Open - $3.49, High - $3.54 1/4, Low - $3.47 1/4 Close - $3.50 1/2 Up $.00 1/4
The May '09 contract made it through the $3.52 1/4 upside resistance level I had penciled in for today and it was .02 3/4 above my support level of $3.44 1/2. I wish I had some magical news or chart formations to talk about today but I really don't. Today was pretty boring when it comes to the market, the Feds have been speaking in Washington D.C. all day and that has the Dow Jones both up and down depending on the comments that are being made. We did have an inside day today meaning today's low and high were both within yesterday's trade range.
Bottom line - I feel like we should continue to try and move higher tomorrow as we got very little of that accomplished today. I see today's high of $3.54 1/4 as a target area for tomorrow and then $3.58 in the May '09 contract. Overall I think we could be mixed tomorrow with the upside resistance areas being targets. Tomorrow's support is $3.48 1/4, $3.47 1/4 then $3.44 1/2. Tomorrow's resistance is $3.54 1/4 and then $3.57 1/4. I look for mixed to better trade tomorrow.
MEAL - May '09 Electronic
Open - $260.50, High - $265.70, Low - $259.90, Close - $264.70 Up $3.90
My support and resistance points for today were relatively close to the mark, we were within $.40 on support and $.50 on the resistance side. The May '09 meal contract is still below the $265.20 level that would provide a test toward $270.90 if we managed to close above this level for a couple days. .
Bottom line - The market looks like we should have follow through to the upside tomorrow based on the way we traded today. I see support at $262.90, $262.20 and then $260.00 if we get moving to the downside. Resistance should be around $263.90 and then $265.70. One note to point out is if the May contract moves above $265.70 and then comes back down through it will trigger a sell signal at $265.20 on a stop. If the sold at $265.20 then a risk management buy stop order should be placed $1.00 above the most recent high. This is an observation not a recommendation
HOGS - April '09 GLOBEX
Open - $60.00, High - $61.325, Low - $60.00, Close - $60.85 Down $.575
We got within $.20 of my first support level in April '09 and $.05 above my resistance level. In June '09 we got within $.175 of my first support level and within $.30 of my last resistance level. There was very little in the way of news today from a fundamental perspective. The market traded technically today as illustrated by my support and resistance points from yesterday.
Bottom line - We got a market close back above the $60.45 level which will open the door to a longer-term target of $64.00 provided the April '09 contract continues to close above $60.45. I am looking for mixed markets tomorrow but with a friendly feel, I can see both directions tomorrow. April '09 support is $60.65, 60.32 and resistance is 60.975, $61.32 then up to $64.00 (outside of limit range but is the next resistance level). June '09 support is $71.35, $71.125 and resistance is $72.12, $72.45 then $72.75.
I have an appointment this afternoon therefore I will not have any USDA information today.