What’s Hitting Its Seven-Year High?
The last day of an abbreviated trading week got off to a rough start.
The markets were mixed with strength in the blue-chip stocks pushing the Dow
higher while inadequate technology outlooks were keeping the Nasdaq underwater
for most of the day.
The March S&P 500
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the last two sessions, was able to climb over its resistance of 1132.77 to end
at 1133.50, a gain of .20. The March Dow futures
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for the day, gaining 41 to close at 9835.00. The March Dow is trying to find its
next resistance at 9837.68. And the March Nasdaq
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1563.00, down 4.0. The March Nasdaq is hovering around its support level and
will need more positive signs next week to climb to its next resistance at
1604.63.
As the euphoria of Federal Reserve Chairman Alan Greenspan’s upbeat comments
on the state of the economy begins to wear off, investors are turning back to
corporate outlooks for signs of an economic recovery.Â
March wheat
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the beginning of the session and tried to break above the key resistance level
at 3.00, then dropped lower, but ended up closing positive on the day, up .50 to
2.99, right below its resistance at the 3.00 level.
March soybeans
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support level at about 430.397 and then settled at 430.750, a loss of 6.5. This
support could be a springboard for the news that came out of Brazil today.
According to Brazilian analysts Safras & Mercado, the lack of rain in
southern Brazil has caused a dry spell that has damaged the region’s soybean
crop by at least one million metric tons. If the much needed rainfall does not
arrive soon, more crops will be lost to the heat. This region alone is
responsible for 20% of Brazil’s soybean output. The next resistance level for
soybeans is around 445.14.
The March U.S. dollar
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seven-year high today. It broke out above a key resistance level (119.45) and
then stayed strong for the remainder of the session and closed at 120.180, a
1.22 gain.
March US Treasury Bonds
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found their 50% retrenchment level and closed just above that level at 102.125.
There are a couple of resistance points along the way to the 103.128 resistance
level. The U.S. Bonds for March lost .090 on the day.