A Trader should not swear eternal allegiance to either a bull side or a bear side. His concern lies with being right.
Sunday, January 31, 1999
11:11:18 AM
On the Frenzied Forex Front
March Japanese-Yen
Support is at 8603 then 8589 to 8560. Below that support is at 8510 and 8499 to 8489 Traders should buy at 8510, risk a close under 8498 for three days in a row.
Below that 8406 to 8391 should hold. Traders can buy at 8391 for a turn higher,
risk a close under 8314.
Resistance is at 8668 and 8683 beyond that resistance is at 8703 and 8718. Traders should sell at 8718 risk a close over 8777 for three days in a row. A close over 8777 is friendly and augers for a test of the 8856 to 8871 region. Beyond that sellers should appear at 8934, traders should sell at 8934, risk a close over 8964.
March D-Mark recommended position long at 5865
Support
is at 5823 then 5805 Traders can buy at 5805 with both hands and hold for higher prices. Below that Support should be evident near 5792 to 5773. Below that 5756 should hold. A close under 5756 augurs for a test of 5729 to 5716 where traders can buy at 5729 and hold for higher prices.
Nearby Resistance is at 5830 and 5842 a close 5842 over augurs for a test of 5873 to 5880 region. A close over 5862 is friendly and augurs for a test of 5904 and 5923 where good sellers remain. Beyond that a test of 5945 to 5957 is likely
Traders should go long if a close over 5862 occurs.
Trade Accordingly.
March Swiss recommended position long at 7170
Support
at 7088 to 7074/ 7071 should continue to contain the break. Traders should buy at 7074 for a turn higher. Below that support is at 7016 to 7003 and 6991 to 6971.Early Resistance is at 7116 to 7119/ 7121. A close over 7121 is friendly and augurs for a test of the 7141 to 7170 region. Where early sellers should appear, above that a trade towards the 7206 and 7216 to 7221 regions is likely. Beyond that resistance is at 7242 to 7256. A close over 7256 is friendly and augurs for a test of 7328 to 7342. Which we feel is more likely to happen than not. Buy Dips..
March British Pound
Support
is at 1.6420 and 163.52 then 1.6284. Traders can buy at 1.6420, risk a close under 1.6284 for two days in a row. Below that support is near 1.6150 and 1.6090.Resistance is at 1.6482 and 1.6550 then 1.6590 to 1.6612. Beyond that 1.6720 offers resistance, traders should sell at 1.6720 for a turn lower. Risk a close over 1.6780 for two days in a row.
March Canadian Dollar recommended position short at 6627.
Support
should appear at 6602 and 6591 to 6577. A close under 6577 is negative and augurs for a test of 6555 and 6542. Below that 6509 to 6486 offers support.Traders can buy at 6509 for a bounce, risk a close under 6486 for three days in a row.
Resistance is at 6627, beyond that 6655 to 6670 offers resistance, Traders can sell at 6655, risk a trade over 6675. A close over 6673 is friendly and augurs for a test of
Resistance at 6708 then 6742 to 6755.
Precious Metals
April Gold recommended position Long 2 at 295.70
Support
is near 287.4 and 286.50 to 285, under that buyers should appear near 282 where it should hold. Resistance is at 290.30 and 291 to 292 where good resistance remains. A close over 292 is friendly and augurs for a test of 301.Traders should add/ go long if a close over 301 occurs.
March Copper: recommended position long at 6510
Support
is at 6415 to 6405. Traders can buy at 6405 for a turn higher, risk a closeUnder 6335 for two days in a row. Below that 6190 should contain the decline...
Resistance is at 6485 to 6510. A close over 6510 is friendly and augurs for an eventual test of 6740 to 6755 Beyond that good sellers should appear near 6905 to 6940, traders can go short for a turn lower at 6915, risk a close over 6945.
April Platinum
Support
should appear near 346.8 to 345.5, traders should buy at 346.8 or better,Risk a close under 342.5 for two days in a row. Below that support is at 340.5 and 338.5 then 335 to 332.
Resistance is at 349.3 to 350.3, a close over 350.3 is friendly and augurs for a test of the 352 /355 region. Beyond that resistance is at 361.
March Silver
On the DownSide
: Nearby Support is at 519.5, aggressive traders can buy at 519.5 below that support is at 512 to 510.5 Traders can buy at 511 for a good bounce, Risk a close under 505.5 for two days in a row on either..Below that good buyers should appear near 480.5. Traders should buy at 485.5, risk a close under 480 for three days in a row.
On the Upside. Resistance is at 525.5/ 526.5 A close over 525.5 is friendly and augurs for an eventual test of 541. Beyond that resistance is at 550.5 then 558 to 567, which should stop the rally for a bit.
Traders should go long if a close over 525.5 occurs.
Buy Dips
The Exciting Energies
March Crude recommended position long at 1246
Nearby Support
is at 1256 and 1240 to 1232 where it should hold, Traders can buy at 1238 for a bounce, risk a close under 1214, under that support is at 1203 to 1192 and 1172 to 1164 where it should hold. However a close under 1165 augurs for a slip to the 1142 to 1130 region. Traders can go long at 1142, risk a close under 1101 for three days in a row. Below that 1068 to 1058 should contain a break.
Resistance is at 1281 to 1290 and 1304 to 1319. A close over 1306 is friendly and
indicates a test of 1334 to 1346 then 1377 to 1383 and 1415 to 1421. Traders can go short at 1415, risk a close over 1453 for three days in a row.
Traders should go long if a close over 1290 occurs.
Trade Accordingly
March Unleaded Gas
Support
is at 3745 to 3720. Traders can buy at 3745 for a turn higher, risk a closeunder 3640 for three days in a row. Below that buyers should appear near 3565 to 3555. Traders can buy at 3555 for a turn higher risk a close under 3480 for 2 days in row.
Early Resistance is at 3850 to 3865 and 3919 to 3940. Beyond sellers should appear near 4055 and 4110 to 4120. Traders can go short at 4120 for a turn lower, risk a close over 4185 for three days in a row.
March Heating Oil
Support
is at 3260 to 3245, Aggressive traders can buy at 3245, risk a close under 3203 for three days in a row. Below that 3115 and 3035 offer support.Resistance is at 3377 to 3391. A close over 3391 is friendly and augurs for a test of 3435 then 3490 to 3503. Beyond that resistance is at 3555 and the 3613 /3623
region. Trade Accordingly.
The Grande Grains
March Soybeans recommended position long at 514
Support
is at 503 3/4 and 501 to 499 3/4. Below that 493 to 487 should hold.Resistance is at 507 1/2 to 509 1/2 and 512 A close over is 512 friendly and augurs for a test of 521 and most likely 532.
Traders should go long if a close over 512 occurs.
March Soybean Meal
Support
is at 129.5 to 128.5. Below that 126.4 and should hold. Traders can buy at 126.5 risk a close under 123 for three days in a row. Under that 116.90 to 116.40 should contain the decline.Resistance is at 131.2. a close over 131.9 is friendly and augurs for a test of resistance near 134.6. Beyond that resistance is at 137.7 to 138.3. Beyond that resistance is at 143, above that 145.3 to 145.9 should cap a rally, traders can go short for a turn lower at 145.3. Risk a close over 148.4 for three days in a row.
Traders should go long if a close over 131.9 occurs. Risk a close under 130.4 for two days in a row.
March Soybean Oil
Support is at 2170 below that 2142 and 2134 to 2125 should hold...
Traders can go long at 2126 for a turn higher, risk a close under 2080 for three days in a row.
Resistance is at 2185 to 2193. A close over 2193 is friendly and augurs for a test of 2242 and eventually 2354 to 2370. Traders can go short at 2354 for a turn lower, risk a close over 2370 for three days in a row.
Traders should go long if a close over 2193 occurs..
March Corn
Support
is at 212 3/4 and 209 3/4 then 205. Traders can go long at 211 for a turn higher, risk a close under 204 for two days in a row. Below that 198 3/4 should hold.Resistance is at 214 3/4 to 215 1/4. A close over 215 1/4 is friendly and augurs for a test of 219 3/4 Beyond that resistance is at 223. Traders can go short at 223 for a quick turn lower, risk a close over 227 3/4 beyond that a test of 231 1/2 is likely.
March Wheat recommended position long at 272 1/2
Support
is at 273 1/4 and 271 1/4 to 270 3/4. Below that 265 offers support and should bring out buyersResistance is at 277 1/2, A close over augurs for a test of 282 1/2 to 283 1/2. Beyond resistance is near the 289 to 294 region. Traders should go long if a close over 277 1/2 occurs. Trade accordingly.
The Satisfying Softs
March Cotton
Resistance
should appear near 6115 then 6165 to 6190. Traders scan go short for a turn lower at 6165, risk a close over 6190 for two days in a row. Beyond that 6257 to 6270 should cap a rally.Support is at 5970 to 5940. Traders can buy at 5970 for a turn higher, risk a close
under 5940. Below that buyers should appear near 5870 to 5855, traders can buy at 5855 for a bounce, risk 90 pts.
March Sugar
Support
is at 704 and 699. Traders can buy at 699 for a turn higher, risk a close under 681 for three days in a row. Below that 672 to 656 should hold.Resistance is at 712 and 735 to 739. Beyond that a test of 752 is likely. Traders can sell at 752 for a quick turn lower, risk a close over 767. Beyond that resistance is at 791 to 795 and 814 to 823.
March Coffee: recommended position 112.15 and 103.75
On the DownSide,
support is at 103.80 to 103.30. Aggressive Traders should go long at 103.55 and hold for higher prices. Below that 102.25 and the 101.05 to 100.50 region should contain an early break.On the Upside, Resistance is at 104.75 to 105.10 an extended trade over 104.75 augurs for a test of the 105.80 to 106.80 region. A close over 106.80 augurs for an eventual thrust towards 108.25 then 109.20 to 110.10 which appears likely to occur.
Trade Accordingly.
March Cocoa recommended position long at 1319
Nearby Support
is at 1319 then 1304, traders can buy at 1314 for a turn higher, risk a close under 1304 for three days in a row. Below that support is at 1274 to 1268.Resistance is at 1334 to 1346, above that resistance is at 1358, a close over 1358 is friendly and indicates a test of 1377 to 1383 and 1408 to 1415. Traders can sell at 1408 for a turn lower, risk a close over 1421 for three days in a row.
The Lively Livestock
April Cattle
Support
is at 6477 and 6427 to 6402 where it should hold, Traders can buy at 6427 for a good bounce, initially plan on risking a close under 6402 for two days in a row. Below that support is at 6350 to 6337 and 6257.Early Resistance
is at 6552 and 6577. ?Beyond that sellers should appear near 6627 and 6672. Traders can sell at 6677 for a quick turn lower. Risk a close over 6757 for two days in a row. Beyond that resistance is at 6807 to 6837 and 6907 to 6917.Feb. Hogs
Support
is at 4082 and 4030. Traders can buy at 4032 for a bounce.. Below that support is at 3982 and 3932. Traders can buy at 39327 for a good bounce, risk a closeunder 3872 for three days in a row.
Resistance is at 4132 then 4162 to 4172. Beyond that sellers should appear near 4232 and 4282. A close over 4287 is friendly and augurs for a test of 4307 to 4327.
April Hogs
Resistance
is at 4327 and 4422 to 4427. Traders can sell at 4422 for a turn lower, risk as close over 4517 for three days in a row. Beyond that resistance is at 4572 to 4582 which should cap a rally.Support is at 4227, a close under is negative and augurs for a test of 4165 and
eventually a slip towards 4127 and the 4057 to 4047 region, Below that support is at 3982 then 3932 and the 3867 to 3857 region. Below that 3807 should hold.
From the Frying Pan into the Fire--
Feb. Bellies
Nearby Support should appear near 5352 to 5322. Traders can buy at 5322 for a bounce, risk a close under 5298. Below that traders can buy at 5172 and hold for higher prices. Below that support should appear near the 4927 to 4857 region. Traders can buy at 4927 and hold.
Resistance is at 5472 beyond that good sellers should appear near 5577 to 5590 and 5622 to 5652 then 5687. Beyond that sellers should appear near 5792 to 5805 and 5945 to 5957.
Recommended Spread: 4 Long Feb. Bellies/ 4 Short March Bellies
at 75pt Feb. under March HOLD
The Sensational Stock and Bond Markets
March Bonds
On The DownSide
nearby support is at 127-14, traders can buy at 127-14 for a turn higher, risk a close under 127-09. Below that support is at 126-14 to 126-04 should hold. Traders can buy at 126-04 for a bounce. Risk 15 pts. A close under 126-04 augurs for a test of the 125-05 to 124-24 region. Traders can buy at 125-04 for a good 2-3 day bounce, risk a close under 124-24 for three days in a row.On the Upside: Resistance is at 128-04 and 128-14. A close over 128-18 is friendly and augurs for a test of 129-14 traders can go short at 129-14 for a turn lower risk 15 pts. Beyond that resistance is at 130-04 and 130-17 and 131-04
March SP500
On the DownSide
Support is at 1274 then 1271 and 1268. A close under 1268 augurs for a test of 1255.50 then 1253. An extended trade under 1253 is negative and augurs for a test of 1249.80 and eventually the 1238 to 1235.80/ 1235 regions. Under that 1232 offers support. Below that a test of the 1218 region is likely. A close under 1218 is negative and indicates a test of the 1203 to 1192 region where good buyers should appear and hold the mkt for a bit.
On the Upside, Resistance is at 1286.20. Traders can short at 1286.10 for a turn lower, put your own risk on it and stay tuned.. Beyond that 1289 should Cap a Rally... Beyond that resistance is at 1304. Traders Who Have Ice Water Running Through Their Veins can go short at 1304 and hold for lower prices, initially plan on risking a close over 1311.5 for three days in a row. Beyond that 1319 should bring put sellers.
Stay tuned for Flashes
Dow Jones Industrial Avg.
Resistance is near 9429 to 9438 and 9444. A close over 9445 is friendly and indicates a test of 9526 to 9542 beyond that 9625 to 9642 offers good resistance. A close over 9642 augurs for a test of 9707 to 9737 Above that, 9821 to 9837 should Cap a Rally for a bit.
A ship in Harbor is Safe.. But that's not what ships are built for.
Happy Trading
Bill
01/31/1999 3:35 AM
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