Wed, January 14, 1998
5:30 AM
On the Frenzied Forex Front
March J-Yen , Recommended Position Long at 7590,7632
Nearby support is at 7689 to 7675 then 7646 and 7638. Below that 7601 should act as Support.
Resistance is near 7709 / 7713 to 7726 Beyond that 7743 and 7763 to 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 and 6795 (LAST EVE)
Early support should appear at 6779 and 6755 Traders can buy at 6795 or better risk 30 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 6799 to 6809 above that 6836 and 6849. A close over 6849 augurs for a test of 6906 and the 6990 to 7003 region. Beyond that 7058 to 7062 should trade.
March British: Recommended Position Long at 161.68
Support is at 161.96 and 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 163.80 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 5461 and 5451. 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 5504, a close over 5505 augurs for a test of 5551
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 April Gold had an Outside Day up and Key Reversal Off of Life of contract Lows for this particular contract yesterday. Gold Should be 'putting in' a important bottom Shortly
Support is near 275, buy at 274. Risk $ 3.00 Resistance is 292. A close over 292 augurs for a rally back to 317
Buy Dips and Hold.
March Copper Recommended position Long at 7865
Support is at 7545, 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 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 Recommended Position Long at 374
Nearby support is near 372 and 370 , day traders can buy at 362 for a bounce. Risk 5.00. Resistance is near 375, Beyond that Resistance is firm at 380/382 , However , 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 571 and 564 . Below that 544 offers support
Resistance is near 583.0 and 592, above that 608 should trade.
The Exciting Energies
Feb. Crude Recommended Position Long at 1655
Early support is at 1620 to 1625 and 1609 to 1615 which should In my opinion be the bottom of the Crude for Now.... Resistance should appear near 1655 and 1667 above that 1689.
A close over 1658 is friendly.
FebUnleaded Gas
Early support is near 5125, buy at 5125 ,risk 100 pts.
Resistance is near 5210 and 5360. A close over 5210 augurs for a trade to 5475 beyond that 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 4930 and 4650
Support should appear near 4560 and 4460. Resistance is near 4645 and 4670 . A close over 4670 is friendly and augurs for a test of 4750 and eventually 5055. Beyond that 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 at 677 a close over 677 is friendly for a test of 687.. A close over 687 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 665 3/4 and 661. 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 Recommended Position
Support should appear at 194.0 and 189.4
Resistance is near 201.5 , beyond that 209 offers resistance sell at 209,
risk a close over 213.5 for two days in a row.
March Soybean Oil Recommended Position Long at 2473
Early support is at 2469. Below that trade to 2419 is likely. Buy at 2405 , risk a close under 2370.
Resistance is near 2509 to 2512 and 2524 Trade Accordingly
March Corn
Support is at 269 and 264 .Resistance is near 275, sell at 275 , risk a close over 281 cents for three days in a row.
March Wheat
Support is at 332 1/2 and 326. Resistance is near 336 and 338. A close over 338 augurs for a trade to 344 Trade Accordingly
The Satisfying Softs
March Cotton Recommended Position long at 6590
Support is at 6509 and 6485 below that buy at 6424 risk 100 pts. Resistance is at 6600
A close over 6554 augurs for a test of 6720.
Trade accordingly.
March Sugar Recommended Position Long at 1203 and 1169
Support is at 1145 and 1136 Resistance is 1152 and 1155. a close over 1155 is friendly for a test of the 1164 to 1169 region. Beyond that 1180 should trade ..
March Coffee Recommended Position short at 165.50
On the Upside ,Resistance is near 165.20 and 166.50 beyond that 168.80 and 170.60 offers resistance.
Support is near 164.15 and 161.70 and 160.30 more support on the Downside is near 159.05 .
A close under 156.50 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 1565 and 1592, traders should sell at 1576 , risk a close over 1603 for two days in a row. beyond 1609 to 1615 offers resistance. Support is near the 1515 region with 1495 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 6465 and the 6377 Sellers should appear near 6537 . However a close over 6542 is friendly for a test of 6612
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845 (avg. 6997)
Support is 6755 to 6742 below that 6710 should hold. Resistance is near 6797. A close over 6797 augurs for a rally to 6825 a close over 6827 indicates a test of 6892 and 6905.
Trade Accordingly.
Feb. Hogs
Support is near 5780 and 5747 Resistance is near 5840. Beyond that 5922 is likely a trade .
Recommended Spread Position, Long April Short June Hogs, 5 at 817 and 5 at 757
(April under June) Hold.
Feb. Bellies Recommended Position Long at 5622 , 3 at 5447 , 4 at 5090)
Resistance is near 5047 to 5067 and 5127 to 5167. Above that 5200 to 5225 should offer resistance . A close over 5055 augurs for a test of 5167 and eventually 53340 where sellers should appear. Support is at 4997 and 4962 , below that 4867 should hold.
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 123-16 Below that 123-01 should show support. However if Bonds close under 123-16 ,they may go through the 123-00 region like a 'Hot Knife through Butter'. As a failure at 123-00 augurs for a test of 122-01 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.
Resistance is 123-28 and 124-01 beyond that 124-16
-close under 123-16 is negative-
March SP500 Recommend Position Short at 944.00, 954,958.40
On the Downside ,Support is near 962.50 and 958.50, under that 954.40 is critical, a close under 954.20 augurs for a dip back to 944.50 and 942.90 under that 938.30 with 934.70 to 931.6 below that. Beneath 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 964.10 . 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 7688 must hold basis the close if not a dip back to the 7601/ 7587 region is likely. Below that 7513 is 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 7763 to 7777 A close over 7777 is friendly for a test of 7834 to 7854 which 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
Wed January 14, 1998
7:45 AM
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