5:17 AM
On the Frenzied Forex Front
March J-Yen , Recommended Position Long at 7590
Nearby support is at 7689 then 7653 and 7624. Resistance is near 7713 and 7726 Beyond that 7753 and 7763 to 7777 offers resistance .
Trade Accordingly
March Swiss Franc Recommended Position long at 6823 and 6795
Early support should appear at 6776 and 6753 Traders can buy at 6772 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 6803 to 6809 above that 6836 and 6852. A close over 6852 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 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 at 5496.
Early support is at 5487 and 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 5504 and 5528 to 5554. 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 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 283 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 7695, Below that 7505, 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 7895 to 7905 .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 382 and 378 , day traders can buy at 367 for a bounce. Risk 5.00. 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 558 . Below that 547 offers support Traders can Buy March Silver near 558 , risk a close under 544. Resistance is near 586. and 592, above that 608 should trade.
The Exciting Energies
Feb. Crude Recommended Position Long at 1655
Early support is at 1629 to 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 4645 and 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 667 and 672 A close over 674 is bullish for a trade to 680
Support is near 658, A close under 658 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 197 and 199,
March Soybean Oil Recommended Position Long at 2473
Early support is at 2459. Below that trade to 2412 is likely. Buy at 2405 , risk a close under 2370.
Resistance is near 2512 and 2524 Trade Accordingly
March Corn
Support is at 269 and 267 1/2 .Resistance is near 274 and 277
March Wheat
Support is at 326 1/2 and 324. Traders can buy at 325 to hold for a position.
Resistance is near 332 and 336. A close over 336 augurs for a trade to 344
Trade Accordingly
The Satisfying Softs
March Cotton Recommended Position long at 6590
Support is at 6564 and 6545 below that buy at 6424 risk 100 pts. Resistance is at 6607
The close over 6554 was friendly for a test of 6720.
Trade accordingly.
March Sugar Recommended Position Long at 1203 and 1169
Support is at 1151 and 1136 Resistance is 1155 and 1157. a close over 1155 is friendly for a test of the 1176 to 1180
March Coffee
On the Upside ,Resistance is near 164.90 and 166.80 beyond that 167.80 and the 168.80 to 170.60 region .
Support is near 164.30 and 161.80, below that 160.30 more support 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 1567 and 1590, 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 1517 region with 1490 beneath that. A close under 1490 augurs for a slip to 1467, 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 6537 ./ 6532 , under that 6467. Sellers should appear near 6612.
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845 (avg. 6997)
Support is 6787 and 6752 below that 6710 should hold. Resistance is near 6827. A close over 6827 indicates a test of 6902 and 6937. .
Trade Accordingly.
Feb. Hogs
Support is near 5752 and 5717. Resistance is near 5765 and 5855, a close over 5855 this week augurs for a test of 5922 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)
Resistance is near 4862 to 4870 a close over is friendly. Support is at 4717 and 4690 , below that 4637
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21 and 123-05
Near Term support is at 123-01, failure at 123-00 augurs for a test of 122-02 to 121-17 , below that 121-05 offers support. Resistance is 123-19 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 958.30, 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 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 7777 and 7744 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 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
Thur January 15, 1998
7:45 AM
Copyright@1998 FuturesCom Investment Publications
All Rights Reserved
FuturesCom Secured Credit Card Server
Future Market Quotes
Elected Trades can be found at http://www.futurescom.com/elected.htm