Stocks are higher ahead of tomorrow’s start of a two day FOMC meeting. Europe is seeing some crosscurrents. Stocks are getting a boost from the new ECB QE program, which is expected to boost European economies. Europe is also getting a boost from the weak Euro, which is expected to help EU exports. On the other side, there are concerns about Greece; they have a lot of debt to roll over and there’s concern about lenders’ willingness to do so. In US data, the March Empire State survey showed NY manufacturing is doing just OK. The NOPA releases US soybean crush data today at 10 AM; this is a gauge of US bean demand. Expect talk to increase about the FOMC meeting, with speculation as to whether the Fed will remove “patience” from its communiqué, thereby signaling interest rate hikes are forthcoming later this year.
June EMini S&P Futures: Treat today as a Taylor Trading Sell day- it can rally, with objectives at 2057.50 and then 2061.25.
June EMini Russell Futures: TTT Sell day; 1235.60 is the objective. On a strong close we should anticipate a Sell Short day for Tuesday.
June T Bonds: Breakout setup (range contraction, doji); look to be long if it’s above 160-03 with 160-26 the first rally target.
June Yen: Breakout setup (ID, NR7); will it move today?
June Swiss Franc: It had a breakout setup today. It tried to break out up overnight, is a there still a breakout move in the cards?
June Canadian Dollar: TTT Buy day; treat it as a scalp only. Holding above the 7800 area could encourage a rally. We should look to sell at higher prices- the daily trend is down and holding under the 7800 area should encourage a bigger selloff.
April Gold: The daily trend is down and overnight it failed to clear the $1160 area- press the short side today? I would be interested in selling a break below the overnight low of 1152.70.
May Silver: Breakout setup (ID, NR7); watch the 15.50 level as the first reference price for a downside breakout.
May Copper: Another breakout setup (ID, NR7); watch 2.6465 (Friday low) as the first reference price for a downside breakout.
May Sugar: It can rally today. Higher prices should be an opportunity to get short; there will be resistance in the 13.00 area.
May Coffee: It’s a “cover breakout sales” TTT Buy day so the rally wasn’t a surprise. Higher prices are a selling opportunity; for today we can watch the 135.50 area as a pivot point.
May Crude Oil: The downside looks relentless, although ROC is on a buy signal. 45.52 was the contract low.
May Soybeans: It’s a “cover breakout sales” day. 972-4 is the reference price; clearing the 6 March low of 976-6 could boost a rally.
May Wheat: Treat today as a breakout mode with the overnight high (504-6) and low (493-0) as reference prices.
May Soymeal: TTT Buy day, 326.00 is the reference price.
Essential Guide for Futures Swing Trading
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