5:35 AM
On the Frenzied Forex Front
March J-Yen ,
Nearby support is at 7809 then 7759. Resistance is near 7941 , however a close over 7954 augers for a trade, to 8167 . Beyond that 8194 to 8223 is likely. Sell Short at 8223 for a turn lower, risk a close over 8316 for three days in a row.
March Swiss Franc Recommended Position long at 6823 ,6795 ,6783
Early support should appear at 6706 and 6673 where long term traders should have buy orders waiting to Buy at 6675 for the 'Pull'. Resistance begins at 6756 and 6765 beyond that 6803 to 6809 above that 6836 and 6852.
A close over 6753 is friendly
March British:
Support is at 162.04 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 162.88 and 164.20. A close over 164.20 augurs for a test of 165.10 and 167.40.
March D-Mark Recommended Position, long 2 at 5496
Early support is at 5454. 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 5508 and 5519 with 5554.above that A close over 5519 augurs for a test of 5551
Trade Accordingly
March Canadian Dollar Recommended Position Long at 7002
Support is near the 6978 region. A close over 7000 is bullish.
Resistance is near 7000 to 70005 beyond that 7054 offers good resistance.
Precious Metals
April Gold
Support is near 284 and 279 , below that support should appear 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
Support is at 7705, Below that 7490, beneath that 7355 should stop the decline , go long March Copper at 7355 for a turn higher , risk a close under 7320.
Resistance is at 7905 .A close over 7905 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 384 and 377. Resistance is near 395, Traders should sell at 395 , risk a close over 404 for two days in a row.
Trade Accordingly
March Silver
Early support is at 581 . Below that 550 offers support Traders can Buy March Silver near 558 , risk a close under 544. Resistance is near 590, above that 612 offer resistance as does 630.
The Exciting Energies
Feb. Crude Recommended Position Long at 1655
Early support is at 1625 then 1609 to 1615 which should In my opinion be the bottom of the Crude for Now.... Resistance should appear near 1658 and 1661 above that 1689.
A close over 1658 is friendly.
FebUnleaded Gas Recommended Position Long at 5125
Early support is near 5065 below that 4975.
Resistance is near 5165 and 5270. A close over 5165 augurs for a trade to 5390 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 4535 and 4475. Resistance is near 4670 . A close over 4725 is friendly and augurs for a test of 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 671 and 674 A close over 674 is bullish for a trade to 680
Support is near 660, A close under 657 indicates a drop to 648, traders can buy for a 'Bounce' at 648 risk a close under 638 for two days in a row.
Trade Accordingly
March Soybean Meal
Support should appear at 190.8 and 189.5
Resistance is near 198 and 201,
March Soybean Oil Recommended Position Long at 2473
Early support is at 2468. Below that trade to 2412 is likely. Buy at 2405 , risk a close under 2370.
Resistance is near 2514 and 2524 Trade Accordingly
March Corn
Support is at 274 and 269 1/2 .Resistance is near 279 and 284
March Wheat
Support is at 327 1/2 and 323.
Resistance is near 335 1/2 abnd 339 .A close over 339 augurs for a trade to 351
Trade Accordingly
The Satisfying Softs
March Cotton Recommended Position long at 6590
Support is at 6567 and 6545 below that buy at 6424 risk 100 pts. Resistance is at 6627
Trade accordingly.
March Sugar Recommended Position Long at 1203 and 1169
Support is at 1116 and 1076 Resistance is 1129 and 1156. a close over 1129 is friendly for a test of the 1156 to 1169
March Coffee
On the Upside ,Resistance is near 168.80 and 169.40 to 169.60 , beyond that 171.90 and 173.10 offer resistance
Support is near 166.90 and 164.40 and 161.80, beneath that 159.05 should attract a few buyers. 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 1569 and 1586, 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 1519 region with 1486 beneath that. A close under 1486 augurs for a slip to 1467, under that 1421 should stop a severe decline, go long for a position at 1421.
A close over 1552 is friendly.
The Lively Livestock
Feb. Cattle Recommended Position, long at 6622
Support is near 6542 ./ 6525 , under that 6467. Sellers should appear near 6777 and 6617
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845 (avg. 6997)
Support is 6782 and 6755 below that 6740 and 6710 should hold. Resistance is near 6830. A close over 6830 indicates a test of 6905 and 6937. .
Trade Accordingly.
Feb. Hogs
Support is near 5627and 5595. Resistance is near 5660 and 5705, a close over 5662 augurs for a test of 5895 and beyond.
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, 4 at 4650
Resistance is near 4717 to 4747 a close over 4747 is friendly. Support is at 4627 and 4592
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21 and 123-05
Near Term support is at 122-24, failure at 123-02 augurs for a test of 122-02 to 121-17 , below that 121-05 offers support. Resistance is 123-10 and 124-02 beyond that 124-21
a close under 123-01 is negative-
March SP500 Recommend Position Short at 944.00, 954,958.40
On the Downside ,Support is near 962.50 and 958.10, under that 957.10 with 954.50 as 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 963.30 and 964.10 . Good sellers should raise their heads at the 967.30 to 969.50 region with 970.40 above that. The 970.60 to 973.70 region 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 a dip 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 7777 and 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
Friday January 16, 1998
7:48 AM
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