Jan 24-2014 MAR WHEAT Resist: 577 1/4-580, 592 3/4* ST Trend: Sdwys/Down (570) Supprt: 563 3/4, 560, 550? Obj: None TRP: 592.75 Comment: The market is bearish, but trade is showing a bounce off support at 560. A close under 560 is needed to release a new bear wave. Yesterdays quick bounce reconfirms the 560 support and hints for additional retracement action. A push past 580 is the key to start a near term friendly turn with rallies to 592 3/4* resistance. MAR CORN Resist: 431, 436, 449 3/4* ST Trend: Sdwys/Up (429) Supprt: 423 3/4-422, 417 1/2* Obj: 449 3/4 TRP: 417.50 Comment: Recent trade still hints for a bottoming turn and a push over 431 and 436 will boost rallies to test of 449 3/4* resistance. Near term trade may yet dip and extend sideways consolidation action, but only a close under 417 1/2* rekindles bear forces. Further sideways days will help secure bull flagging action to setup for follow through rallies. MAR SOYBEANS Resist: 1286 3/4-1288, 1296 1/4* ST Trend: Down (1277) Supprt: 1274, 1267-1262 1/2 Obj: 1268 TRP: 1308.25 Comment: The market is in a bear turnover and targets selloffs to attack the basing levels from 2-3 weeks ago. A slide through 1266 1/2 could propel trade into a breakout test under the 1262 1/2 swing low. Yesterdays corrective rally was cut off at 1296 1/4* resistance, keeping trade lined up for declines. A close over 1296 1/4* will stop aggressive bear forces and run trade higher to attack 1308 1/4* for a reversing turnaround. MAR SOYMEAL Resist: 42450*, 427, 43020* ST Trend: Down (41870) Supprt: 415-414, 410-, 40460 Obj: 41120 TRP: 430.20 Comment: This weeks break signals a bear turnover and targets selloffs to 407-. Yesterdays rejected rebound from 42450* should foster pressing action to the 412-410 levels. Any minor corrective congestion under 43020* should bear flag. A close over 43020* is needed to trigger a reversing turn back to a bull trend. MAR BEAN OIL Resist: 3839, 3868, 3910 ST Trend: Down (3786) Supprt: 3774, 3735, 3600- Obj: None TRP: 39.77 Comment: The market is overall bearish and a punch over Tuesdays high will kick off sustained near term corrections with a pop over 3868 and 3910 sparking a retracement to test 3977* for a larger bottoming turnaround. A penetration under recent congestion lows marks a downside breakout and selling wave into the 3700-3600 zone. APR CATTLE Resist: 141125, 14210*, 143? ST Trend: Up (14050) Supprt: 140+/-, 13950 Obj: None TRP: 137.80 Comment: Overall the market is bullish. A close over 143 will potentially send a stretching advance to 14550+/-. Yesterdays sharp setback alerts for corrective consolidation action for a few days. Any corrective dips that hold 140- will maintain the drive. A drop through 13950 could start retracements / topping trade. APR HOGS Resist: 9340, 9400+ ST Trend: Sdwys/Up (9320) Supprt: 9235-, 9200, 91325* Obj: 9390 TRP: 91.325 Comment: The market is triggering an upturn from sideways congestion, suggesting a base off weekly support and projecting a bull climb to 9400. A close over 9425 is bullish. Any corrective dips will likely fight to stabilize just under 9200- and only a close under 91325* signals a reversing turn back to lower prices. MAR B-POUND Resist: 16641, 16777 ST Trend: Up (16624) Supprt: 16552, 16498, 16430* Obj: 16777 TRP: 164.30 Comment: The market is bullish and triggering a bull breakout over the late December highs. A close over 16640-50 confirms a run to 16777. We may see minor consolidation back around the late December peaking levels at 16570-, but only a close under 16430* marks a reversing turnover. Stabilizing trade at 16570-10 will provide a staging level for rallies. MAR CANADIAN$ Resist: 9037, 9080, 9166* ST Trend: Down (8986) Supprt: 8955, 8910-00, 8785 Obj: 8785 TRP: 91.66 Comment: The market is bearish, alerting for follow through selloffs. Sustained action under 9000 will help reinforce the bear alignment for washouts to monthly support at 8785. Tight congestion in the 9000-9080 area will bear flag. A push over 9166* resistance is needed for a bottoming turn. MAR EURO Resist: 13746* ST Trend: Sdwys/Down (13696) Supprt: 13507-13496, 13440+/- Obj: None TRP: 137.46 Comment: Yesterdays sharp rally suggests a bottoming turn, turning near term trade friendly and calling for a retracement push to attack the 13746* resistance. A close over 13746* confirms a turnaround for a climb back over 13800+. Be careful for a setback from 13746* ion the first test. Congestion days over 13580* will setup for rallies. A close under 13580* is needed to rekindle bear trend forces. MAR J-YEN Resist: 9726, 9788, 9819* ST Trend: Sdwys/Up (9695) Supprt: 9656, 9602*- Obj: 9819 TRP: 96.02 Comment: Thursdays outside bull day signals a short term upturn and positions trade for a stronger bull advance. A breakout over 9726 should spark a run to test 9819* resistance. We may see corrective congestion within the upper half of yesterdays rally as trade shifts momentum forces to the upside. However, only a close under 9602* or drop under yesterdays low rekindle the bear trend. MAR SWISS Resist: 11202*+/-, 11275 ST Trend: Sdwys/Up (11148) Supprt: 11108-05, 11080 Obj: 11202 TRP: 110.15 Comment: Yesterdays sharp rally signals a short term bottoming turn and targets a retracement push to 11202* resistance. A close over 11202* highlights a larger emerging upswing to 113+. Be careful for a setback from 11202* and consolidation in the upper half of yesterdays upturn. A close under 11015* is needed to rekindle bear trend forces. MAR AUSSIE$ Resist: 8775, 8833-41, 8917* ST Trend: Down (8731) Supprt: 8700+/-, 8655- Obj: 8655? TRP: 89.17 Comment: The market is bearish, signaling for a drop to 8655 and chances for a spike under 8600-. Any recovery action will likely bear flag around 8800+/-. Only a close over 8917* will trigger a bottoming turn and spark retracements to 9100+. MAR US DOLLAR Resist: 8147-81735 ST Trend: Sdwys (80525) Supprt: 8095, 8058-, 80455* Obj: None TRP: 80.455 Comment: Thursdays sharp drop off signals a near term bear turnover and suggests a that start of a short term break down below 8000-. A close under the 80455* support will promote selloffs. We may see a bounce off 80455*+/- on the first test that leads into flagging congestion, but only a close over 8113* is needed to rekindle bull trend forces. MAR T-NOTES Resist: 12429, 12516+/- ST Trend: Sdwys/Up (12425) Supprt: 12415, 12408*, 123165* Obj: 12516 TRP: 123.165 Comment: The market is short term bullish, signals a breakout over recent flagging congestion and targets a larger bull drive to 12516. Minor corrective consolidation in the upper edges of yesterdays range will develop a bull flag and keep trade positioned for rallies. A close under 12408* is needed for negate Thursdays bull flag breakout. MAR T-BONDS Resist: 13230, 13310-16 ST Trend: Up (13210) Supprt: 13127, 13120* Obj: 13310 TRP: 130.25 Comment: The market is bullish and projects rallies to 13310. The market pattern and Thursdays acceleration higher alerts for aggressive rallies over the next few days. A close over 13312 could send the market to test the late October swing high. Be alert for a setback from 13310+/- on the first test. Minor corrections should fight to hold over 13120+ to keep strong upside forces. A close under 13120* could send retracements to 13025*. MAR MINI S&P Resist: 183250*, 1842-184650 ST Trend: Sdwys/Up (182425) Supprt: 182325*, 1811*- Obj: 1870+ TRP: 1789.25 Comment: Overall the market is still bullish. A breakout over the 184650 high should spark rallies and create a target to 1870+. The failure to push over 184650 in recent days trigger yesterdays reactionary setback. A close under 182325* is negative, but a close under 1811* is the key to extend a correction phase to test 178925* support for a larger short term top. Be careful for a fight to hold in the 182325*-1811* zone. MAR MINI DJ Resist: 16235-16239, 16363* ST Trend: Sdwys/Down (16151) Supprt: 16025, 15964* Obj: 15964 TRP: 163.63 Comment: Thursdays break signals a short term negative turnover and should drive selloffs to test resting support at 15964*. A close under 15964* signals a larger unfolding downturn to 15750-. However, suspect a fight to bounce trade off 15964* on the first test. A close over 16363* is needed to swing trend forces back to the upside. MAR MIN NASDAQ Resist: 365000, 369000+/-? ST Trend: Sdwys/Up (361375) Supprt: 358550-, 354650* Obj: 365000 TRP: 3546.50 Comment: The market is bullish and current breakout action at new highs signals a drive to 365000+. A surge beyond 365000 implies a climb near 370000+/-. Despite yesterdays back off, trade is staying aligned for rallies. Dips should hold 354650* to maintain the breakout / bull forces. A close under 354650* alerts for a reactionary selloff under 349250-. MAR MIN-RUSSEL Resist: 118500?, 121500+/- ST Trend: Up (117130) Supprt: 116460-, 115460*- Obj: 118500 TRP: 1154.60 Comment: The market is bullish, showing breakout action into new highs and targeting a drive to 118500+ with potential to 121500+/-. Despite Thursdays setback, trade is poised for strong advances and stable action over 116460+ should foster renewed rallies. Only a close under 115460* alerts for a failed breakout and reversing turnover. MAR COPPER Resist: 33020, 33135, 33365* ST Trend: Down (32775) Supprt: 32525-324 Obj: 32525? TRP: 333.65 Comment: The market is triggering a downside breakout from coiling congestion of the past couple weeks, resuming the bear trend and reinforcing ideas for a drop to 32525. A close under 324 is bearish for a larger selling wave. Minor corrections blunted in the low 330s will keep trade lined up for selloffs. A close over 33365* signals a reversing upturn. FEB GOLD Resist: 127770*+/-, 1290+/- ST Trend: Sdwys/Up (126410) Supprt: 125090, 1243-1240, 123430* Obj: 127770 TRP: 1234.30 Comment: The market is bullish and Thursdays outside bull day favors rallies to reach for the 127770* target over the next 1-3 days. A close over 127770* is bullish, but initially suspect a setback from 127770* that could short term top the market. Minor corrective dips should hold within Thursdays range to keep bull forces. Although, only a close under 123430* marks a peaking turnover. MAR SILVER Resist: 2048, 2067, 2100-2111 ST Trend: Sdwys/Up (200005) Supprt: 1975-19645, 1946* Obj: None TRP: 1946.0 Comment: The market remains caught in congestion of recent weeks. Thursdays outside bull day flips the bias of congestion up. A breakout close over 2048 or pop over last weeks 2067 high will spark bull advances. A close under 1946* is needed to put trend forces back down and rekindle potential to 1820-1800. MAR CRUDE OIL Resist: 9751, 9820-65 ST Trend: Up (9732) Supprt: 9640, 9597, 9518* Obj: 9723 ACHD TRP: 93.90 Comment: The market is bullish and Thursdays press beyond 9723* resistance suggests additional rallies to 9855/9920. However, be alert for a minor setback and consolidation of gains with sideways flagging congestion inside yesterdays range. A slip under 9597 could prompt a pullback to trailing support at 9518*. MAR BRENT Resist: 10825, 10888, 10975-11030 ST Trend: Up (10758) Supprt: 10742-21, 10630* Obj: 11012 TRP: 106.30 Comment: The market is signaling a bottoming upturn and projects a retracement to downturn levels around 11012+/-. Stable action over 10828+ will encourage follow through rallies. We may see another minor corrective congestion day, but another sideways day will bull flag. A close under 10630* is needed to flip trend forces back down. MAR HEAT OIL Resist: 29955+, 30172*+/- ST Trend: Sdwys/Down (29910) Supprt: 29744, 29543, 29337* Obj: None TRP: 301.72 Comment: Corrective retracements have muscled a near term upturn and target additional rallies to 30172*. Sustained action over Tuesdays high will boost a run at 30172*. A close over 30172* is bullish for moves near 305. Suspect a setback from 30172* on the first test. A close under 29337* marks a reversing turnover. MAR RBOB Resist: 26950*+/-, 27140, 27517* ST Trend: Sdwys/Down (26697) Supprt: 26602, 26545, 26366* Obj: None TRP: 269.50 Comment: The trend is still down. However, Wednesdays surge higher gives near term friendly signals for a push to challenge the 26950* resistance. A close over 26950* marks an upturn to 27517*. Be careful for a setback from 26950*. A close under 26366* is needed to rekindle bear trending forces. MAR NATRL GAS Resist: 4720-4765 ST Trend: Up (4579) Supprt: 4550+/-, 4488, 4372* Obj: 4765 TRP: 43.72 Comment: The market is bullish, signaling for an initial run to 4765 and a larger projected advance based on weekly charts to 5000+. Trade is poised for strong rallies. If trade stalls near 4765 again, be ready for minor corrections. Trade will likely hold in a tight consolidation within the upper edges of Wednesdays range, ideally around the 4550 breakout level and bull flag after 1-2 days. A close under 4372* is needed to negate the breakout / bull signals. MAR SUGAR Resist: 1521, 1551, 1597* ST Trend: Down (1504) Supprt: 1500-1490 Obj: None TRP: 16.60 Comment: The market is bearish, but selloffs are down against long term support at 1531-1500. Still suspect a fight to bottom around 1531-1500. A close under 1490 is needed to continue washout declines. If trade punches back over 1551+, then be alert for reactionary corrections with a close over 1597* highlighting initial bottoming action. MAR COFFEE Resist: 11690, 11830, 11940* ST Trend: Sdwys/Down (11520) Supprt: 11405, 11180- Obj: 11180- TRP: 119.40 Comment: The slide from the past two weeks has triggered a shirt term trend turn to the downside, alerting for declines to 11180- and chance to probe against the 11020 swing low. A press through 11405 will encourage selloffs. A close over 11940* is needed to trigger an upturn out of the two week correction and launch a drive to breakout over the 12260 swing high. MAR COCOA Resist: 2812, 2844 ST Trend: Up (2791) Supprt: 2761, 2735-32, 2694* Obj: 2844 TRP: 26.94 Comment: Yesterdays sharp rally signals a bull upturn and projects rallies to attack for a breakout over the 2844 early December high. A close over 2844 projects a drive to 2920. We may see some corrective consolidation back inside yesterdays rally, but sideways days should bull flag. Only a close under 2694* signals a reversing turnover. MAR COTTON Resist: 8833-40, 8910-60 ST Trend: Up (8733) Supprt: 8693, 8655-12* Obj: 8910+ TRP: 84.69 Comment: The market is bullish and breakout over the early October swing high is fueling the advance, alerting for rallies to 8910-60. The past two inside days suggest consolidation and bull flag setup for rallies, favoring renewed rallies today. Only a close under 8612* signals a near term turnover for corrections back to 8469*. SHORT-TERM OUTLOOK MAY SUGAR: Longs at 1549 should risk a close under 1500. The objective is 1690. MAR BEAN OIL: Longs at 3795-88 and risk 3754 Stop. The objective is 4020. MAR CORN: The market shows the potential for a bottoming turn. Consider buying at 423 1/2 and risk a close under 417 1/2 or 411 1/4 Stop. The objective is 449. MAR CRUDE OIL: Shorts at 9723-58 should risk a close over 9778 or 9798 Stop. The objective is 9512 and possibly 9400. MAR J-YEN: Yesterdays outside bull day alerts for an initial bottoming turn for a climb to 9819. Consider buying into dips at 9652 and risk a close under 9602 or 9569 Stop. The objective is 9819. MAR COPPER: The market has triggered a downturn from recent coiling congestion, resuming bear trending moves that could reach 32455. Consider selling into any corrections at 331 and risk a close over 33250 or 33390 Stop. The objective is 32455.
Posted on: Fri, 24 Jan 2014 09:24:34 +0000
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