Chris Bersaw's  Instablog

The S&P500 was on the move not waiting for the open to move higher easily over the 1,400 level getting within reach of my 1428 target which marks a 20% move since the November correction but the market could easily move beyond that too although the probability of a correction should increase if it does. 10Yr Treasuries tried to move higher but ran into sellers for the second time at 129-05 unable to move beyond that level but prices were supported at 128-20 suggesting buying interest still exists and a chance to reach 130.00 if the buyers become more committed. The Dollar sold off with a vengeance after failing another attempt to exceed 80.00 with 79.00 the next likely stop that maybe can stem the selling but giving a boost to the Euro after reversing off 1.3200 with 1.3421 next with the Aussie reversing higher as well challenging 1.0451 but the Yen headed in the other direction not even attempting a challenge of 1.2143 before dropping toward 1.2039 support which should hold if this move has further upside to it. The metals shined with Gold up nicely bouncing off 1,660 heading to 1700 after taking out some key resistance with Sliver basing off 32.000 although falling short of 33.000 still making upside progress although on lackluster volume which suggests short covering. Copper surged back over 3.8500 again stalled at 3.9000 still confined in its 15 cent range. Inside day for Crude not doing much in either direction after last session wild ride largely range bound at the moment with Natural gas rejected from 2.300 again now sitting on the March lows with another 20 cent drop likely. Profit taking in the grains as Corn sold off back to the recent low around 637 after being rejected from the highs at 656 with more downside possible if the buyers lose interest. However Wheat fared better with more support around 630 to base off after it slipped away from 670 with sellers waiting at the 1388 highs in Soybeans sending it back to the open but still within reach of 1400 and Oats experienced a bearish reversal from another rejection of 340 although still over 331 keeping its upside potential from wilting. Change of heart in Hogs as they reversed higher but falling short of 93.00 with a close over said level could bounce prices to 95.000 and an inside day in Cattle could provide a boost it needs to achieve a close over 121.85 if 120.00 continues to hold. Longs soured in Sugar as prices dropped under 24.83 from repeated failures to close over 26.00 next stop likely 23.85 with Cocoa inching back toward the 100day at 2,333 looking for 2,400 again. Orange Juice held 165.00 building a base with a possible upside objective of 177.00 if it can clear 170 and 171.70. Cotton extended prior gains after a classic pullback to and holding 89.31 looking for 92.00.