signal
7. CL.N14.E CRUDE OIL Jul 2014 101.17 +0.21 +0.21% 1,667 +100    Entry Signal
8. ZL.Z14.E SOYBEAN OIL Dec 2014 41.87 +0.26 +0.63% 1,616 +100    Entry Signal
9. SB.H15.E SUGAR #11-WORLD Mar 2015 18.95 0.00 0.00% 1,252 +100    Entry Signal
10. ZC.Z15.E CORN Dec 2015 499.50 -3.00 -0.60% 555 +100    Entry Signal

Key Market Reports and Commentary for Tuesday 08/04/2014

Morning Markets Report
Prepared on Tuesday, April 8, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has retreated 24 points to 16154. The US Dollar Index trended lower by 0.307 points to 79.914. Gold is up 11.89 dollars to 1311.54. Silver is higher 0.1773 dollars to 20.1100. The Dow Industrials trended lower by 166.84 points, at 16245.87, while the S&P 500 declined 20.05 points, last seen at 1845.04. The Nasdaq Composite moved down 47.47 points to 4080.26. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Tech Stocks Put The Market Under Pressure
Monday Apr 7th

High-Frequency Trading: What You Need To Know
Monday Apr 7th

Emotion Free Trading
Sunday Apr 6th

Key Events for Tuesday

7:30 AM ET. March NFIB Index of Small Business Optimism

Small Business Optimism Index (previous 91.4)

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous +3.6%)

Chain Store Sales Index – YoY (previous +0.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.5%)

12MonChgPct (previous +2.7%)

52WkChgPct (previous +2.3%)

4:30 AM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -5.8M)

Gasoline Stocks (Net Change) (previous +0.18M)

Distillate Stocks (Net Change) (previous -0.17M)

Refinery Runs (previous 87.5%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 79.914 -0.307 -0.39%
POWERSHARES DB US DOLLAR INDEX 21.4850 -0.0550 -0.26%
US Dollar/Canadian Dollar 1.092655 -0.004405 -0.40%
Euro/US Dollar 1.37680 +0.00245 +0.18%
JAPANESE YEN Jun 2014 0.009768 +0.000068 +0.70%
SWISS FRANC Jun 2014 1.1299 +0.0028 +0.25%

CURRENCIES

The June Dollar closed lower due to profit taking on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 80.10 would temper the near-term friendly outlook. If June extends the rally off March’s low, the 75% retracement level of the January-March-decline crossing at 81.08 is the next upside target. First resistance is last Friday’s high crossing at 80.77. Second resistance is the 75% retracement level of the January-March-decline crossing at 81.08. First support is 20-day moving average crossing at 80.10. Second support is the reaction low crossing at 79.90.

The June Euro closed higher on Monday as it consolidated some of the decline off March’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remians neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March’s high, the 75% retracement level of the February-March-rally crossing at 136.03 is the next downside target. Closes above the 20-day moving average crossing at 138.10 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 138.10. Second resistance is the reaction high crossing at 138.75. First support is last Friday’s low crossing at 136.69. Second support is the 75% retracement level of the February-March-rally crossing at 136.03.

The June British Pound closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 1.6580 would temper the near-term bullish outlook. If June renews the rally off March’s low, March’s high crossing at 1.6773 is the next upside target. First resistance is the reaction high crossing at 1.6710. Second resistance is March’s high crossing at 1.6773. First support is the 38% retracement level of the November-February-rally crossing at 1.6449. Second support is the 50% retracement level of the November-February-rally crossing at 1.6337.

The June Swiss Franc closed higher due to short covering on Monday as it consolidated some of the decline off March’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If June extends the decline off March’s high, the 62% retracement level of the January-March-rally crossing at .11160 is the next downside target. Closes above the 20-day moving average crossing at .11345 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .11286. Second resistance is the 20-day moving average crossing at .11351. First support is the 62% retracement level of the January-March-rally crossing at .11160. Second support is the 75% retracement level of the January-March-rally crossing at .11086.

The June Canadian Dollar closed higher on Monday as it extended the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bulish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, February’s high crossing at 91.38 is the next upside target. Closes below the 20-day moving average crossing at 89.95 would temper the near-term friendly outlook. First resistance is last Friday’s high crossing at 91.11. Second resistance is February’s high crossing at 91.38. First support is March’s low crossing at 88.45. Second support is monthly support crossing at 87.76.

The June Japanese Yen closed higher due to short covering on Monday as it consolidated some of the decline off March’s high. Today’s mid-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold have turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at .9753 would confirm that a short-term low has been posted. If June renews the aforementioned decline, the reaction low crossing at .9548 is the next downside target. First resistance is the 20-day moving average crossing at .9753. Second resistance is the reaction high crossing at .9836. First support is last Thursday’s low crossing at .9598. Second support is the reaction low crossing at .9548.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2014 101.41 +0.97 +0.96%
NY HARBOR ULSD HEATING OIL May 2014 2.9061 +0.0154 +0.53%
NATURAL GAS May 2014 4.503 +0.027 +0.60%
RBOB GASOLINE May 2014 2.9387 +0.0127 +0.43%
POWERSHARES DWA ENERGY MOMENT 56.550 -1.390 -2.46%
UNITED STATES GASOLINE 59.2399 -0.0301 -0.05%

ENERGIES

May crude oil closed lower on Monday. Today’s mid-range close sets the stage for a steady opening when Tuesday’s night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off March’s low, March’s high crossing at 104.48 is the next upside target. If May renews the decline off last week’s high, March’s low crossing at 97.00 is the next downside target. First resistance is the reaction high crossing at 102.32. Second resistance is March’s high crossing at 104.48. First support is last Wednesday’s low crossing at 98.86. Second support is March’s low crossing at 97.00.

May heating oil closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night trading begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 291.09 would confirm that a low has been posted. If May renews last week’s decline, last November’s low crossing at 283.93 is the next downside target. First resistance is the reaction high crossing at 296.07. Second resistance is the reaction high crossing at 297.70. First support is last Wednesday’s low crossing at 284.92. Second support is November’s low crossing at 283.93.

May unleaded gas closed lower on Monday as it consolidates some of the rally off last Wednesday’s low. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends last week’s rally, the reaction high crossing at 295.24 is the next upside target. If May resumes the decline off March’s high, the 75% retracement level of the February-March-rally crossing at 278.53 is the next downside target. First resistance is the reaction high crossing at 295.24. Second resistance is the reaction high crossing at 296.57. First support is the 62% retracement level of the November-March rally crossing at 283.07. Second support is the 75% retracement level of the February-March rally crossing at 278.53.

May Henry natural gas closed higher on Monday. Today’s high-range close sets the stage for a steady to higher opening when Tuesday’s session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends last week’s rally, the reaction high crossing at 4.570 is the next upside target. If May renews the decline off February’s high, the 50% retracement level of the November-February-rally crossing at 4.195 is the next downside target. First resistance is the reaction high crossing at 4.570. Second resistance is the reaction high crossing at 4.669. First support is the 50% retracement level of the November-February-rally crossing at 4.195. Second support is the 62% retracement level of the November-February-rally crossing at 4.029.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2014 2974 +1 +0.03%
COFFEE May 2014 195.70 +2.35 +1.21%
ORANGE JUICE-A May 2014 154.05 +0.05 +0.03%
IPATH DJ-UBS SUGAR TRUST 55.891 -1.769 -3.18%
IPATH DJ-UBS SOFTS TRUST 51.192 -0.438 -0.82%

FOOD & FIBER

May coffee closed higher on Monday extending the rally off March’s low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today’s close above the 20-day moving average crossing at 18.63 confirms that a low has been posted. If May renews the decline off March’s high, the 50% retracement level of the December-March-rally crossing at 15.91 is the next downside target.

May cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 29.69 would confirm that a short-term low has been posted. If May renews the decline off March’s high, the reaction low crossing at 28.86 is the next downside target.

May sugar closed lower on Monday and the low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the reaction low crossing at 15.57 is the next downside target. Closes above the 20-day moving average crossing at 17.33 would temper the near-term bearish outlook.

May cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 89.84 would confirm that a short-term top has been posted. If May renews the rally off the late-January low, monthly resistance crossing at 93.93 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN May 2014 496.50 -2.75 -0.55%
OATS May 2014 428.25 +9.25 +2.19%
WHEAT May 2014 672.00 -4.25 -0.63%
TEUCRIUM CORN 34.572 -0.348 -1.01%
IPATH DJ-UBS GRAINS TRUST 49.9400 -0.1300 -0.26%
ELEMENTS MLCX GRAINS INDEX TRUST 6.5036 -0.1664 -2.53%
SOYBEANS May 2014 1464.25 0.00 0.00%
SOYBEAN (MINI) Nov 2014 1205.500 -2.750 -0.23%
SOYBEAN MEAL May 2014 476.3 +2.0 +0.42%
TEUCRIUM SOYBEAN 25.1300 +0.0404 +0.16%

GRAINS

May Corn closed down 2 1/2-cents at 4.99 1/4.

May corn closed lower on Monday and the mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.90 1/4 would confirm that a short-term top has been posted. If May extends the rally off January’s low, the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2 is the next upside target. First resistance is last Tuesday’s high crossing at 5.12 1/2. Second resistance is the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2. First support is the 20-day moving average crossing at 4.90 1/4. Second support is last Monday’s low crossing at 4.75 1/2.

May wheat closed up 6 1/2-cents at 6.76 1/4.

May wheat closed higher on Monday as it consolidates some of the decline off March’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 6.88 1/2 would confirm that a short-term low has been posted. If May extends the decline off March’s high, the 50% retracement level of this year’s rally crossing at 6.38 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 6.88 1/2. Second resistance is March’s high crossing at 7.23 1/2. First support is the 38% retracement level of this year’s rally crossing at 6.58 3/4. Second support is the 50% retracement level of this year’s rally crossing at 6.38 1/2.

May Kansas City Wheat closed up 5 3/4-cents at 7.39 1/2.

May Kansas City wheat closed higher due to short covering on Monday as it consolidated some of the decline off March’s high. Today’s high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the reaction low crossing at 7.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 7.59 1/2 is the next upside target. First resistance is the 20-day moving average crossing at 7.59 1/2. Second resistance is the reaction high crossing at 7.88. First support is last Friday’s low crossing at 7.33 3/4. Second support is the reaction low crossing at 7.11 1/4.

May Minneapolis wheat closed up 3/4-cents at 7.22 1/4.

May Minneapolis wheat closed fractionally higher on Monday. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the 38% retracement level of this year’s rally crossing at 7.03 1/4 is the next downside target. Closes above the 20-day moving average crossing at 7.38 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.38. Second resistance is March’s high crossing at 7.70. First support is the 38% retracement level of this year’s rally crossing at 7.03 1/4. Second support is the 50% retracement level of this year’s rally crossing at 6.82 1/2.

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May soybeans closed down 9 1/2-cents at 14.64 1/4.

May soybeans closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 14.33 are needed to confirm that a short-term top has been posted. If May extends the rally off January’s low, psychological resistance crossing at 15.00 is the next upside target. First resistance is last Wednesday’s high crossing at 14.96. Second resistance is psychological resistance crossing at 15.00. First support is the 20-day moving average crossing at 14.33. Second support is the reaction low crossing at 13.93 1/4.

May soybean meal closed down $4.80 at 474.30.

May soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that short-term top might be in or is near. Closes below the 20-day moving average cossing at 463.00 would confirm that a short-term top has been posted. If May extends this winter’s rally, weekly resistance crossing at 505.90 is the next upside target. First resistance is last Wednesday’s high crossing at 486.00. Second resistance is weekly resistance crossing at 505.90. First support is the 20-day moving average cossing at 463.00. Second support is the reaction low crossing at 450.20.

May soybean oil closed down 14-pts. At 41.43.

May soybean oil closed lower on Monday as it consolidated some of last week’s rally. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 41.58 would confirm that a low has been posted. If May renews the decline off March’s high, the 75% retracement level of the February-March-rally crossing at 39.13 is the next downside target. First resistance is the 20-day moving average crossing at 41.58. Second resistance is the reaction high crossing at 42.70. First support is the 62% retracement level of the February-March-rally crossing at 40.18. Second support is the 75% retracement level of the February-March-rally crossing at 39.13.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16245.87 -166.84 -1.03%
NASDAQ COMPOSITE INDEX (COMBINED) 4080.26 -47.47 -1.16%
S&P 500 CASH 1845.04 -20.05 -1.09%
SPDR S&P 500 184.34 -2.06 -1.12%
QQQQ VOLATILITY INDEX 18.25 +1.11 +6.09%
iShares RUSSELL 2000 INDEX 112.785 -1.705 -1.51%

U.S. STOCK INDEXES

The June NASDAQ 100 closed lower on Monday as it extended the decline off March’s high. Today’s decline marks the largest three-day decline in the NASDAQ 100 index since 2011. Today’s mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March’s high, the 87% retracement level of the February-March-rally crossing at 3449.03 is the next downside target. Multipe closes above the 20-day moving average crossing at 3624.56 are needed to confirm that a low has been posted. First resistance is last week’s high crossing at 3669.00. Second resistance is the reaction high crossing at 3712.75. First support is the 75% retracement level of the February-March-rally crossing at 3488.39. Second support is the 87% retracement level of the February-March-rally crossing at 3449.03.

The June S&P 500 closed lower on Monday and below the 20-day moving average crossing at 1856.68 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends today’s decline, March’s low crossing at 1824.90 is the next downside target. If June renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Friday’s high crossing at 1892.00. Second resistance is unknown. First support is March’s low crossing at 1824.90. Second support is the 50% retracement level of the February-April-rally crossing at 1809.03.

The Dow closed lower on Monday and below the 20-day moving average crossing at 16,332.73 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off last Friday’s high, the 38% retracement level of the February-April-rally crossing at 16,139.87 is the next downside target. Closes above the 10-day moving average crossing at 16,406.15 would temper the near-term bearish outlook. First resistance is last Friday’s high crossing at 16,631.63. Second resistance is unknown. First support is the 38% retracement level of the February-April-rally crossing at 16,139.87. Second support is the 50% retracement level of the February-April-rally crossing at 15,987.04.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 133.37500 -0.06250 -0.05%
iShares FLOATING RATE NOTE 50.70 +0.01 +0.02%
5 YEAR T-NOTES Jun 2014 119.156250 -0.054688 -0.05%
ULTRA T-BONDS Jun 2014 144.62500 -0.03125 -0.02%
POWERSHARES SENIOR LOAN PORTF 24.795 -0.025 -0.10%

INTEREST RATES

June T-bonds closed up 15/32′s at 133-14.

June T-bonds closed higher on Monday and above the 10-day moving average crossing at 133-03 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night trading begins. Stochastics and the RSI have turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Friday’s low, March’s high crossing at 134-16 is the next upside target. If June renews the decline off March’s high, March’s low crossing at 130-20 is the next downside target. First resistance is today’s high crossing at 133-23. Second resistance is March’s high crossing at 134-16. First support is last Friday’s low crossing at 131-21. Second support is March’s low crossing at 130-20.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE May 2014 178.700 -0.150 -0.08%
LEAN HOGS Jun 2014 120.425 -1.250 -1.03%
LIVE CATTLE Jun 2014 135.100 +0.175 +0.13%
IPATH DJ-UBS LIVESTOCK TRUST SUB 30.7700 +0.1800 +0.59%

LIVESTOCK

April hogs closed up $1.87 at $125.02.

April hog closed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 123.26 would confirm that a short-term top has been posted. If April renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Wednesday’s high crossing at 128.62. Second resistance is unknown. First support is the 20-day moving average crossing at 123.26. Second support is the reaction low crossing at 120.25.

April cattle closed down $0.02 at 143.03.

April cattle closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off March’s high, the 38% retracement level of the November-March-rally crossing at 141.38. Closes above the 10-day moving average crossing at 144.96 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 144.96. Second resistance is March’s high crossing at 147.00. First support is today’s low crossing at 142.35. Second support is the 38% retracement level of the November-March-rally crossing at 141.38.

April feeder cattle closed down $0.20 at $177.50.

April Feeder cattle closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 177.04 are needed to confirm that a short-term top has been posted. First resistance is March’s high crossing at 179.80. Second resistance is unknown. First support is the 20-day moving average crossing at 177.04. Second support is the reaction low crossing at 174.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1312.3 +14.0 +1.08%
SPDR GOLD SHARES 124.9400 -0.6300 -0.50%
SILVER May 2014 20.130 +0.223 +1.12%
PALLADIUM Jun 2014 775.45 +7.80 +1.02%
DIREXION DAILY GOLD MINERS BEA 23.76 0.00 0.00%
POWERSHARES DB PRECIOUS METALS 41.8000 -0.1900 -0.45%

PRECIOUS METALS

April gold closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1323.10 would confirm that a low has been posted. If April renews the decline off March’s high, the 62% retracement level of the January-March-rally crossing at 1262.50 is the next downside target. First resistance is last Friday’s high crossing at 1306.10. Second resistance is the 20-day moving average crossing at 1323.10. First support is last Tuesday’s low crossing at 1277.30. Second support is the 62% retracement level of the January-March-rally crossing at 1262.50.

May silver closed lower on Monday. The mid-range close set the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 20.347 would confirm that a short-term low has been posted. If May extends the decline off February’s high, the 87% retracement level of the January-February-rally crossing at 19.233 is the next downside target. First resistance is the 20-day moving average crossing at 20.347. Second resistance is the reaction high crossing at 21.795. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper closed higher on Monday and is poised to extend the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 298.52 would confirm that a short-term low has been posted. If May extends the rally off March’s low, the 38% retracement level of the December-March-decline crossing at 308.20 is the next upside target. First resistance is last Wednesday’s high crossing at 307.40. Second resistance is the 38% retracement level of the December-March-decline crossing at 308.20. First support is the 20-day moving average crossing at 298.52. Second support is March’s low crossing at 287.70.


 

Top Stocks
# symbol name last net % volume score triangles
1. PBR PETROLEO BRASILEIRO SA 14.2199 +0.9099 +6.40% 47,706,613 +100    Entry Signal
2. T AT&T 35.51 -0.04 -0.11% 30,120,123 +90    Entry Signal
3. VALE VALE 15.00 +0.52 +3.47% 29,535,515 +100    Entry Signal
4. QCOR QUESTCOR PHARMACEUTICALS 80.58 +12.71 +15.77% 29,519,782 +100    Entry Signal
5. PACW PACWEST BANCORP 45.83 -0.35 -0.76% 19,890,293 +90    Entry Signal
6. PBR.A PETROLEO BRASILEIRO SA 14.8400 +1.1200 +7.55% 15,840,211 +100    Entry Signal
7. BBD BANK BRADESCO 14.890 +0.750 +5.04% 15,465,858 +100    Entry Signal
8. CX CEMEX 13.215 -0.365 -2.76% 14,523,183 +100    Entry Signal
9. VOCS VOCUS 17.920 +5.740 +32.03% 14,312,539 +90    Entry Signal
10. ITUB ITAU UNIBANCO HOLDINGS 15.785 +0.565 +3.58% 14,159,992 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. US.M14 T-BONDS Jun 2014 133.43750 +0.46875 +0.35% 287,242 +100    Entry Signal
2. C.K14 CORN May 2014 499.25 -2.50 -0.50% 156,859 +100    Entry Signal
3. 6M.M14.E MEXICAN PESO Jun 2014 0.076700 +0.000200 +0.26% 4,523 +100    Entry Signal
4. CL.Z14.E CRUDE OIL Dec 2014 95.44 +0.65 +0.68% 3,196 +100    Entry Signal
5. HOT.M14.E NYH ULSD TAS Jun 2014 0 -5 0.00% 2,628 +100    Entry Signal
6. KC.Z14.E COFFEE Dec 2014 200.10 +8.70 +4.34% 1,655 +100    Entry Signal
7. ZS.X14.E SOYBEANS Nov 2014 1206.00 -2.25 -0.19% 1,541 +100    Entry Signal
8. KC.N14.E COFFEE Jul 2014 197.55 +2.00 +1.02% 1,502 +100    Entry Signal
9. CL.Z15.E CRUDE OIL Dec 2015 88.32 +0.43 +0.49% 1,520 +100    Entry Signal
10. M6B.M14.E E-MICRO GBP/USD Jun 2014 1.6714 +0.0113 +0.68% 738 +100    Entry Signal

Key Market Reports and Commentary for Monday 31/03/2014

Morning Markets Report
Prepared on Monday, March 31, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has advanced 53 points to 16293. The US Dollar Index declined 0.190 points to 80.027. Gold is down 2.975 dollars to 1294.065. Silver has gained 0.0855 dollars to 19.9105. The Dow Industrials moved up 58.83 points, at 16323.06, while the S&P 500 rose 8.58 points, last seen at 1857.62. The Nasdaq Composite moved higher by 2.57 points to 4153.80. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Practical Applications of Candlestick Charts
Sunday Mar 30th

POLL: Do You Think Putin Is Going To Invade The Ukraine?
Friday Mar 28th

Weekly Futures Recap With Mike Seery
Friday Mar 28th

Key Events for Monday

8:30 AM ET. Feb Personal Income & Outlays

Personal Income (expected +0.2%; previous +0.3%)

Personal Spending (expected +0.3%; previous +0.4%)

PCE Price Index Monthly (previous +0.1%)

PCE Price Index Yearly (previous +1.2%)

PCE Core Price Index Monthly (expected +0.1%; previous +0.1%)

PCE Core Price Index Yearly (previous +1.1%)

9:55 AM ET. Mar Thomson Reuters / University of Michigan Survey of Consumers – final

Sentiment Index End month (expected 80.5; previous 81.6)

Expectations Index End Month (previous 72.7)

12-Month Inflation Forecast (previous 3.2%)

5-Year Inflation Forecast (previous 2.9%)

Value (Current Period) End Month (previous 95.4)

10:00 AM ET. Feb Regional & State Employment & Unemployment

3:00 PM ET. Mar Agricultural Prices

Farm Prices, M/M (previous +7.1%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.027 -0.190 -0.24%
POWERSHARES DB US DOLLAR INDEX 21.485 +0.005 +0.02%
US Dollar/Canadian Dollar 1.105350 -0.000005 -0.00%
Euro/US Dollar 1.379000 +0.003880 +0.28%
JAPANESE YEN Jun 2014 0.009693 -0.000038 -0.39%
SWISS FRANC Jun 2014 1.1326 +0.0043 +0.38%

CURRENCIES

The June Dollar was higher overnight as it extends the trading range of the past six days. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, the reaction high crossing at 80.74 is the next upside target. Closes below the 20-day moving average crossing at 80.06 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 80.50. Second resistance is the reaction high crossing at 80.74. First support is the 20-day moving average crossing at 80.06. Second support is March’s low crossing at 79.37.

The June Euro was lower overnight extrending the decline off March’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the reaction low crossing at 136.44 is the next downside target. Closes above the 20-day moving average crossing at 138.26 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 138.26. Second resistance is March’s high crossing at 139.66. First support is the overnight low crossing at 137.02. Second support is the reaction low crossing at 136.44.

The June British Pound was higher overnight as it extends this week’s rally and is trading above the 20-day moving average. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.6600 would confirm that a short-term low has been posted. If June renews the decline off February’s high, the 50% retracement level of the November-February-rally crossing at 1.6337. First resistance is the 20-day moving average crossing at 1.6600. Second resistance is March’s high crossing at 1.6773. First support is the 38% retracement level of the November-February-rally crossing at 1.6449. Second support is the 50% retracement level of the November-February-rally crossing at 1.6337.

The June Swiss Franc was lower overnight as it extends the decline off March’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 50% retracement level of the January-March-rally crossing at .11226 is the next downside target. Closes above the 20-day moving average crossing at .11366 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at .11366 Second resistance is March’s high crossing at .11503. First support is the 50% retracement level of the January-March-rally crossing at .11226. Second support is the 62% retracement level of the January-March-rally crossing at .11160.

The June Canadian Dollar was higher overnight as it extends the rally off last week’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week’s rally, the reaction high crossing at 91.06 is the next upside target. Closes below the 10-day moving average crossing at 89.59 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 91.06. Second resistance is the reaction high crossing at 91.38. First support is the 10-day moving average crossing at 89.59. Second support is March’s low crossing at 88.45.

The June Japanese Yen was lower overnight as it extends this week’s trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March’s high, March’s low crossing at .9641 is the next downside target. If June renews the rally off March’s low, February’s high crossing at .9930 is the next upside target. First resistance is the reaction high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is last Wednesday’s low crossing at .9742. Second support is March’s low crossing at .9641.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2014 101.27 -0.40 -0.39%
NY HARBOR ULSD HEATING OIL May 2014 2.9361 -0.0117 -0.40%
NATURAL GAS May 2014 4.443 -0.042 -0.94%
RBOB GASOLINE May 2014 2.9199 -0.0168 -0.57%
POWERSHARES DWA ENERGY MOMENT 57.618 +0.608 +1.05%
UNITED STATES GASOLINE 58.35 +0.08 +0.13%

ENERGIES

May Nymex crude oil was higher overnight as it extends the rally off March’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, March’s high crossing at 104.48 is the next upside target. First resistance is the overnight high crossing at 101.88. Second resistance is March’s high crossing at 104.48. First support is the 10-day moving average crossing at 99.62. Second support is March’s low crossing at 97.00.

May heating oil was higher overnight as it extends this week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Thursday’s close above the 20-day moving average confirms that a short-term low has been posted. If May extends this week’s rally, the reaction high crossing at 297.70 is the next upside target. Closes below the 10-day moving average crossing at 299.39 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 297.70. Second resistance is March’s high crossing at 306.40. First support is the 10-day moving average crossing at 299.39. Second support is March’s low crossing at 287.40. Third support is January’s low crossing at 286.53.

May unleaded gas was slightly higher overnight as it extends the rally off March’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, the reaction high crossing at 296.57 is the next upside target. Closes below the 10-day moving average crossing at 289.73 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 296.57. Second resistance is March’s high crossing at 305.38. First support is the 10-day moving average crossing at 289.73. Second support is the 62% retracement level of the November-March rally crossing at 283.07.

May Henry natural gas was lower overnight as it consolidates some of Thursday’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off Monday’s low, the reaction high crossing at 4.669 is the next upside target. Closes below the 10-day moving average crossing at 4.415 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 4.669. Second resistance is February’s high crossing at 4.893. First support is the 50% retracement level of the November-February-rally crossing at 4.195. Second support is the 62% retracement level of the November-February-rally crossing at 4.029.


 

Food Snapshot
Symbol Last Change %
COCOA May 2014 2986 +3 +0.10%
COFFEE May 2014 179.50 -1.10 -0.61%
ORANGE JUICE-A May 2014 150.50 +0.70 +0.46%
IPATH DJ-UBS SUGAR TRUST 59.3901 -0.1199 -0.20%
IPATH DJ-UBS SOFTS TRUST 52.0780 +0.8581 +1.60%

FOOD & FIBER

May coffee closed higher on Thursday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 18.95 would confirm that a low has been posted. If May extends this month’s decline, the 50% retracement level of the December-March-rally crossing at 15.91 is the next downside target.

May cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 29.17 are needed to confirm that a short-term top has been posted. If May renews this winter’s rally, weekly resistance crossing at 30.92 is the next upside target.

May sugar closed higher on Thursday and above the 20-day moving average crossing at 17.56 confirming that a short-term low has been posted. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May extends this week’s rally, March’s high crossing at 18.47 is the next upside target. If May renews the decline off this month’s high, the reaction low crossing at 15.57 is the next downside target.

May cotton closed higher on Thursday. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 89.84 would confirm that a short-term top has been posted. If May extends the rally off the late-January low, monthly resistance crossing at 93.93 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN May 2014 489.25 -2.75 -0.56%
OATS May 2014 400.00 -2.00 -0.50%
WHEAT May 2014 689.00 -6.50 -0.94%
TEUCRIUM CORN 33.655 -0.325 -0.97%
IPATH DJ-UBS GRAINS TRUST 49.61 -0.52 -1.05%
ELEMENTS MLCX GRAINS INDEX TRUST 6.548 -0.042 -0.65%
SOYBEANS May 2014 1437.25 +0.75 +0.05%
SOYBEAN (MINI) Nov 2014 1187.625 -2.875 -0.24%
SOYBEAN MEAL May 2014 468.3 -0.1 -0.02%
TEUCRIUM SOYBEAN 23.7201 -0.3499 -1.42%

GRAINS

May corn was lower overnight as it consolidates some of Thursday’s rally while extending March’s trading range. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January’s low, the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2 is the next upside target. Closes below the reaction low crossing at 4.76 would confirm that a short-term top has been posted. First resistance is March’s high crossing at 5.02 1/2. Second resistance is the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2. First support is the reaction low crossing at 4.76. Second support is the reaction low crossing at 4.63 1/2.

May wheat was lower due to profit taking overnight as it consolidates some of the rally off January’s low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 6.78 1/2 would confirm that a short-term top has been posted. If May renews the rally off January’s low, weekly resistance crossing at 7.48 1/2 is the next upside target. First resistance is last Thursday’s high crossing at 7.23 1/2. Second resistance is weekly resistance crossing at 7.48 1/2. First support is the 10-day moving average crossing at 7.01. Second support is the 20-day moving average crossing at 6.78 1/2.

May Kansas City Wheat closed up 12 1/2-cents at 7.83 3/4.

May Kansas City wheat closed higher on Thursday. Today’s high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February’s low, the 62% retracement level of the 2012-2014-decline crossing at 8.13 is the next upside target. Multiple closes below the 20-day moving average crossing at 7.44 1/2 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 7.88. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.13. First support is the 10-day moving average crossing at 7.74. Second support is the 20-day moving average crossing at 7.44 1/2.

May Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7.26 1/2 would confirm that a short-term top has been posted. If May extends the rally off January’s low, the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4 is the next upside target. First resistance is the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.23 1/2. First support is the 10-day moving average crossing at 7.49 3/4. Second support is the 20-day moving average crossing at 7.26 1/2.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

May soybeans were lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, March’s high crossing at 14.60 is the next upside target. Closes below the 20-day moving average crossing at 14.20 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 14.56 1/2. Second resistance is March’s high crossing at 14.60. First support is the 38% retracement level of the January-March-rally crossing at 13.79. Second support is the 50% retracement level of the January-March-rally crossing at 13.54.

May soybean meal was lower overnight as it consolidates some of this month’s rally. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, weekly resistance crossing at 482.20 is the next upside target. Closes below the 20-day moving average crossing at 454.60 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 475.30. Second resistance is weekly resistance crossing at 482.20. First support is the 20-day moving average crossing at 454.60. Second support is March’s low crossing at 431.00.

May soybean oil was higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month’s decline, the 62% retracement level of the February-March-rally crossing at 40.18 is the next downside target. Closes above the 20-day moving average crossing at 42.33 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 41.20. Second resistance is the 20-day moving average crossing at 42.33. First support is the 62% retracement level of the February-March-rally crossing at 40.18. Second support is the 75% retracement level of the February-March-rally crossing at 39.13.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16323.06 +58.83 +0.36%
NASDAQ COMPOSITE INDEX (COMBINED) 4153.80 +2.57 +0.06%
S&P 500 CASH 1857.62 +8.58 +0.46%
SPDR S&P 500 185.43 +0.85 +0.46%
QQQQ VOLATILITY INDEX 16.10 -0.17 -1.06%
iShares RUSSELL 2000 INDEX 114.34 -0.06 -0.05%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher due to short covering overnight as it consolidated some of this week’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If June extends the decline off March’s high, the 75% retracement level of the February-March-rally crossing at 3488.39 is the next downside target. Closes above the 20-day moving average crossing at 3666.80 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3666.80. Second resistance is last Friday’s high crossing at 3712.75. First support is the 62% retracement level of the February-March-rally crossing at 3531.69. Second support is the 75% retracement level of the February-March-rally crossing at 3488.39.

The June S&P 500 was higher due to short covering overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week’s decline, the 38% retracement level of the February-March-rally crossing at 1819.76 is the next upside target. Closes above the 20-day moving average crossing at 1854.82 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1854.82. Second resistance is March’s high crossing at 1877.20. First support is the 38% retracement level of the February-March rally crossing at 1819.76. Second support is the 50% retracement level of the February-March rally crossing at 1801.81.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 133.00000 -0.53125 -0.40%
iShares FLOATING RATE NOTE 50.704 -0.006 -0.01%
5 YEAR T-NOTES Jun 2014 118.757813 -0.132813 -0.11%
ULTRA T-BONDS Jun 2014 144.15625 -0.68750 -0.47%
POWERSHARES SENIOR LOAN PORTF 24.81 -0.01 -0.04%

INTEREST RATES

June T-bonds were lower due to profit taking overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, weekly resistance crossing at 137-14 is the next upside target. Closes below the 20-day moving average crossing at 132-21 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 134-16. Second resistance is weekly resistance crossing at 137-14. First support is the 20-day moving average crossing at 132-21. Second support is the reaction low crossing at 131-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE May 2014 179.500 -0.375 -0.21%
LEAN HOGS Jun 2014 129.575 +0.275 +0.21%
LIVE CATTLE Jun 2014 138.350 -0.175 -0.13%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.1303 -0.3297 -1.03%

LIVESTOCK

April hogs closed up $3.00 at $125.47.

April hog gapped up and closed limit up on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Thursday’s high crossing at 126.30. Second resistance is unknown. First support is Wednesday’s low crossing at 120.25. Second support is the 20-day moving average crossing at 118.22.

April cattle closed up $0.67 at 146.47.

April cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends this winter’s rally, upside targets will be hard to project if it trades into uncharted territory. Closes below Tuesday’s low crossing at 143.10 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 146.92. Second resistance is unknown. First support is Tuesday’s low crossing at 143.10. Second support is the reaction low crossing at 142.70.

April feeder cattle closed up $0.87 at $179.50.

April Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are overbought but remains bullish signaling that sideways to higher prices are possible near-term. If April extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 175.72 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 179.80. Second resistance is unknown. First support is the 20-day moving average crossing at 175.72. Second support is the reaction low crossing at 171.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1296.2 +1.9 +0.15%
SPDR GOLD SHARES 124.58 -0.01 -0.01%
SILVER May 2014 19.960 +0.170 +0.86%
PALLADIUM Jun 2014 779.80 +6.10 +0.79%
DIREXION DAILY GOLD MINERS BEA 24.3000 -1.0600 -4.34%
POWERSHARES DB PRECIOUS METALS 41.6986 -0.0314 -0.08%

PRECIOUS METALS

April gold was higher due to short covering overnight as it consolidates some of the decline off March’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, the 50% retracement level of the January-March-rally crossing at 1287.40 is the next downside target. Closes above the 20-day moving average crossing at 1339.30 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 1339.30. Second resistance is March’s high crossing at 1392.60. First support is the the 50% retracement level of the January-March-rally crossing at 1287.40. Second support is the 62% retracement level of the January-March-rally crossing at 1262.50.

May silver was higher due to short covering overnight as it consolidates some of the decline off February’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February’s high, the 87% retracement level of the January-February-rally crossing at 19.233 is the next downside target. Closes above the 20-day moving average crossing at 20.759 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 20.300. Second resistance is the 20-day moving average crossing at 20.759. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper was higher overnight and is trading above the 20-day moving average. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 302.08 would confirm that a short-term low has been posted. If May renews the decline off December’s high, weekly support crossing at 272.00 is the next downside target. First resistance is the 20-day moving average crossing at 302.08. Second resistance is the 38% retracement level of the December-March-decline crossing at 308.20. First support is last Wednesday’s low crossing at 287.70. Second support is weekly support crossing at 272.00.


 

Top Stocks
# symbol name last net % volume score triangles
1. ORCL ORACLE CORP 39.555 +0.315 +0.80% 17,226,299 +90    Entry Signal
2. ITUB ITAU UNIBANCO HOLDINGS 14.6250 -0.0250 -0.17% 13,989,807 +90    Entry Signal
3. ACI ARCH COAL 4.795 +0.045 +0.94% 12,531,702 +90    Entry Signal
4. XOM EXXON MOBIL 97.71 +1.47 +1.50% 11,331,205 +100    Entry Signal
5. XRX XEROX 11.05 +0.14 +1.27% 10,880,233 +90    Entry Signal
6. TSM TAIWAN SEMICONDUCTOR 19.64 +0.22 +1.12% 10,654,015 +90    Entry Signal
7. HPQ HEWLETT-PACKARD 32.035 +0.105 +0.33% 10,640,250 +90    Entry Signal
8. BBD BANK BRADESCO 13.57 +0.07 +0.52% 10,604,357 +90    Entry Signal
9. GLW CORNING 20.615 +0.155 +0.75% 9,000,480 +90    Entry Signal
10. HK HALCON RESOURCES 4.15 +0.23 +5.56% 8,529,963 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ED.U14 EURODOLLAR Sep 2014 99.730 0.000 0.00% 48,836 +100    Entry Signal
2. ED.M14 EURODOLLAR Jun 2014 99.755 0.000 0.00% 48,309 +100    Entry Signal
3. W.N14 WHEAT Jul 2014 699.25 -15.25 -2.18% 28,352 +100    Entry Signal
4. 6A.M14.E AUSTRALIAN $ Jun 2014 0.9179 -0.0025 -0.27% 26,841 +100    Entry Signal
5. GE.J14.E EURODOLLAR Apr 2014 99.7650 +0.0025 0.00% 1,868 +100    Entry Signal
6. SB.N15.E SUGAR #11-WORLD Jul 2015 18.70 -0.04 -0.21% 868 +100    Entry Signal
7. M6A.M14.E E-MICRO AUD/USD Jun 2014 0.9177 -0.0027 -0.29% 451 +100    Entry Signal
8. SF.K14.E SUGAR #16 May 2014 22.35 +0.23 +1.03% 76 +100    Entry Signal
9. SB.K16.E SUGAR #11-WORLD May 2016 18.90 -0.05 -0.26% 58 +100    Entry Signal
10. AJY.M14.E AUSTRALIAN $/JAPANESE YEN Jun 2014 94.75 +0.17 +0.18% 50 +100    Entry Signal

Key Market Reports and Commentary for Thursday 27/03/2014

Morning Markets Report
Prepared on Thursday, March 27, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is higher 35 points to 16214. The US Dollar Index moved higher by 0.143 points to 80.149. Gold is down 8.33 dollars to 1295.81. Silver has eased 0.026 dollars to 19.725. The Dow Industrials moved down 98.89 points, at 16268.99, while the S&P 500 slipped 13.06 points, last seen at 1852.56. The Nasdaq Composite trended lower by 55.89 points to 4178.38. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Are The Markets Just Teasing Us?
Wednesday Mar 26th

Get Out Of Gold Stocks — Right Now
Wednesday Mar 26th

Apple Is Trending Higher While Amazon Is Trending Lower, Why?
Tuesday Mar 25th

Key Events for Thursday

8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims

Weekly Jobless Claims (expected 325K; previous 320K)

Weekly Jobless Claims Net Change (previous +5K)

Cont Jobless Claims (prior week) (previous 2889000)

Cont Jobless Claims Net Chg (prior week) (previous +41K)

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 745.8K)

Soybeans, In Metric Tons (previous 639.7K)

Wheat, In Metric Tons (previous 597K)

8:30 AM ET. 4th Quarter 3rd estimate GDP

GDP (expected +2.7%; previous +2.4%)

Chain-Weighted Price Index (expected +1.6%; previous +1.6%)

Corporate Profits

PCE Price Index (previous +1%)

Purchase Price Index (previous +1.5%)

Real Final Sales (previous +2.3%)

Core PCE Price Index( Ex Food/Energy) (previous +1.3%)

Personal Consumption (previous +2.6%)

8:30 AM ET. 4th Quarter Corporate Profits

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Feb Pending Home Sales Index

Current (previous 95)

MoM Pct Change (Current Period) (expected +0.2%; previous +0.1%)

YoY Pct Change (Current Period) (previous -9%)

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous +0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.5%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 953B)

Total Working Gas in Storage (Net Change) (previous -48B)

11:00 AM ET. Mar Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Manufacturing Activity Index (previous 3)

Manufacturing Activity Index (6 Mon) (previous 24)

Manufacturing Composite Index (previous 4)

6-Month Composite Expectations Index (previous 11)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank

8:30 AM ET. Feb Personal Income & Outlays

Personal Income (expected +0.2%; previous +0.3%)

Personal Spending (expected +0.3%; previous +0.4%)

PCE Price Index Monthly (previous +0.1%)

PCE Price Index Yearly (previous +1.2%)

PCE Core Price Index Monthly (expected +0.1%; previous +0.1%)

PCE Core Price Index Yearly (previous +1.1%)

9:55 AM ET. Mar Thomson Reuters / University of Michigan Survey of Consumers – final

Sentiment Index End month (expected 80.5; previous 81.6)

Expectations Index End Month (previous 72.7)

12-Month Inflation Forecast (previous 3.2%)

5-Year Inflation Forecast (previous 2.9%)

Value (Current Period) End Month (previous 95.4)

10:00 AM ET. Feb Regional & State Employment & Unemployment

3:00 PM ET. Mar Agricultural Prices

Farm Prices, M/M (previous +7.1%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.149 +0.143 +0.18%
POWERSHARES DB US DOLLAR INDEX 21.4210 +0.0010 0.00%
US Dollar/Canadian Dollar 1.108905 -0.000260 -0.02%
Euro/US Dollar 1.37562 -0.00315 -0.23%
JAPANESE YEN Jun 2014 0.009782 -0.000020 -0.20%
SWISS FRANC Jun 2014 1.1286 -0.0025 -0.22%

CURRENCIES

The June Dollar was higher overnight as it extends the trading range of the past five days. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March’s low, the reaction high crossing at 80.74 is the next upside target. Closes below the 20-day moving average crossing at 79.97 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 80.50. Second resistance is the reaction high crossing at 80.74. First support is the 20-day moving average crossing at 79.97. Second support is March’s low crossing at 79.37.

The June Euro was lower overnight extrending the decline off March’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the reaction low crossing at 136.44 is the next downside target. Closes above the 10-day moving average crossing at 138.35 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 138.35. Second resistance is March’s high crossing at 139.66. First support is the reaction low crossing at 137.09. Second support is the reaction low crossing at 136.44.

The June British Pound was higher overnight as it extends this week’s rebound and is trading above the 20-day moving average. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.6607 would confirm that a short-term low has been posted. If June renews the decline off February’s high, the 50% retracement level of the November-February-rally crossing at 1.6337. First resistance is the 20-day moving average crossing at 1.6607. Second resistance is March’s high crossing at 1.6773. First support is the 38% retracement level of the November-February-rally crossing at 1.6449. Second support is the 50% retracement level of the November-February-rally crossing at 1.6337.

The June Swiss Franc was lower overnight as it extends the decline off March’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 50% retracement level of the January-March-rally crossing at .11226 is the next downside target. Closes above the 20-day moving average crossing at .11371 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at .11371 Second resistance is March’s high crossing at .11503. First support is the 38% retracement level of the January-March-rally crossing at .11292. Second support is the 50% retracement level of the January-March-rally crossing at .11226.

The June Canadian Dollar was higher overnight as it extends the rally off last week’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Wednesday’s close above the 20-day moving average crossing at 89.76 signals that a short-term low has been posted while opening the door for additional strength near-term. If June renews the decline off February’s high, weekly support crossing at 87.76 is the next downside target. First resistance is the reaction high crossing at 90.69. Second resistance is the reaction high crossing at 91.06. First support is last Thursday’s low crossing at 88.45. Second support is weekly support crossing at 87.76.

The June Japanese Yen was lower overnight and remains poised to extend the decline off last week’s high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the aforementioned decline, March’s low crossing at .9641 is the next downside target. If June renews the rally off March’s low, February’s high crossing at .9930 is the next upside target. First resistance is the reaction high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is last Wednesday’s low crossing at .9742. Second support is March’s low crossing at .9641.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2014 100.83 +0.57 +0.57%
NY HARBOR ULSD HEATING OIL May 2014 2.9295 +0.0117 +0.40%
NATURAL GAS May 2014 4.399 +0.004 +0.09%
RBOB GASOLINE May 2014 2.9190 +0.0127 +0.44%
POWERSHARES DWA ENERGY MOMENT 56.680 -0.439 -0.78%
UNITED STATES GASOLINE 58.35 +0.08 +0.14%

ENERGIES

May Nymex crude oil was higher overnight as it extends the rebound off March’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Wednesday’s closes above the 20-day moving average confirms that a short-term low has been posted while opening the door for additional gains near-term. If May renews the decline off March’s high, the 62% retracement level of the January-March rally crossing at 96.38 is the next downside target. First resistance is the reaction high crossing at 102.32. Second resistance is March’s high crossing at 104.48. First support is the 10-day moving average crossing at 99.20. Second support is the 62% retracement level of the January-March rally crossing at 96.38.

May heating oil was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 293.61 would confirm that a short-term low has been posted. If May renews the decline off March’s high, January’s low crossing at 286.53 is the next downside target. First resistance is the 20-day moving average crossing at 293.62. Second resistance is the reaction high crossing at 297.70. First support is last Monday’s low crossing at 287.40. Second support is January’s low crossing at 286.53.

May unleaded gas was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 292.54 would confirm that a short-term low has been posted. If May renews this month’s decline, the 62% retracement level of the November-March rally crossing at 283.07 is the next downside target. First resistance is the 20-day moving average crossing at 292.54. Second resistance is March’s high crossing at 305.38. First support is the 62% retracement level of the November-March rally crossing at 283.07. Second support is the 75% retracement level of the January-March rally crossing at 278.53.

May Henry natural gas was lower overnight as it consolidates some of Tuesday’s rally. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 4.452 would confirm that a short-term low has been posted. If May renews the decline off February’s high, the 50% retracement level of the November-February-rally crossing at 4.195 is the next downside target. First resistance is the 20-day moving average crossing at 4.452. Second resistance is the reaction high crossing at 4.669. First support is the 50% retracement level of the November-February-rally crossing at 4.195. Second support is the 62% retracement level of the November-February-rally crossing at 4.029.


 

Food Snapshot
Symbol Last Change %
COCOA May 2014 2958 -5 -0.17%
COFFEE May 2014 175.65 -0.35 -0.20%
ORANGE JUICE-A May 2014 148.85 +0.40 +0.27%
IPATH DJ-UBS SUGAR TRUST 57.5599 +1.7799 +3.09%
IPATH DJ-UBS SOFTS TRUST 52.0780 +0.8581 +1.65%

FOOD & FIBER

SOFTS: May sugar closed up 39 points at 17.36 cents today. Prices closed nearer the session high today on more short covering. Sugar bulls and bears are now back on a level near-term technical playing field.

May coffee closed up 70 points at 176.00 cents today. Prices closed near mid-range today. Bulls and bears are on a level near-term technical playing field.

May cocoa closed up $4 at $2,953 a ton today. Prices closed near mid-range. Cocoa bulls have the overall near-term technical advantage.

May cotton closed down 245 points at 91.66 cents today. Prices closed nearer the session low today after hitting a fresh contract high early on. Trading has turned extremely volatile this week, and that’s not bullish. Today’s price action shows a bearish “buying exhaustion tail” on the daily bar chart, which suggests a market top is in place. But the bulls do still have the overall near-term technical advantage at present. Prices are still in a four-month-old uptrend on the daily bar chart.

May orange juice closed up 15 points at $1.4855 today. Prices closed near mid-range in quieter trading today. The FCOJ bulls have faded this week.

May lumber futures closed down $4.40 at $326.20 today. Prices hit a fresh nine-month low today. Bears have the solid near-term technical advantage. Prices are in a three- month-old downtrend on the daily bar chart.

 


 

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Grains Snapshot
Symbol Last Change %
CORN May 2014 484.75 +0.25 +0.05%
OATS May 2014 404.50 +1.25 +0.31%
WHEAT May 2014 693.25 -3.50 -0.50%
TEUCRIUM CORN 33.45 -0.15 -0.45%
IPATH DJ-UBS GRAINS TRUST 49.3886 -0.2514 -0.51%
ELEMENTS MLCX GRAINS INDEX TRUST 6.56 0.00 0.00%
SOYBEANS May 2014 1446.0 +6.0 +0.42%
SOYBEAN (MINI) Nov 2014 1196.00 +2.75 +0.23%
SOYBEAN MEAL May 2014 473.4 +4.3 +0.92%
TEUCRIUM SOYBEAN 24.7699 +0.3135 +1.30%

GRAINS

May corn was steady to fractionally higher overnight as it extends March’s trading range. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 4.76 would confirm that a short-term top has been posted. If May renews the rally off January’s low, the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2 is the next upside target. First resistance is March’s high crossing at 5.02 1/2. Second resistance is the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2. First support is the reaction low crossing at 4.76. Second support is the reaction low crossing at 4.63 1/2.

May wheat was lower due to profit taking overnight as it consolidates some of the rally off January’s low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 6.72 3/4 would confirm that a short-term top has been posted. If May renews the rally off January’s low, weekly resistance crossing at 7.48 1/2 is the next upside target. First resistance is last Thursday’s high crossing at 7.23 1/2. Second resistance is weekly resistance crossing at 7.48 1/2. First support is the 10-day moving average crossing at 6.98. Second support is the 20-day moving average crossing at 6.72 3/4.

May Kansas City Wheat closed down 20 1/2-cents at 7.71 1/4.

May Kansas City wheat closed sharply lower on Wednesday as it consolidated some of this year’s rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February’s low, the 62% retracement level of the 2012-2014-decline crossing at 8.13 is the next upside target. Multiple closes below the 20-day moving average crossing at 7.38 3/4 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 7.88. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.13. First support is the 10-day moving average crossing at 7.69 1/4. Second support is the 20-day moving average crossing at 7.38 3/4.

May Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7.21 1/2 would confirm that a short-term top has been posted. If May extends the rally off January’s low, the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4 is the next upside target. First resistance is the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.23 1/2. First support is the 10-day moving average crossing at 7.47 1/2. Second support is the 20-day moving average crossing at 7.21 1/2.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

May soybeans were higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, March’s high crossing at 14.60 is the next upside target. If May renews the decline off March’s high, the 50% retracement level of the January-March-rally crossing at 13.54 is the next downside target. First resistance is last Thursday’s high crossing at 14.56 1/2. Second resistance is March’s high crossing at 14.60. First support is the 38% retracement level of the January-March-rally crossing at 13.79. Second support is the 50% retracement level of the January-March-rally crossing at 13.54.

May soybean meal was higher overnight and posted a new contract high renewing the long-term uptrend. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, weekly resistance crossing at 482.20 is the next upside target. Closes below the 20-day moving average crossing at 454.10 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 475.30. Second resistance is weekly resistance crossing at 482.20. First support is the 20-day moving average crossing at 454.10. Second support is March’s low crossing at 431.00.

May soybean oil was higher overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month’s decline, the 62% retracement level of the February-March-rally crossing at 40.18 is the next downside target. Closes above the 20-day moving average crossing at 42.40 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 41.40. Second resistance is the 20-day moving average crossing at 42.40. First support is the 62% retracement level of the February-March-rally crossing at 40.18. Second support is the 75% retracement level of the February-March-rally crossing at 39.13.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16268.99 -98.89 -0.61%
NASDAQ COMPOSITE INDEX (COMBINED) 4178.38 -55.89 -1.34%
S&P 500 CASH 1852.56 -13.06 -0.70%
SPDR S&P 500 185.11 -1.20 -0.65%
QQQQ VOLATILITY INDEX 15.68 +1.33 +8.50%
iShares RUSSELL 2000 INDEX 114.77 -2.16 -1.88%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher due to short covering overnight as it consolidated some of this week’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If June extends the decline off March’s high, the 62% retracement level of the February-March-rally crossing at 3531.69 is the next downside target. Closes above the 20-day moving average crossing at 3663.99 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3663.99. Second resistance is last Friday’s high crossing at 3712.75. First support is the 50% retracement level of the February-March-rally crossing at 3570.41. Second support is the 62% retracement level of the February-March-rally crossing at 3531.69.

The June S&P 500 was higher due to short covering overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends last week’s rally, March’s high crossing at 1877.20 is the next upside target. Closes below the reaction low crossing at 1841.50 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1876.50. Second resistance is March’s high crossing at 1877.20. First support is the 38% retracement level of the February-March rally crossing at 1819.70. Second support is the 50% retracement level of the February-March rally crossing at 1801.81.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 133.62500 +0.03125 +0.02%
iShares FLOATING RATE NOTE 50.71 0.00 0.00%
5 YEAR T-NOTES Jun 2014 118.929688 -0.117188 -0.10%
ULTRA T-BONDS Jun 2014 144.84375 +0.12500 +0.09%
POWERSHARES SENIOR LOAN PORTF 24.8099 +0.0199 +0.08%

INTEREST RATES

June T-bonds were higher overnight and is remans locked in a two-month old trading range. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Thursday’s low, March’s high crossing at 134-01 is the next upside target. Closes below the 20-day moving average crossing at 132-19 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 134-00. Second resistance is March’s high crossing at 134-01. First support is the 20-day moving average crossing at 132-19. Second support is the 38% retracement level of the January-March rally crossing at 131-09.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE May 2014 179.475 +0.350 +0.19%
LEAN HOGS Jun 2014 126.700 +0.400 +0.32%
LIVE CATTLE Jun 2014 137.450 -0.175 -0.13%
IPATH DJ-UBS LIVESTOCK TRUST SUB 31.72 +0.48 +1.51%

LIVESTOCK

LIVESTOCK: June live cattle closed up $1.17 at $137.60 Wednesday. Prices closed near mid-range today. The bulls have the overall near-term technical advantage and regained some upside momentum today to begin to render last week’s bearish key reversal down on the daily bar chart moot. Prices are in a four-month-old uptrend on the daily bar chart.

May feeder cattle closed up $1.02 at $179.12 Wednesday. Prices closed at a fresh contract high close today. This week’s strong upside price action gives the feeder bulls the solid overall near-term technical advantage to suggest more on the upside in the near term. Prices are in a four- week-old uptrend on the daily bar chart.

June lean hogs closed up $1.15 at $126.35 Wednesday. The market hit a two-week low and then turned around to score a bullish “outside day” up on the daily bar chart. It is still my bias the air is coming out of this market. A bearish “island top” reversal pattern formed on the daily bar chart after Tuesday’s gap-lower trade.

 


 

Metals Snapshot
Symbol Last Change %
GOLD Jun 2014 1294.4 -9.0 -0.69%
SPDR GOLD SHARES 125.41 -1.00 -0.80%
SILVER May 2014 19.650 -0.130 -0.66%
PALLADIUM Jun 2014 761.80 -19.35 -2.47%
DIREXION DAILY GOLD MINERS BEA 26.27 +2.73 +10.35%
POWERSHARES DB PRECIOUS METALS 42.260 +0.050 +0.12%

PRECIOUS METALS

April gold was lower overnight as it extends the decline off March’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, the 50% retracement level of the January-March-rally crossing at 1287.40 is the next downside target. Closes above the 20-day moving average crossing at 1340.50 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 1340.50. Second resistance is March’s high crossing at 1392.60. First support is the the 50% retracement level of the January-March-rally crossing at 1287.40. Second support is the 62% retracement level of the January-March-rally crossing at 1262.50.

May silver was lower overnight as it extends the decline off February’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February’s high, the 87% retracement level of the January-February-rally crossing at 19.233 is the next downside target. Closes above the 20-day moving average crossing at 20.829 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 20.457. Second resistance is the 20-day moving average crossing at 20.829. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper was higher overnight. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 302.85 would confirm that a short-term low has been posted. If May renews the decline off December’s high, weekly support crossing at 272.00 is the next downside target. First resistance is the 20-day moving average crossing at 302.85. Second resistance is the 38% retracement level of the December-March-decline crossing at 308.20. First support is last Wednesday’s low crossing at 287.70. Second support is weekly support crossing at 272.00.


 

Top Stocks
# symbol name last net % volume score triangles
1. CX CEMEX 12.79 -0.17 -1.33% 29,537,866 +90    Entry Signal
2. KEY KEYCORP 14.22 -0.18 -1.27% 17,855,963 +90    Entry Signal
3. GLW CORNING 20.445 +0.385 +1.88% 17,471,230 +90    Entry Signal
4. KERX KERYX BIOPHARMACEUTICALS 16.54 +2.45 +14.81% 16,446,032 +90    Entry Signal
5. HPQ HEWLETT-PACKARD 32.365 -0.195 -0.60% 16,270,651 +90    Entry Signal
6. ITUB ITAU UNIBANCO HOLDINGS 14.180 +0.160 +1.13% 13,542,896 +90    Entry Signal
7. AAPL APPLE 539.78 -5.21 -0.97% 10,584,869 +90    Entry Signal
8. JNJ JOHNSON & JOHNSON 97.09 -0.29 -0.30% 10,276,753 +90    Entry Signal
9. TSM TAIWAN SEMICONDUCTOR 19.105 -0.015 -0.08% 9,814,837 +90    Entry Signal
10. BRCM BROADCOM 31.70 -0.10 -0.32% 9,318,399 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ZB.M14.E T-BONDS Jun 2014 133.62500 +0.03125 +0.02% 46,002 +100    Entry Signal
2. 6A.M14.E AUSTRALIAN $ Jun 2014 0.9184 +0.0008 +0.09% 27,401 +100    Entry Signal
3. KW.K14 HARD RED WINTER WHEAT May 2014 771.25 -20.50 -2.66% 12,088 +100    Entry Signal
4. KW.N14 HARD RED WINTER WHEAT Jul 2014 771.50 -18.75 -2.43% 11,759 +100    Entry Signal
5. S.F15 SOYBEANS Jan 2015 1197.75 +5.00 +0.42% 1,438 +100    Entry Signal
6. ZW.Z14.E WHEAT Dec 2014 715.75 -3.50 -0.49% 1,202 +100    Entry Signal
7. 6L.J14.E BRAZILIAN REAL Apr 2014 0.43210 -0.00105 -0.24% 810 +100    Entry Signal
8. SB.N15.E SUGAR #11 WORLD Jul 2015 18.71 +0.15 +0.81% 751 +100    Entry Signal
9. SB.K15.E SUGAR #11 WORLD May 2015 18.93 +0.19 +1.01% 646 +100    Entry Signal
10. KE.N14.E HARD RED WINTER WHEAT Jul 2014 766.50 -5.00 -0.65% 604 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 26/03/2014

Morning Markets Report
Prepared on Wednesday, March 26, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has gained 57 points to 16355. The US Dollar Index edged higher by 0.120 points to 80.057. Gold has gained 1.620 dollars to 1314.300. Silver is up 0.1030 dollars to 20.0715. The Dow Industrials moved higher by 91.19 points, at 16367.88, while the S&P 500 gained 8.18 points, last seen at 1865.62. The Nasdaq Composite trended higher 7.30 points to 4233.69. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Apple Is Trending Higher While Amazon Is Trending Lower, Why?
Tuesday Mar 25th

Obama Gives Putin A Billion Dollars!
Tuesday Mar 25th

Chart of The Week – Euro Futures
Monday Mar 24th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 369)

Market Composite Index Cur Chg (previous -1.2%)

Purchase Index (S.A.) (previous 167.3)

Purchase Index (S.A.) Cur Chg (previous -0.9%)

Refinance Index (previous 1528.4)

Refinance Index Cur Chg (previous -1.3%)

8:30 AM ET. Feb Advance Report on Durable Goods

Total Orders (expected +0.8%; previous -1%)

Orders, Ex-Defense (previous -1.8%)

Orders, Ex-Transportation (previous +1.1%)

8:30 AM ET. 4th Quarter U.S. International Investment Position

9:00 AM ET. Mar US Flash Services PMI

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 375.85M)

Crude Oil Stocks (Net Change) (previous +5.85M)

Gasoline Stocks (previous 222.3M)

Gasoline Stocks (Net Change) (previous -1.47M)

Distillate Stocks (previous 110.85M)

Distillate Stocks (Net Change) (previous -3.1M)

Refinery Usage (previous 85.6%)

Total Products Supplied (previous 18.78M)

Total Products Supplied (Net Change) (previous

8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims

Weekly Jobless Claims (expected 325K; previous 320K)

Weekly Jobless Claims Net Change (previous +5K)

Cont Jobless Claims (prior week) (previous 2889000)

Cont Jobless Claims Net Chg (prior week) (previous +41K)

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 745.8K)

Soybeans, In Metric Tons (previous 639.7K)

Wheat, In Metric Tons (previous 597K)

8:30 AM ET. 4th Quarter 3rd estimate GDP

GDP (expected +2.7%; previous +2.4%)

Chain-Weighted Price Index (expected +1.6%; previous +1.6%)

Corporate Profits

PCE Price Index (previous +1%)

Purchase Price Index (previous +1.5%)

Real Final Sales (previous +2.3%)

Core PCE Price Index( Ex Food/Energy) (previous +1.3%)

Personal Consumption (previous +2.6%)

8:30 AM ET. 4th Quarter Corporate Profits

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Feb Pending Home Sales Index

Current (previous 95)

MoM Pct Change (Current Period) (expected +0.2%; previous +0.1%)

YoY Pct Change (Current Period) (previous -9%)

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous +0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.5%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 953B)

Total Working Gas in Storage (Net Change) (previous -48B)

11:00 AM ET. Mar Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Manufacturing Activity Index (previous 3)

Manufacturing Activity Index (6 Mon) (previous 24)

Manufacturing Composite Index (previous 4)

6-Month Composite Expectations Index (previous 11)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank

8:30 AM ET. Feb Personal Income & Outlays

Personal Income (expected +0.2%; previous +0.3%)

Personal Spending (expected +0.3%; previous +0.4%)

PCE Price Index Monthly (previous +0.1%)

PCE Price Index Yearly (previous +1.2%)

PCE Core Price Index Monthly (expected +0.1%; previous +0.1%)

PCE Core Price Index Yearly (previous +1.1%)

9:55 AM ET. Mar Thomson Reuters / University of Michigan Survey of Consumers – final

Sentiment Index End month (expected 80.5; previous 81.6)

Expectations Index End Month (previous 72.7)

12-Month Inflation Forecast (previous 3.2%)

5-Year Inflation Forecast (previous 2.9%)

Value (Current Period) End Month (previous 95.4)

10:00 AM ET. Feb Regional & State Employment & Unemployment

3:00 PM ET. Mar Agricultural Prices

Farm Prices, M/M (previous +7.1%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.057 +0.120 +0.15%
POWERSHARES DB US DOLLAR INDEX 21.41 0.00 0.00%
US Dollar/Canadian Dollar 1.114600 -0.001295 -0.12%
Euro/US Dollar 1.37964 -0.00196 -0.14%
JAPANESE YEN Jun 2014 0.009775 -0.000008 -0.08%
SWISS FRANC Jun 2014 1.1295 -0.0041 -0.36%

CURRENCIES

The June Dollar was higher overnight. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 79.94 would confirm that a short-term top has been posted. If June extends the rally off March’s low, the reaction high crossing at 80.74 is the next upside target. First resistance is last Thursday’s high crossing at 80.50. Second resistance is the reaction high crossing at 80.74. First support is the 10-day moving average crossing at 79.94. Second support is March’s low crossing at 79.37.

The June Euro was lower overnight and is poised to extrend last week’s decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends last week’s decline, the reaction low crossing at 136.64 is the next downside target. Closes above the 10-day moving average crossing at 138.47 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 138.47. Second resistance is March’s high crossing at 139.66. First support is the reaction low crossing at 137.09. Second support is the reaction low crossing at 136.44.

The June British Pound was slightly higher overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.6609 would confirm that a short-term low has been posted. If June extends this month’s decline, the 50% retracement level of the November-February-rally crossing at 1.6337. First resistance is the 20-day moving average crossing at 1.6609. Second resistance is March’s high crossing at 1.6773. First support is the 38% retracement level of the November-February-rally crossing at 1.6449. Second support is the 50% retracement level of the November-February-rally crossing at 1.6337.

The June Swiss Franc was lower overnight as it extends last week’s decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends last week’s decline, the 50% retracement level of the January-March-rally crossing at .11226 is the next downside target. Closes above the 10-day moving average crossing at .11381 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at .11381 Second resistance is March’s high crossing at .11503. First support is the 38% retracement level of the January-March-rally crossing at .11292. Second support is the 50% retracement level of the January-March-rally crossing at .11226.

The June Canadian Dollar was higher overnight as it extends the rebound off last week’s low. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 89.73 would temper the bearish outlook. If June extends the decline off February’s high, weekly support crossing at 87.76 is the next downside target. First resistance is the reaction high crossing at 90.69. Second resistance is the reaction high crossing at 91.06. First support is last Thursday’s low crossing at 88.45. Second support is weekly support crossing at 87.76.

The June Japanese Yen was lower overnight and remains poised to extend the decline off last week’s high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the aforementioned decline, March’s low crossing at .9641 is the next downside target. If June renews the rally off March’s low, February’s high crossing at .9930 is the next upside target. First resistance is the reaction high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is last Wednesday’s low crossing at .9742. Second support is March’s low crossing at .9641.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2014 99.47 +0.28 +0.28%
NY HARBOR ULSD HEATING OIL May 2014 2.9252 +0.0044 +0.15%
NATURAL GAS May 2014 4.390 -0.024 -0.55%
RBOB GASOLINE May 2014 2.8917 +0.0100 +0.35%
POWERSHARES DWA ENERGY MOMENT 57.041 +0.641 +1.12%
UNITED STATES GASOLINE 59.0399 +0.2799 +0.48%

ENERGIES

May Nymex crude oil was slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 100.04 are needed to confirm that a short-term low has been posted. If May renews this month’s decline, the 62% retracement level of the January-March rally crossing at 96.38 is the next downside target. First resistance is the 20-day moving average crossing at 100.04. Second resistance is the reaction high crossing at 102.32. First support is the 62% retracement level of the January-March rally crossing at 96.38. Second support is the 75% retracement level of the January-March rally crossing at 94.64.

May heating oil was higher overnight. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 293.92 would confirm that a short-term low has been posted. If May renews the decline off March’s high, January’s low crossing at 286.53 is the next downside target. First resistance is the 20-day moving average crossing at 293.92. Second resistance is the reaction high crossing at 297.70. First support is last Monday’s low crossing at 287.40. Second support is January’s low crossing at 286.53.

May unleaded gas was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 292.65 would confirm that a short-term low has been posted. If May renews this month’s decline, the 62% retracement level of the November-March rally crossing at 283.07 is the next downside target. First resistance is the 20-day moving average crossing at 292.65. Second resistance is March’s high crossing at 305.38. First support is the 62% retracement level of the November-March rally crossing at 283.07. Second support is the 75% retracement level of the January-March rally crossing at 278.53.

May Henry natural gas was lower overnight as it consolidates some of Tuesday’s rally. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 4.457 would confirm that a short-term low has been posted. If May extends the decline off February’s high, the 50% retracement level of the November-February-rally crossing at 4.195 is the next downside target. First resistance is the 20-day moving average crossing at 4.457. Second resistance is the reaction high crossing at 4.669. First support is the 50% retracement level of the November-February-rally crossing at 4.195. Second support is the 62% retracement level of the November-February-rally crossing at 4.029.


 

Food Snapshot
Symbol Last Change %
COCOA May 2014 2945 -4 -0.14%
COFFEE May 2014 174.4 -0.9 -0.52%
ORANGE JUICE-A May 2014 148.40 -2.85 -1.92%
IPATH DJ-UBS SUGAR TRUST 55.7800 +0.7500 +1.34%
IPATH DJ-UBS SOFTS TRUST 51.900 -1.620 -3.16%

FOOD & FIBER

May coffee closed lower on Tuesday. The mid-range close set the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends this month’s decline, the 50% retracement level of the December-March-rally crossing at 15.91 is the next downside target. Closes above the 20-day moving average crossing at 18.97 would confirm that a low has been posted.

May cocoa closed higher due to short covering on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 29.17 are needed to confirm that a short-term top has been posted. If May renews this winter’s rally, weekly resistance crossing at 30.92 is the next upside target.

May sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends this month’s decline, the reaction low crossing at 16.62 is the next downside target. Closes above the 20-day moving average crossing at 17.59 would temper the near-term bearish outlook.

May cotton closed sharply higher on Tuesday as it extends this year’s rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off the late-January low, monthly resistance crossing at 93.93 is the next upside target. Closes below the 20-day moving average crossing at 90.87 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN May 2014 484.50 -2.00 -0.41%
OATS May 2014 402.00 -0.25 -0.06%
WHEAT May 2014 705.75 -2.50 -0.35%
TEUCRIUM CORN 33.7260 +0.0460 +0.14%
IPATH DJ-UBS GRAINS TRUST 49.7000 -0.0800 -0.16%
ELEMENTS MLCX GRAINS INDEX TRUST 6.56 0.00 0.00%
SOYBEANS May 2014 1421.75 -6.25 -0.44%
SOYBEAN (MINI) Nov 2014 1186.50 -2.25 -0.19%
SOYBEAN MEAL May 2014 461.4 -2.3 -0.50%
TEUCRIUM SOYBEAN 24.7699 +0.3135 +1.27%

GRAINS

May corn was steady to fractionally lower overnight as it consolidates some of Monday’s rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.81 1/4 are needed to confirm that a short-term top has been posted. If May renews the rally off January’s low, the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2 is the next upside target. First resistance is March’s high crossing at 5.02 1/2. Second resistance is the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2. First support is the 20-day moving average crossing at 4.81 1/4. Second support is the reaction low crossing at 4.63 1/2.

May wheat was lower overnight as it consolidates some of Monday’s rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, weekly resistance crossing at 7.48 1/2 is the next upside target. Closes below the 20-day moving average crossing at 6.68 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 7.23 1/2. Second resistance is weekly resistance crossing at 7.48 1/2. First support is the 10-day moving average crossing at 6.96 3/4. Second support is the 20-day moving average crossing at 6.68.

May Kansas City Wheat closed down 2 3/4-cents at 7.91 3/4.

May Kansas City wheat closed lower on Tuesday. Today’s mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February’s low, the 62% retracement level of the 2012-2014-decline crossing at 8.13 is the next upside target. Multiple closes below the 20-day moving average crossing at 7.34 1/4 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 7.88. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.13. First support is the 10-day moving average crossing at 7.67. Second support is the 20-day moving average crossing at 7.34 1/4.

May Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4 is the next upside target. Closes below the 20-day moving average crossing at 7.17 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.23 1/2. First support is the 10-day moving average crossing at 7.46 1/2. Second support is the 20-day moving average crossing at 7.17.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

May soybeans were lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the 50% retracement level of the January-March-rally crossing at 13.54 is the next downside target. If May renews the rally off March’s low, March’s high crossing at 14.60 is the next upside target. First resistance is last Thursday’s high crossing at 14.56 1/2. Second resistance is March’s high crossing at 14.60. First support is the 38% retracement level of the January-March-rally crossing at 13.79. Second support is the 50% retracement level of the January-March-rally crossing at 13.54.

May soybean meal was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March’s low, February’s high crossing at 472.90 is the next upside target. Closes below the 20-day moving average crossing at 452.70 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 471.80. Second resistance is February’s high crossing at 472.90. First support is the 20-day moving average crossing at 452.70. Second support is the 38% retracement level of the November-February rally crossing at 434.90.

May soybean oil was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month’s decline, the 62% retracement level of the February-March-rally crossing at 40.18 is the next downside target. Closes above the 20-day moving average crossing at 42.43 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 41.64. Second resistance is the 20-day moving average crossing at 42.43. First support is the 62% retracement level of the February-March-rally crossing at 40.18. Second support is the 75% retracement level of the February-March-rally crossing at 39.13.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16367.88 +91.19 +0.56%
NASDAQ COMPOSITE INDEX (COMBINED) 4233.69 +7.30 +0.17%
S&P 500 CASH 1865.62 +8.18 +0.44%
SPDR S&P 500 186.281 +0.851 +0.46%
QQQQ VOLATILITY INDEX 14.35 -0.53 -3.69%
iShares RUSSELL 2000 INDEX 116.90 -0.05 -0.04%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher due to short covering overnight as it consolidated some of the decline off last Friday’s high. Stochastics and the RSI are diverging and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 3673.06 would confirm that a short-term low has been posted. If June extends the decline off March’s high, the 50% retracement level of the February-March-rally crossing at 3570.41 is the next downside target. First resistance is the 20-day moving average crossing at 3673.06. Second resistance is last Friday’s high crossing at 3712.75. First support is the 50% retracement level of the February-March-rally crossing at 3570.41. Second support is the 62% retracement level of the February-March-rally crossing at 3531.69.

The June S&P 500 was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends last week’s rally, March’s high crossing at 1877.20 is the next upside target. Closes below last Friday’s low crossing at 1841.50 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 1876.50. Second resistance is March’s high crossing at 1877.20. First support is the 38% retracement level of the February-March rally crossing at 1819.70. Second support is the 50% retracement level of the February-March rally crossing at 1801.81.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 132.81250 -0.25000 -0.19%
iShares FLOATING RATE NOTE 50.71 +0.02 +0.04%
5 YEAR T-NOTES Jun 2014 118.789063 -0.031250 -0.03%
ULTRA T-BONDS Jun 2014 143.59375 -0.43750 -0.30%
POWERSHARES SENIOR LOAN PORTF 24.79 -0.02 -0.08%

INTEREST RATES

June T-bonds were lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Thursday’s low, March’s high crossing at 134-01 is the next upside target. If June renews the decline off March’s high, March’s low crossing at 130-20 is the next downside target. First resistance is the reaction high crossing at 134-00. Second resistance is March’s high crossing at 134-01. First support is the 38% retracement level of the January-March rally crossing at 131-09. Second support is the 50% retracement level of the January-March rally crossing at 130-13.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE May 2014 178.525 +0.425 +0.24%
LEAN HOGS Jun 2014 124.975 -0.225 -0.18%
LIVE CATTLE Jun 2014 137.100 +0.675 +0.49%
IPATH DJ-UBS LIVESTOCK TRUST SUB 31.2925 -0.4975 -1.59%

LIVESTOCK

April hogs closed down $3.00 at $121.65.

April hog gapped down and closed limit down on Tuesday as it consolidates some of this year’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Today’s close below the 10-day moving average crossing at 122.00 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If April extends this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Thursday’s high crossing at 126.30. Second resistance is unknown. First support is the 10-day moving average crossing at 122.00. Second support is the 20-day moving average crossing at 116.06.

April cattle closed up $0.22 at 144.37.

April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last week’s high, the reaction low crossing at 142.70. If April renews this winter’s rally, upside targets will be hard to project if it trades into uncharted territory. First resistance is last Thursday’s high crossing at 146.92. Second resistance is unknown. First support is the reaction low crossing at 142.70. Second support is the reaction low crossing at 141.17.

April feeder cattle closed up $1.05 at $177.35.

April Feeder cattle gapped up and closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If April extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 175.18 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 178.00. Second resistance is unknown. First support is the 20-day moving average crossing at 175.18. Second support is the reaction low crossing at 171.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Apr 2014 1314.8 +3.4 +0.26%
SPDR GOLD SHARES 126.39 +0.21 +0.17%
SILVER May 2014 20.070 +0.091 +0.46%
PALLADIUM Jun 2014 781.0 -8.4 -1.06%
DIREXION DAILY GOLD MINERS BEA 23.6300 -0.2800 -1.19%
POWERSHARES DB PRECIOUS METALS 42.260 +0.050 +0.12%

PRECIOUS METALS

April gold was higher due to short covering overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month’s decline, the 50% retracement level of the January-March-rally crossing at 1287.40 is the next downside target. Closes above the 10-day moving average crossing at 1343.00 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1343.00. Second resistance is March’s high crossing at 1392.60. First support is the the 38% retracement level of the January-March-rally crossing at 1312.40. Second support is the 50% retracement level of the January-March-rally crossing at 1287.40.

May silver was higher due to short covering overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February’s high, the 75% retracement level of the January-February-rally crossing at 19.647 is the next downside target. Closes above the 20-day moving average crossing at 20.931 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 20.931. Second resistance is the reaction high crossing at 21.795. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper was lower overnight as it consolidates some of Tuesday’s rally. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 304.00 would confirm that a short-term low has been posted. If May renews the decline off December’s high, weekly support crossing at 272.00 is the next downside target. First resistance is last Thursday’s high crossing at 299.60. Second resistance is the 20-day moving average crossing at 304.00. First support is last Wednesday’s low crossing at 287.70. Second support is weekly support crossing at 272.00.


 

Top Stocks
# symbol name last net % volume score triangles
1. JPM JP MORGAN CHASE 60.92 -0.15 -0.25% 23,185,691 +100    Entry Signal
2. GLW CORNING 20.065 +0.455 +2.27% 20,547,186 +90    Entry Signal
3. ITUB ITAU UNIBANCO HOLDINGS 14.015 +0.145 +1.03% 17,764,555 +90    Entry Signal
4. HPQ HEWLETT-PACKARD 32.56 +0.93 +2.86% 16,586,099 +100    Entry Signal
5. TSM TAIWAN SEMICONDUCTOR 19.11 +0.47 +2.46% 15,980,669 +100    Entry Signal
6. BK BANK of NEW YORK MELLON 35.40 -0.18 -0.51% 14,796,117 +100    Entry Signal
7. JNJ JOHNSON & JOHNSON 97.37 +2.17 +2.23% 13,032,416 +100    Entry Signal
8. XRX XEROX 11.04 +0.06 +0.54% 12,293,264 +100    Entry Signal
9. IBM INTL BUSINESS MACHINE 195.030 +6.780 +3.48% 10,437,182 +100    Entry Signal
10. AAPL APPLE 544.99 +5.80 +1.06% 10,002,063 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. 6A.M14.E AUSTRALIAN $ Jun 2014 0.9180 +0.0067 +0.74% 45,191 +100    Entry Signal
2. W.K14 WHEAT May 2014 708.25 -6.25 -0.88% 43,585 +100    Entry Signal
3. W.N14 WHEAT Jul 2014 711.75 -5.00 -0.70% 27,634 +100    Entry Signal
4. KW.N14 HARD RED WINTER WHEAT Jul 2014 790.25 0.00 0.00% 9,037 +100    Entry Signal
5. KW.K14 HARD RED WINTER WHEAT May 2014 791.75 -2.75 -0.35% 8,825 +100    Entry Signal
6. C.Z15 CORN Dec 2015 483.0 -1.5 -0.31% 663 +100    Entry Signal
7. MWE.Z14.E HARD RED SPRING WHEAT Dec 2014 766.00 -1.75 -0.23% 40 +100    Entry Signal
8. W.N15 WHEAT Jul 2015 717.5 -0.5 -0.07% 308 +100    Entry Signal
9. ZW.N15.E WHEAT Jul 2015 714.0 -3.5 -0.49% 14 +100    Entry Signal
10. ZW.H15.E WHEAT Mar 2015 731.75 -2.00 -0.27% 21 +100    Entry Signal

Key Market Reports and Commentary for Tuesday 25/03/2014

Morning Markets Report
Prepared on Tuesday, March 25, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is trending higher 57 points to 16259. The US Dollar Index advanced 0.109 points to 80.052. Gold has advanced 3.00 dollars to 1315.35. Silver has gained 0.1595 dollars to 20.1550. The Dow Industrials slipped 26.08 points, at 16276.69, while the S&P 500 moved lower 9.08 points, last seen at 1857.44. The Nasdaq Composite slipped 47.46 points to 4229.33. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Chart of The Week – Euro Futures
Monday Mar 24th

ZIRP Up Next?
Monday Mar 24th

Weekend Lesson: One -Time Framing
Sunday Mar 23rd

Key Events for Tuesday

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous +0.7%)

Chain Store Sales Index – YoY (previous +1.5%)

8:30 AM ET. 4th Quarter State Quarterly Personal Income

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.5%)

12MonChgPct (previous +2.6%)

52WkChgPct (previous +2.8%)

9:00 AM ET. Jan S&P / Case-Shiller Home Price Index

10-city Index, M/M (previous +0%)

10-city Index, Y/Y (previous +13.6%)

20-city Index, M/M (previous -0.1%)

20-city Index, Y/Y (expected +13.5%; previous +13.4%)

National Q/Q

National Y/Y

9:00 AM ET. Jan U.S. Monthly House Price Index

House Price Index

House Price Index (MoM)

House Price Index (YoY)

10:00 AM ET. Feb New Residential Sales

Overall Sales (expected 450K; previous 468K)

Percent Change (expected -3.8%; previous +9.6%)

Months’ Supply (previous 4.7)

10:00 AM ET. Mar Consumer Confidence Index

Consumer Confidence Index (expected 78.9; previous 78.1)

Expectation Index (previous 75.7)

Present Situation Index (previous 81.7)

10:00 AM ET. Mar Richmond Fed Business Activity Survey

Manufacturing Index (previous -6)

Retail Revenues Index (previous 15)

Services Revenue Index (previous 0)

Shipments Index (previous -6)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +5.9M)

Gasoline Stocks (Net Change) (previous -1.4M)

Distillate Stocks (Net Change) (previous -0.67M)

Refinery Runs (previous 86.9%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.052 +0.109 +0.14%
POWERSHARES DB US DOLLAR INDEX 21.4182 -0.0518 -0.24%
US Dollar/Canadian Dollar 1.12050 +0.00110 +0.10%
Euro/US Dollar 1.381750 -0.002015 -0.15%
JAPANESE YEN Jun 2014 0.009780 -0.000005 -0.05%
SWISS FRANC Jun 2014 1.1330 -0.0029 -0.26%

CURRENCIES

The June Dollar closed lower due to profit taking on Monday as it consolidates some of last week’s rally but remains above the 20-day moving average crossing at 80.02. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. If June extends last week’s rally, the reaction high crossing at 80.74 is the next upside target. Closes below the 10-day moving average crossing at 79.87 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 80.50. Second resistance is the reaction high crossing at 80.74. First support is 10-day moving average crossing at 79.87. Second support is March’s low crossing at 79.37.

The June Euro closed higher due to short covering on Monday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 10-day moving average crossing at 138.61 would temper the near-term bearish outlook. If June extends last week’s decline, the reaction low crossing at 136.44 is the next downside target. First resistance is the 10-day moving average crossing at 138.61. Second resistance is March’s high crossing at 139.66. First support is the reaction low crossing at 137.09. Second support is the reaction low crossing at 136.44.

The June British Pound closed slightly higher on Monday as it consolidates some of this month’s decline. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month’s decline, the 50% retracement level of the November-February-rally crossing at 1.6337 is the next downside target. Closes above the 20-day moving average crossing at 1.6622 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.6622. Second resistance is Month’s high crossing at 1.6773. First support is the 38% retracement level of the November-February-rally crossing at 1.6449. Second support is the 50% retracement level of the November-February-rally crossing at 1.6337.

The June Swiss Franc closed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. If June renews last week’s decline, the 50% retracement level of the January-March-rally crossing at .11226 is the next downside target. Closes above the 10-day moving average crossing at .11404 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at .11404. Second resistance is March’s high crossing at .11503. First support is the 38% retracement level of the January-March-rally crossing at .11292. Second support is the 50% retracement level of the January-March-rally crossing at .11226.

The June Canadian Dollar closed higher due to short covering on Monday as it consolidates some of last week’s decline. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bulish hinting that a low might be in or is near. Closes above last Tuesday’s high crossing at 90.69 would confirm that a low has been posted. If June extends the decline off February’s high, monthly support crossing at 87.76 is the next downside target. First resistance is last Tuesday’s high crossing at 90.69. Second resistance is the reaction high crossing at 91.06. First support is last Thursday’s low crossing at 88.45. Second support is monthly support crossing at 87.76.

The June Japanese Yen closed slightly lower on Monday. Today’s high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that sideways to higher prices are possible near-term. If June renews the rally off March’s low, February’s high crossing at .9930 is the next upside target. If June renews last week’s decline, March’s low crossing at 96.41 is the next downside target. First resistance is the reaction high crossing at .9889. Second resistance is February’s high crossing at .9930. First support is last Wednesday’s low crossing at .9742. Second support is March’s low crossing at .9641.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2014 100.17 +0.57 +0.57%
NY HARBOR ULSD HEATING OIL May 2014 2.9259 +0.0157 +0.54%
NATURAL GAS May 2014 4.334 +0.062 +1.45%
RBOB GASOLINE May 2014 2.8995 +0.0138 +0.48%
POWERSHARES DWA ENERGY MOMENT 56.4400 -0.4955 -0.88%
UNITED STATES GASOLINE 59.0399 +0.2799 +0.48%

ENERGIES

May crude oil closed slightly higher on Monday as it extended the rally off last week’s low. Today’s mid-range close sets the stage for a steady opening when Tuesday’s night session begins. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 100.26 would confirm that a short-term low has been posted. If May renews this month’s decline, the 62% retracement level of the January-March-rally crossing at 96.38 is the next downside target. First resistance is the 20-day moving average crossing at 100.26. Second resistance is the reaction high crossing at 102.32. First support is the 62% retracement level of the January-March-rally crossing at 96.38. Second support is the 75% retracement level of the January-March-rally crossing at 94.64.

April heating oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night trading begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If April extends this month’s decline, January’s low crossing at 287.62 is the next downside target. Closes above the 20-day moving average crossing at 296.91 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 292.09. Second resistance is the 20-day moving average crossing at 292.09. First support is last Tuesday’s low crossing at 288.41. Second support is January’s low crossing at 287.62.

April unleaded gas closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 294.37 would temper the near-term bearish outlook. If April renews this month’s decline, the 87% retracement level of the February-March rally crossing at 281.71 is the next upside target. First resistance is the 20-day moving average crossing at 294.37. Second resistance is March’s high crossing at 305.38. First support is the 75% retracement level of the February-March rally crossing at 285.00. Second support is the 87% retracement level of the February-March rally crossing at 281.71.

April Henry natural gas closed lower on Monday and below support marked by the November-January uptrend line crossing near 4.292. Today’s low-range close sets the stage for a steady to lower opening when Tuesday’s session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February’s high, the 62% retracement level of the November-February-rally crossing at 4.131 is the next downside target. Closes above the 20-day moving average crossing at 4.516 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.516. Second resistance is the reaction high crossing at 4.733. First support is the 62% retracement level of the November-February-rally crossing at 4.131. Second support is the 75% retracement level of the November-February-rally crossing at 3.900.


 

Food Snapshot
Symbol Last Change %
COCOA May 2014 2942 +2 +0.07%
COFFEE May 2014 176.85 +0.45 +0.26%
ORANGE JUICE-A May 2014 151.25 -1.70 -1.13%
IPATH DJ-UBS SUGAR TRUST 55.4299 -0.0901 -0.16%
IPATH DJ-UBS SOFTS TRUST 51.900 -1.620 -3.16%

FOOD & FIBER

May coffee closed higher due to short covering on Monday as it consolidates some of this month’s decline. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends this month’s decline, the 50% retracement level of the December-March-rally crossing at 15.91 is the next downside target. Closes above the 10-day moving average crossing at 19.05 would confirm that a low has been posted.

May cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 29.17 are needed to confirm that a short-term top has been posted. If May renews this winter’s rally, weekly resistance crossing at 30.92 is the next upside target.

May sugar closed slightly higher on Monday. The mid-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends this month’s decline, the reaction low crossing at 16.62 is the next downside target. Closes above the 20-day moving average crossing at 17.62 would temper the near-term bearish outlook.

May cotton closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 90.53 would confirm that a short-term top has been posted.If May extends the rally off the late-January low, monthly resistance crossing at 93.93 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN May 2014 486.75 -3.25 -0.66%
OATS May 2014 419.00 +1.50 +0.36%
WHEAT May 2014 708.75 -5.75 -0.81%
TEUCRIUM CORN 33.7600 +0.6100 +1.81%
IPATH DJ-UBS GRAINS TRUST 49.84 +1.08 +2.17%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4600 +0.0100 +0.15%
SOYBEANS May 2014 1424.25 -1.25 -0.09%
SOYBEAN (MINI) Nov 2014 1185.875 +1.875 +0.16%
SOYBEAN MEAL May 2014 462.2 +0.2 +0.04%
TEUCRIUM SOYBEAN 24.3499 -0.1401 -0.57%

GRAINS

May Corn closed up a 11-cents at 4.90.

May corn closed higher on Monday while extending the trading range of the past three weeks. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to higher prices are possible near-term. If May renews the rally off January’s low, the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.78 3/4 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.02 1/2. Second resistance is the 38% retracement level of the 2012-2014-decline crossing at 5.14 1/2. First support is the 20-day moving average crossing at 4.78 3/4. Second support is the reaction low crossing at 4.53 1/2.

May wheat closed up 21 1/4-cents at 7.14 1/2.

May wheat closed higher on Monday and is poised to extend the rally off January’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, weekly resistance crossing at 7.48 1/2 is the next upside target. Closes below the 20-day moving average crossing at 6.58 1/2 are needed to confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 7.23 1/2. Second resistance is weekly resistance crossing at 7.48 1/2. First support is the 10-day moving average crossing at 6.89 3/4. Second support is the 20-day moving average crossing at 6.58 1/2.

May Kansas City Wheat closed up 23 1/4-cents at 7.94 1/2.

May Kansas City wheat closed sharply higher on Monday as it extends this winter’s rally. Today’s high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February’s low, the 62% retracement level of the 2012-2014-decline crossing at 8.13 is the next upside target. Multiple closes below the 20-day moving average crossing at 7.29 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 7.88. Second resistance is the 62% retracement level of the 2012-2014-decline crossing at 8.13. First support is the 10-day moving average crossing at 7.60 3/4. Second support is the 20-day moving average crossing at 7.29.

May Minneapolis wheat closed up 19 3/4-cents at 7.63.

May Minneapolis wheat closed higher on Monday as it extends this year’s rally. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4 is the next upside target. Closes below the 20-day moving average crossing at 7.06 3/4 are needed to confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 7.70. Second resistance is the 50% retracement level of the 2012-2014-decline crossing at 7.79 3/4. First support is the 10-day moving average crossing at 7.38. Second support is the 20-day moving average crossing at 7.06 3/4.

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May soybeans closed up 16 3/4-cents at 14.25 1/2.

May soybeans closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January’s low, weekly resistance crossing at 14.88 is the next upside target. Closes below the reaction low crossing at 13.65 1/2 are needed to confirm that a short-term top has been posted. First resistance is March’s high crossing at 14.60. Second resistance is weekly resistance crossing at 14.88. First support is the reaction low crossing at 13.65 1/2. Second support is the reaction low crossing at 13.23 1/4.

May soybean meal closed up $6.10 at 462.00.

May soybean meal closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends last week’s rally, weekly resistance crossing at 480.10 is the next upside target. Closes below the 10-day moving average cossing at 451.50 would confirm that a short-term top has been posted. First resistance is February’s high crossing at 472.90. Second resistance is weekly resistance crossing at 480.10. First support is the 10-day moving average cossing at 451.50. Second support is March’s low crossing at 431.00.

May soybean oil closed down 18-pts. At 40.84.

May soybean oil closed lower on Monday as it extends this month’s decline. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March’s high, the 62% retracement level of the February-March-rally crossing at 40.18 is the next downside target. Closes above the 20-day moving average crossing at 42.46 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 42.46. Second resistance is March’s high crossing at 45.05. First support is the 62% retracement level of the February-March- crossing at 40.18. Second support is the 75% retracement level of the February-March-rally crossing at 39.13.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16276.69 -26.08 -0.16%
NASDAQ COMPOSITE INDEX (COMBINED) 4229.33 -47.46 -1.12%
S&P 500 CASH 1857.44 -9.08 -0.49%
SPDR S&P 500 185.51 -0.69 -0.37%
QQQQ VOLATILITY INDEX 14.91 +0.41 +2.76%
iShares RUSSELL 2000 INDEX 117.345 -1.265 -1.08%

U.S. STOCK INDEXES

The June NASDAQ 100 closed sharply lower on Monday as it extends this month’s decline. Today’s mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March’s high, the 62% retracement level of the February-March-rally crossing at 3531.69 is the next downside target. Closes above last Friday’s high crossing at 3712.75 would confirm that a low has been posted. First resistance is last Friday’s high crossing at 3712.75. Second resistance is March’s high crossing at 3733.25. First support is the 50% retracement level of the February-March-rally crossing at 3570.41. Second support is the 62% retracement level of the February-March-rally crossing at 3531.69.

The June S&P 500 closed lower due to profit taking on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that sideways to lower prices are possible near-term. If June extends last week’s rally, March’s high crossing at 1877.20 is the next upside target. If June renews the decline off March’s high, the 38% retracement level of the February-March rally crossing at 1819.76 is the next downside target. First resistance is last Friday’s high crossing at 1876.50. Second resistance is March’s high crossing at 1877.20. First support is the 38% retracement level of the February-March rally crossing at 1819.76. Second support is the 50% retracement level of the February-March rally crossing at 1801.81.

The Dow closed lower on Monday for a second day in a row as economic data signaled a slowdown in American manufacturing while some banks said Russia’s economy will enter a recession. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday’s high crossing at 16,456.45 would temper the near-term bearish outlook. If the Dow renews the decline off March’s high, the 50% retracement level of the February-March-rally crossing at 15,968.08 is the next downside target. First resistance is last Friday’s high crossing at 16,456.45. Second resistance is March’s high crossing at 16,505.70. First support is the 50% retracement level of the February-March-rally crossing at 15,968.08. Second support is the 62% retracement level of the February-March-rally crossing at 15,820.01.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2014 133.12500 +0.03125 +0.02%
iShares FLOATING RATE NOTE 50.6873 -0.0127 -0.03%
5 YEAR T-NOTES Jun 2014 118.757813 +0.023438 +0.02%
ULTRA T-BONDS Jun 2014 144.31250 +0.09375 +0.06%
POWERSHARES SENIOR LOAN PORTF 24.82 +0.02 +0.08%

INTEREST RATES

June T-bonds closed up 16/32′s at 133-05.

June T-bonds closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night trading begins. Stochastics and the RSI are have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March’s low, monthly resistance crossing at 137-14 is the next upside target. If June renews the decline off last week’s high, March’s low crossing at 130-20 is the next downside target. First resistance is March’s high crossing at 134-01. Second resistance is monthly resistance crossing at 137-14. First support is March’s low crossing at 130-20. Second support is the 50% retracement level of the January-March rally crossing at 130-13.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE May 2014 177.575 0.000 0.00%
LEAN HOGS Jun 2014 126.45 -1.75 -1.37%
LIVE CATTLE Jun 2014 136.500 +0.075 +0.05%
IPATH DJ-UBS LIVESTOCK TRUST SUB 31.79 -0.18 -0.57%

LIVESTOCK

April hogs closed down $1.03 at $124.65.

April hog closed lower due to profit taking on Monday as it consolidates some of this year’s rally. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. With April trading in uncharted territory, upside targets will be hard to project. Closes below the 10-day moving average crossing at 121.54 are needed to confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 126.30. Second resistance is unknown. First support is the 10-day moving average crossing at 121.54. Second support is the 20-day moving average crossing at 115.01.

April cattle closed up $0.15 at 144.15.

April cattle closed higher on Monday but remains below the 20-day moving average crossing at 144.54. The mid-range close sets the stage for a steady to lower opening when Tuesday’s session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends last week’s decline, the reaction low crossing at 142.70. If April renews this winter’s rally, upside targets will be hard to project if it trades into uncharted territory. First resistance is last Thursday’s high crossing at 146.92. Second resistance is unknown. First support is the reaction low crossing at 142.70. Second support is the reaction low crossing at 141.17.

April feeder cattle closed up $1.03 at $176.30.

April Feeder cattle closed higher due to short covering on Monday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term top might be in or is near. If April extends this month’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 174.94 would confirm that a short-term top has been posted. First resistance is last Monday’s high crossing at 178.00. Second resistance is unknown. First support is the 20-day moving average crossing at 174.94. Second support is the reaction low crossing at 171.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Apr 2014 1314.5 +3.3 +0.25%
SPDR GOLD SHARES 126.20 -2.27 -1.80%
SILVER May 2014 20.125 +0.058 +0.29%
PALLADIUM Jun 2014 787.60 -6.75 -0.85%
DIREXION DAILY GOLD MINERS BEA 23.9699 +2.8799 +12.04%
POWERSHARES DB PRECIOUS METALS 42.2603 -0.7197 -1.71%

PRECIOUS METALS

April gold closed lower on Monday as it renewed this month’s decline. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month’s decline, the 50% retracement level of the January-March-rally crossing at 1287.40 is the next downside target. Closes above the 10-day moving average crossing at 1351.90 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1351.90. Second resistance is last Monday’s high crossing at 1392.60. First support is the 38% retracement level of the January-March-rally crossing at 1312.40. Second support is the 50% retracement level of the January-March-rally crossing at 1287.40.

May silver closed lower on Monday as it extends the decline off February’s high. The low-range close set the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February’s high, the 75% retracement level of the January-February-rally crossing at 19.647 is the next downside target. Multiple closes above the 20-day moving average crossing at 21.087 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 20.846. Second resistance is the 20-day moving average crossing at 21.086. First support is the 75% retracement level of the January-February-rally crossing at 19.647. Second support is the 87% retracement level of the January-February-rally crossing at 19.233.

May copper closed lower on Friday as it extends the trading range of the two weeks. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 306.24 would confirm that a short-term low has been posted. If May renews the decline off December’s high, weekly support crossing at 272.00 is the next downside target. First resistance is last Thursday’s high crossing at 299.60. Second resistance is the 20-day moving average crossing at 306.25. First support is last Wednesday’s low crossing at 287.70. Second support is weekly support crossing at 272.00.


 

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