4:35 AM
On the Frenzied Forex Front
March J-Yen ,
Support is at 7777 and 7741. Resistance is near 7873 and 7939 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
Support should appear at 6713 and 6673 where long term traders should have buy orders waiting to Buy at 6675 for the 'Pull'. Resistance begins at 6750 beyond that 6763. More resistance remians near 6813.
A close over 6741 is friendly
March British:
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 162.40 and 163.10 with 164.20 beyond that .
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 5464 and the 5430 to 5411 region where day traders can buy at 5411 for a bounce, risk a trade under 5400. Nearby Resistance is at 5474 with 5504.above that A close over 5469 augurs for a test of 5504 to 5514
Trade Accordingly
March Canadian Dollar Recommended Position Long at 7002
Support is near the 6932 region and 6919 A close over 6961 is bullish for a test of 7004.
Resistance is near 7005 to 7010 . Beyond that 7052 offers good resistance.
Precious Metals
April Gold
Support is near 286 , below that support should appear near 275. Buy at 274. Risk $ 3.00 Resistance is 295. A close over 296 augurs for a rally back to 317
Traders should seriouslt consider Buy April gold if it closes over 293.7.
Buy Dips and Hold.
March Copper
Support is at 7690 and 7620 , Below that 7520, 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 7860 and 7715 , beyond that 7915
Way Above that traders should sell at 8480 risk a close over 8510 for three days in a row.
April Platinum
Nearby support is near 374 , below that 365. Resistance is near 384 beyond that 395,
Traders should sell at 395 , risk a close over 404 for two days in a row.
Trade Accordingly
March Silver
Support is at 563 then 556.5 Below that 550 offers support Traders can Buy March Silver near 558 , risk a close under 544. Resistance is near 593, above that 604 offer resistance as does 630.
The Exciting Energies
Feb. Crude Recommended Position Long at 1655
Early support is at 1654 then 1609 to 1615 .. Resistance should appear near 1679 and 1701
Traders should Roll All longs in Feb to March By the Close TODAY
A close over 1658 is friendly.
Feb Unleaded Gas Recommended Position Long at 5125
Early support is near 5045 below that 4975.
Resistance is near 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 4930. 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 674 A close over 674 is bullish for a trade to 680
Support is near 661, A close under 655 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 192 and 189.5
Resistance is near 197 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 2516 and 2575 Trade Accordingly
March Corn
Support is at 275 and 269 1/2 .Resistance is near 280 and 285
March Wheat
Support is at 333 and 328.
Resistance is near 336 1/2 and 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 6605 and 6570 below that buy at 6424 risk 100 pts. Resistance is at 6675
Trade accordingly.
March Sugar Recommended Position Long at 1203 and 1169
Support is at 1118 and 1087 Resistance is 1129 and 1158. a close over 1126 is friendly for a test of the 1156 to 1169
March Coffee
On the Upside ,Resistance is near 169.55 , beyond that 171.90 and 173.10 offer
Support is near 16705 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 1572 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 1522 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 6622 .and 6547 Sellers should appear near 6672 and 6697
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845 (avg. 6997)
Support is 6837 and 6775 Resistance is near 6907.and 6925 A close over 6907 indicates a test of 6982. .
Trade Accordingly.
Feb. Hogs
Support is near 5592and 5567. Resistance is near 5667 and 5737
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 4707 and 4740 a close over 4740 is friendly. Support is at 4632 and 4592
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21 and 123-05
Near Term support is at 122-03 , below that 121-29 offers support. Resistance is 123-03 and 123-29 beyond that 124-03
a close under 122-03 is negative-
March SP500 Recommend Position Short at 944.00, 954,958.40 , 970.50
On the Downside ,Support is near 970.60and 968.20, under that 964.10 and 962.50 , below 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 973.70 region beyond that 978.40 and 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)
Support is 7740 and 7689 critical, basis the close. Below that 7574 and 7532 alongf with 7462/ 7457 offer some support.
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
Tuesday January 20, 1998
8:55 AM
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