Monday, January 13, 1998
5:30 AM
On the Frenzied Forex Front
March J-Yen , Recommended Position Long at 7663, 7601,7590,7632
Nearby support is at 7639 and 7626. Below that 7601 should act as Support.
Resistance is near 7659 and 7675 to 7689, a close over 7659 is friendly for a 'pop' to 7713. Beyond that 7777 offer's resistance but should trade , a close over 7777 is bullish for a test of 7836 to 7864 resistance.
Trade Accordingly
March Swiss Franc Recommended Position long at 6823
Early support should appear at 6792 /6793. Traders can at 6795 , risk 24 pts. Failure there indicates a decline to 6755, a close under 6744 augurs for a test of 6673 where long term traders should have buy orders waiting to Buy at 6675 for the 'Pull'.
Resistance begins at 6849 , above that 6895 to 6906 . A close over 6906 augurs for a test of 6954 and the 6990 to 7003 region. Beyond that 7058 to 7062 should trade.
March British: Recommended Position Long at 165.50 and 161.68
Support is at 161.50 below that 160.90 should hold . Beneath that, buy at 158.80, risk a close under 157.60 for three days in a row.
Resistance is near 163.40 and 164.20. A close over 164.20 augurs for a test of 165.10 and 167.40.
March D-Mark Recommended Position, long at 5496.
Early support is at 5504. However a close under 5490 indicates a slip to 5430 /5418 region where day traders can buy at 5421 for a bounce, risk a trade under 5403.
Nearby Resistance is at 5540, a close over or extended trade 5553 augurs for a test of 5577 to 5594.
Trade Accordingly
March Canadian Dollar Recommended Position Long at 7002
Support is near the 6990 to 6975 region. A close over 7003 is bullish.
Resistance is near 7039 and 7075 offer resistance. A close over 7007 augurs for a test of 7074.Trade Accordingly...
Precious Metals
April Gold
Support is near 275, buy at 274. Risk $ 3.00 Resistance is 283 and 292 a close over 283 is friendly . A close over 292 augurs for a rally back to 317
March Copper Recommended position Long at 7865
Support is at 7490, Below that 7355 to 7330 should stop the decline , go long March Copper at 7355 for a turn higher , risk a close under 7320.
Resistance is at 7565 , a close over 7605 is friendly for a trade back to 7705. Beyond that 7810 offers resistance. A close over 7890 indicates a rally back to 8200 Above that traders should sell at 8480 risk a close over 8510 for three days in a row.
April Platinum
Nearby support is near 360 and 352 , buy at 352 risk a close under 349 for three days in a row. Resistance is near 363 , a close over augurs for a test of 375, traders should be prepared to buy April platinum on a close over 363 Beyond that Resistance is firm at 380 , a close over 380 augurs for a test of 396. Traders should sell at 395 , risk a close over 404 for two days in a row.
Trade Accordingly
March Silver Recommended Position Long at 557.5
Early support is at 544. Below that buy at 539 offers support. Buy at 535 for a good bounce, risk a close under 531 for two days in a row.
Resistance is near 561 and 572 , beyond that 576 to 581 and 592, above that 608 should trade.
The Exciting Energies
Feb. Crude Recommended Position Long at 1655
Early support is at 1642 Below that 1615 should trade.
Resistance should appear near 1689 an extended trade over or close over augurs for test of 1731.
Feb.-Unleaded Gas
Early support is near 5170 below that buy at 5125 ,risk 100 pts.
Resistance is near 5360 and 5465. A close over 5365 augurs for a trade to 5575. Sell at 5575 for a quick turn , risk a close over 5655 for two days in a row.
Feb. Heating Oil Recommended Position , long at 4930and 4650
Support should appear near 4635 , buy at 4650 risk a close under 4535 for two days in a row. Resistance is near 4740 and 4835 . A close over 4740 early this week is friendly and augurs for a test of 5050 and eventually 5340. Sell at 5340 risk a close over 5360 for two days in a row.
The ‘Grande’ Grains
March Beans: Recommended position Long at 667.
Resistance is near 668 and the 671 to 673 1/2 region . A close over 668 is friendly for a test of 677. Beyond that a test of 685 is likely. A close over 685 is bullish for a trade to 701 , traders can sell at 703 for a turn risk a close over 711 1/2 for three days in a row and stay tuned.
Support is near 664 and 662. A slip under 661 indicates a drop to 648, traders can buy for a 'Bounce' at 648 risk a close under 638 for two days in a row. Below that 617 is where hearty traders can go long for a
turn higher, risk a close under 586 initially.
Trade Accordingly
March Soybean Meal
Support should appear at 191, Buy at 191 risk a close under 186 for three days in a row.
Resistance is near 195, a close over 195 is friendly for a test of 201.5 , beyond that 209 offers resistance sell at 209, risk a close over 213.5 for two days in a row.
Go long March Meal using a 195.8 Buy stop to enter.
March Soybean Oil
Early support is at 2469, Buy at 2477 or better , risk a close under 2460 for three days in a row.. Below that trade to 2405 is likely. Buy at 2405 , risk a close under 2370.
Resistance is near 2505 to 2512 and 2524 , beyond that 2575 offers resistance . Above that sell at 2612 , risk 100 pts.
Trade Accordingly
March Corn
Support is at 258 buy and 252, Buy at 253 risk a close under 249 for two days in a row. Below that 245 is likely to trade. .Resistance is near 263 , a close over is friendly for a rally to 272 and 275, sell at 275 , risk a close over 281 cents for three days in a row.
March Wheat
Support is at 319 3/4. Beneath that 313 1/2 should be considered a buying region. Go long at 314 , and hold. In addition traders should buy March Wheat at 321 or better Sunday Eve / Monday only.
Resistance is near 324 and 326. A close over 325 augurs for a trade to 333 beyond that 341 should trade and offer resistance , beyond that 353 should cap a near term rally, traders can sell at 353 and risk a close over 357 for two days in a row.
Trade Accordingly
The Satisfying Softs
March Cotton Recommended Position long at 6590
Support is at 6549 below that buy at 6424 risk 100 pts. Resistance is at 6659 and 6784 , beyond that sell at 6905, risk 100 pts. Beyond that 7088 offers resistance , sell at 7105 , risk a close over 7170 for two days in a row.
A close over 6710 augurs for a test of 6900.
Trade accordingly.
March Sugar Recommended Position Long at 1203
Support near 1175 should hold, buy at 1169 risk a close under 1162 for three days in a row. Resistance is 1184 and 1189 / 1192. A close over 1207 augurs for a 'pop' to 1231, beyond that traders should sell at 1238 Risk a close over 1248 for three days in a row.
March Coffee
Near Term Resistance is near 163.85 and 16420 , above that 165.50 to 166.50 . Traders should sell at 165.50 risk a close over 166.50 for two days in a row. More sellers should appear near 168.80 and 170.60
If the Coffee Boils Cver traders should Sell at 179.90 risk a close over 181.00 for two days in a row.
Early support is near 161.30 to 160.80 with 158.90 under that. Aggressive Traders should buy at 158.80 , for a bounce only, risk 200 pts. A close under 157.90 augurs for a slip to the 152.90 region. Beneath that 150.50 to 148.10 offer support. Traders can go long at 149.60 , risk a close under 145.10 for three days in a row.
Trade accordingly
March Cocoa
Resistance is near 1585, traders should sell at 1576 , risk a close over 1603 for two days in a row. beyond 1609 to 1615 offers resistance. More resistance should surface at 1642 to 1655.. Traders should sell March Cocoa at 1642 for a turn lower, risk 30 pt . Beyond that a trade to the 1680 / 1696 region where resistance remains , above that 1713 is likely to trade and 1731 should cap a rally.
Support is near 1561, Below that support should appear near 1535 to 1509 with the 1511 to 1496 region beneath that. A close under 1496 augurs for a slip to 1459 , under that 1421 should stop a severe decline, go long for a position at 1421.
The Lively Livestock
Feb. Cattle Recommended Position, long at 6622
Support is near 6405 and the 6382 ./ 6337 region . Below that 6237 should hold.
Early Sellers should appear near 6452 and 6527 . However a close over 6510 is friendly for a test of 6577 region. Beyond that resistance is near 6645 . A close over 6670 augurs for a trade to 6800. stay tuned.
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845 (avg. 6997)
Support is 6662 and 6610 below that 6502 should hold. Resistance is near 6682 and 6722. A close over 6742 augurs for a rally to the 6797 / 6810 region . Above that sellers should appear at 6865 to 6872 , with 6907 to 6920 and 7017 beyond that.
A close over 6685 is friendly , a close over 6887 indicates a possible test of 7012 and eventually 7102 .
Trade Accordingly.
Feb. Hogs Recommended Position Long at 5907, 6012 and 5722
Support is near 5637 and 5607 , below that 5577 should stop any decline.
Near Term Resistance is near 5737 and 5777. A close over 5730 augurs for a test of 5792 and 5807 to 5832. Beyond that 5922 is likely a trade . If a sharp rally develops sellers should appear near 6155.
Recommended Spread Position, Long April Short June Hogs, 5 at 817 and 5 at 757
(April under June)
Feb. Bellies Recommended Position Long at 5622 , 3 at 5447 , 4 at 5090)
Resistance is near 5160 above that 5200 to 5225 should offer resistance . A close over 5225 augurs for a test of 5340 where sellers should appear. However a rapid rise to that region may cause a few buy stops to be elected , thus causing a rally to 5445. A close over 5455 augurs for a test of 5760 and beyond.
Friendly, Buy Dips and stay tuned.
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21
Near Term support is at 123-03 / 122-31. However if Bonds move there early in the week they may go through the 122-31 like a 'Hot Knife thru Butter'. As a failure at 122-31 augurs for a test of 121-31 to 121-17 , below that 121-05 offers support. A close under 121-00 augurs for a test of 120-11 Below that 120-10 to 119-28 offers support.
-close under 123-03 early in the week is negative-
March SP500
After the Action on Friday one has to say 'they let the Cat out of the Bag' as the March SP500 had the lowest close since October 11 when it settled at 928.90.
On the Downside , under that 926.80 then 923.60 and 922.20 offer support. Below that 915.60 to 914 offer support. Traders should buy at 915.60 for a bounce only , risk 300 pts. A close under 914.00 indicates a slip to 906.20/906.00 and 904.40. However a close under 904.40 augurs for a test 894.40 and 890.40. If that fails a slip to the 884.90 / 881 region is likely, where some Support should be evident Traders can buy at 881.90 for a bounce. Stay tuned for the stop. Below that 877.70 then 876.20 to 874.60 offer support as does the 868.30 / 866.80 region. Below that 860.30 then 858.90 to 856.00 should bring out a few buyers. Traders can Buy at 853.90 Risk a close under 848.40 for two days in a row...Failure there indicates a decline to 842.90 and 840.60 / 839.10 region . Below that 831.40/830 is likely to trade with 822.30 to 819.40 under that. Below that Buy at 813.40 . Stay tuned for the Stop. Under that buy at 804.40 and hold.
On the Upside Resistance should appear near 933.30, sell there for a quick turn lower. More Resistance is near 938.20 , a close over 938.20 is friendly for a test of 942.50 /944.50 with 946.60 and 948.10 above that. A sustained rally over 948.10 indicates a test of 952.60 then 953.40 and 954.20. Sell there for a turn , stay tuned for the stop. However close over 954.20 indicates a test of resistance at 958.30. Traders can sell at 958.40, risk a close over 962.50 for two days in a row. Beyond that 964.10 offers Resistance . Good sellers should raise their heads at the 967.30 to 969.50 region with 970.60 and 973.70 above that. Which should cap any rally. If not 982.10 to 983.70 and 986.20 all offer resistance, sell at 986.20, stay Tuned for the stop. Beyond that 987.70 should cap a rally.
Trade Accordingly and stay tuned for new trades designed
to take advantage of moves in either direction.
The Dow Jones Industrial Average(cash)
Initially 7560 must hold basis the close if not a dip to the 7513 / 7486 region is likely. With 7486 being critical. Basis the close. Below that 7462/ 7457 offers some support. A close under 7457 augurs for a test of 7428 and 7414 which should bring out a few buyers . If not a decline to 7342 and the 7242/ 7226 region is likely. A close under 7242 is negative for a decline to 7170 , under that 7088 and 7003 should stop the break. If not a test of 6954 is likely.
Resistance is near the 7591 to 7627 beyond that Sellers should appear near 7689 then 7720 to 7763 /7777.
A close over 7777 is friendly for a test of 7854 that should encourage traders. A close over 7880 augurs for a test of 7934 to 7954. Beyond that 7974 and the 8029/ 8044 should cap a rally
Happy Trading
Bill
Sunday, January 11, 1998
10:28 AM
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