What Does The ISM Number Mean For The Payroll Report?
BOND MARKET RECAP
1/3/2005
March Bonds closed up 0-01 at 112-17. This was
0-20 up from the low and 0-07 off the high.
March 10 Yr Treasury Notes finished down 0-020 at
111-280, 0-040 off the high and 0-100 up from the low.
The Treasury market exhibited some
surprising volatility during the first session of the New Year as prices slumped
aggressively early in the action but then came roaring back into mid session.
Apparently the bull camp was cheered on by the fact that the ISM showed a
moderate decline in the employment Index, as the weakness in the employment
sector takes on added significance ahead of the monthly payroll reading this
Friday. It was also supportive that US construction spending declined buy.4% in
November. Some even suggested that the sharp rise in the US Dollar lowered the
odds of near term intervention support buying but apparently the market was
being lifted by the concerns for the strength of the US economy.
Technical Outlook
BONDS (MAR) 01/04/2005: The crossover up in the
daily stochastics is a bullish signal. Momentum studies are trending higher from
mid-range, which should support a move higher if resistance levels are
penetrated. The cross over and close above the 18-day moving average is an
indication the longer-term trend has turned positive. The market has a slightly
positive tilt with the close over the swing pivot. The near-term upside
objective is at 113-11. The next area of resistance is around 113-03 and 113-11,
while 1st support hits today at 112-08 and below there at 111-20.
TNOTES (MAR) 01/04/2005: Negative momentum
studies in the neutral zone will tend to reinforce lower price action. The close
below the 18-day moving average is an indication the longer-term trend has
turned down. It is a mildly bullish indicator that the market closed over the
pivot swing number. The next downside objective is 111-135. The next area of
resistance is around 112-045 and 112-090, while 1st support hits today at
111-230 and below there at 111-135.
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STOCK INDICES RECAP
1/3/2005
March S&P finished down 7.4 at 1206.3, 14.2 off
the high and 4.3 up from the low.
March S&P E-Mini closed down 7.25 at 1206.5. This
was 4.75 up from the low and 14.75 off the high.
March Dow closed down 18 at 10750. This was 40 up
from the low and 125 off the high.
March Dow E-Mini finished down 18 at 10750, 126
off the high and 39 up from the low.
The stock market might have become a little short
term overbought after the strong start to 2005. It is also clear that the market
was undermined slightly by a compacted liquidation in energy sector stocks that
was justifiably prompted by a massive slide in energy prices. While sharply
lower energy prices are certainly a benefit to the broad market the short term
influence of weaker oil stocks failed to give off that impression Monday. On the
other hand, sharply lower energy prices and a strong Dollar would seem to put
the stock market in a better position than was seen for most of last week. Some
traders also suggested that a sharp decline in the ISM employment Index reading
caused some traders to fret about weakness in the coming monthly payroll report.
In conclusion, overall conditions for the stock market seem to be getting
better, not worse.
Technical Outlook
S&P 500 (MAR) 01/04/2005: Daily stochastics
turning lower from overbought levels is bearish and will tend to reinforce a
downside break especially if near-term support is penetrated. The cross over and
close above the 18-day moving average indicates the longer-term trend has turned
up. A negative signal was given by the outside day down. The swing indicator
gave a moderately negative reading with the close below the 1st support number.
The next downside target is now at 1190.38. Short-term indicators on the
defensive. Consider selling an intraday bounce. The next area of resistance is
around 1215.75 and 1227.37, while 1st support hits today at 1197.25 and below
there at 1190.38.
SP EMINI (MAR) 01/04/2005: Daily stochastics
turning lower from overbought levels is bearish and will tend to reinforce a
downside break especially if near-term support is penetrated. The cross over and
close above the 18-day moving average is an indication the longer-term trend has
turned positive. The outside day down is somewhat negative. The market’s close
below the 1st swing support number suggests a moderately negative setup for
today. The next downside target is 1189.50. Short-term indicators on the
defensive. Consider selling an intraday bounce. The next area of resistance is
around 1216.25 and 1228.50, while 1st support hits today at 1196.75 and below
there at 1189.50.
NASDAQ (MAR) 01/04/2005: The daily stochastics
gave a bearish indicator with a crossover down. Momentum studies trending lower
at mid-range should accelerate a move lower if support levels are taken out. The
market back below the 18-day moving average suggests the longer-term trend could
be turning down. The outside day down is somewhat negative. The market setup is
somewhat negative with the close under the 1st swing support. The next downside
objective is now at 1582.75. The next area of resistance is around 1633.50 and
1656.75, while 1st support hits today at 1596.50 and below there at 1582.75.
MINIDOW (MAR) 01/04/2005: Momentum studies
trending lower from overbought levels is a bearish indicator and would tend to
reinforce lower price action. The cross over and close above the 18-day moving
average indicates the longer-term trend has turned up. The outside day down and
close below the previous day’s low is a negative signal. It is a slightly
negative indicator that the close was under the swing pivot. The next downside
objective is now at 10608. The next area of resistance is around 10834 and
10937, while 1st support hits today at 10670 and below there at 10608.
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CURRENCY MARKET RECAP
1/3/2005
March US Dollar finished up 41 at 8141, 22 off
the high and 30 up from the low.
March Euro finished down 0.68 at 134.9, 0.36 off
the high and 0.43 up from the low.
March Euro Dollar closed down 0.005 at 97.09.
This was 0.015 up from the low and 0.015 off the high.
March Canadian Dollar closed down 0.4 at 82.82.
This was 0.38 up from the low and 0.17 off the high.
March British Pound finished down 1.08 at 189.63,
0.67 off the high and 0.34 up from the low.
March Swiss closed down 0.44 at 87.52. This was
0.32 up from the low and 0.34 off the high.
March Japanese Yen closed down 0.12 at 97.85.
This was 0.25 up from the low and 0.16 off the high.
The US Dollar saw conflicting economic
information with construction spending down by.4% and the ISM readings rather
strong. However, it seemed like the Dollar was poised to rally even before the
numbers, possibly because of the early rise in US equity prices and the moderate
decline in energy prices. Dampening the negative spin from the construction
spending decline were suggestions that the prior month’s reading was revised up
from unchanged to a +.3% gain. With a massive slide in US winter fuel prices,
many traders are now thinking that the US economy might end up posting more
growth than was forecast initially.
Technical Outlook
YEN (MAR) 01/04/2005: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The cross over and close above the 18-day moving average is an
indication the longer-term trend has turned positive. The market’s close below
the pivot swing number is a mildly negative setup. The near-term upside target
is at 98.23. The next area of resistance is around 98.05 and 98.23, while 1st
support hits today at 97.65 and below there at 97.42.
EURO (MAR) 01/04/2005: A crossover down in the
daily stochastics is a bearish signal. Stochastics turning bearish at overbought
levels will tend to support lower prices if support levels are broken. The cross
over and close above the 18-day moving average is an indication the longer-term
trend has turned positive. The market tilt is slightly negative with the close
under the pivot. The next downside target is now at 134.10. The next area of
resistance is around 135.29 and 135.67, while 1st support hits today at 134.51
and below there at 134.10.
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PRECIOUS METALS RECAP
1/3/2005
February Gold closed down 8.7 at 429.7. This was
1.9 up from the low and 6.6 off the high.
March Silver finished down 0.33 at 6.507, 0.273
off the high and 0.017 up from the low.
April Platinum closed down 6.2 at 853.5. This was
3.5 up from the low and 10.5 off the high.
The gold market faded again and did so in the
wake of a Dollar bounce. Some traders suggested that a wave of fund longs
decided to throw in the towel because of the technical failure on the charts and
that prospect of more near term gains in the Dollar. While the upcoming COT
report will certainly overstate the fund and small spec long we suspect that the
numbers remain high enough to threaten even more liquidation in the coming
sessions, especially if the Dollar manages to add to the gains off the contract
low.
Technical Outlook
SILVER (MAR) 01/04/2005: The daily stochastics
have crossed over down which is a bearish indication. Daily stochastics are
trending lower but have declined into oversold territory. The close under the
18-day moving average indicates the longer-term trend could be turning down. The
gap lower price action on the day session chart is a bearish indicator for
trend. The defensive setup, with the close under the 2nd swing support, could
cause some early weakness. The next downside target is 628.1. Some caution in
pressing the downside is warranted with the RSI under 30. The next area of
resistance is around 665.2 and 686.1, while 1st support hits today at 636.3 and
below there at 628.1.
GOLD (FEB) 01/04/2005: The major trend has turned
down with the cross over back below the 60-day moving average. The daily
stochastics have crossed over down which is a bearish indication. Momentum
studies trending lower at mid-range could accelerate a price break if support
levels are broken. The major trend has turned down with the cross over back
below the 18-day moving average. There could be some early pressure today given
the market’s negative setup with the close below the 2nd swing support. The next
downside target is 422.4. The next area of resistance is around 433.9 and 439.3,
while 1st support hits today at 425.5 and below there at 422.4.
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COPPER MARKET RECAP
1/3/2005
March Copper finished up 2.10 at 147.35, 0.40 off
the high and 1.55 up from the low.
The copper market bucked the trend of weakness in
the rest of the metals markets with a solid run to new contract highs. We
suspect that bullish inventory readings from China helped the market start out
on a positive foot and that seemed to snowball into even more buying interest.
However, traders should understand that the COT report readings significantly
understate the net spec long in copper as copper prices have added 300 points
since the COT report was measured. So far, a sharp rally in the Dollar hasn’t
failed to undermine US copper prices even in the face of a massive run up in US
copper futures prices since the December 23rd low.
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ENERGY MARKET RECAP
1/3/2005
February Crude Oil closed down 1.33 at 42.12.
This was 0.87 up from the low and 0.13 off the high.
February Heating Oil closed down 6.04 at 119.22.
This was 2.42 up from the low and 1.38 off the high.
February Unleaded Gas finished down 0.12 at
113.17, 0.33 off the high and 3.37 up from the low.
February Natural Gas finished down 0.36 at 5.79,
0.04 off the high and 0.08 up from the low.
February Propane closed down 0.03 at 0.70. This
was 0.02 up from the low and equal to the high.
The energy complex fell apart aggressively in the
first session of 2005 and appears to have launched into the washout off the mild
near term forecast. With lows in the Midwest holding above the 20 degree mark
until later this week and the market looking back to the recent inventory it is
clear that the winter heating oil supply issue is being downplayed. It would
also seem like the market is playing down OPEC’s ability to alter conditions
quickly, especially if US weather remains mild. Late last week some foreign oil
markets were holding some premium in prices off the Saudi attacks last week but
until more of a pattern of attacks is seen we don’t see terrorist threats
providing support to prices.
Technical Outlook
CRUDE OIL (FEB) 01/04/2005: Negative momentum
studies in the neutral zone will tend to reinforce lower price action. The major
trend has turned down with the cross over back below the 18-day moving average.
The gap lower price action on the day session chart is a bearish indicator for
trend. The close below the 2nd swing support number puts the market on the
defensive. The next downside objective is 40.94. The next area of resistance is
around 42.62 and 42.93, while 1st support hits today at 41.62 and below there at
40.94.
UNLEADED (FEB) 01/04/2005: The downside crossover
of the 9 & 18 bar moving average is a negative signal. Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. The close below the 18-day moving average is an
indication the longer-term trend has turned down. The market has a slightly
positive tilt with the close over the swing pivot. The next upside target is
116.11. The next area of resistance is around 115.02 and 116.11, while 1st
support hits today at 111.32 and below there at 108.71.
HEATING OIL (FEB) 01/04/2005: The downside
crossover of the 9 & 18 bar moving average is a negative signal. Daily
stochastics declining into oversold territory suggest the selling may be drying
up soon. The close under the 18-day moving average indicates the longer-term
trend could be turning down. The gap lower price action on the day session chart
is a bearish indicator for trend. The close below the 2nd swing support number
puts the market on the defensive. The next downside objective is 115.16. The
next area of resistance is around 121.11 and 122.75, while 1st support hits
today at 117.32 and below there at 115.16.
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CORN MARKET RECAP
1/3/2005
March Corn finished down 3 at 201 3/4, 1
1/4 off the high and 3/4 up from the low. May Corn closed down 3 1/4 at 209 3/4.
This was 3/4 up from the low and 3/4 off the high.
Matching the contract low for March corn is not a
good start for the year for the corn bulls. Good weekend weather in Brazil,
weakness in soybeans and fears that producer selling will pick-up early this
year which would pressure the cash market helped drive futures lower to test the
contract lows early in the session. Funds were noted sellers of near 2500
contracts into the mid-session. Talk of record yielding crop progress in
Argentina added to the bearish tone. Taiwan bought 60,000 tons of US corn
overnight and Israel is tendering for 40,000-48,000 tons of corn. Confirmation
of another mad cow case in Canada was also seen as a potential bearish force.
Weekly export inspections were reported at 24.5 million bushels as compared with
trade expectations for 30-35 million bushels. Cumulative shipments have reached
30.6% of the USDA forecast for the marketing year as compared with 33.2% as the
5-year average for this time of the year. Resistance for March corn comes in at
203 and 203 3/4 with 201 and 198 as next support.
Technical Outlook
CORN (MAR) 01/04/2005: Stochastics trending lower
at midrange will tend to reinforce a move lower especially if support levels are
taken out. The close below the 18-day moving average is an indication the
longer-term trend has turned down. The close below the 1st swing support could
weigh on the market. The next downside target is 200. The next area of
resistance is around 202 3/4 and 203 3/4, while 1st support hits today at 200
3/4 and below there at 200.
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SOY COMPLEX RECAP
1/3/2005
March Soybeans finished down 11 3/4 at 535 1/2, 6
1/4 off the high and 1/2 up from the low. May Soybeans closed down 12 at 541
1/4. This was 1/4 up from the low and 5 3/4 off the high.
March Soymeal closed down 1.7 at 161.3. This was
0.8 up from the low and 0.9 off the high.
March Soybean Oil finished down 0.75 at 20.04,
0.51 off the high and 0.06 up from the low.
The market started the year off with a weak tone
as hefty rains in Brazil over the long weekend and a weak tone for cash basis
levels at the gulf helped increase supply fears for early this week. Floor
traders indicated that selling intensified as the market moved under the 50-day
moving average. Ideas that there was no follow-through from the late surge on
Thursday from active fund buying because the buying was short-covering into the
close of the year helped to add to the bearish tone. In addition, fears that
producers will be more active sellers into the cash market for the new tax year
which will pressure the cash market was also seen as a potential bearish force.
A lack of new export news and focus on the Brazil crop conditions helped
pressure the market as well as the prospects for a bumper crop in Brazil might
keep new buyers on the sidelines over the near-term. There were no deliveries
against the January soybeans or meal with 300 lots reported for oil. Funds were
noted sellers of near 1000 contracts into the mid-session. Weekly export
inspections were reported at 25.96 million bushels as compared with trade
expectations for 30-35 million bushels. Cumulative shipments have reached 52.5%
of the USDA forecast for the marketing year as compared with 46.8% as the 5-year
average for this time of the year. Resistance for March soybeans comes in at 540
and 544 3/4 with 535 and 529 1/2 as next support.
Technical Outlook
BEANS (MAR) 01/04/2005: The close below the
60-day moving average is an indication the longer-term trend has turned down.
Stochastics trending lower at midrange will tend to reinforce a move lower
especially if support levels are taken out. The market back below the 18-day
moving average suggests the longer-term trend could be turning down. The close
below the 1st swing support could weigh on the market. The next downside target
is 530 1/4. The next area of resistance is around 538 3/4 and 543 1/2, while 1st
support hits today at 532 1/4 and below there at 530 1/4.
MEAL (MAR) 01/04/2005: A positive indicator was
given with the upside crossover of the 9 & 18 bar moving average. The daily
stochastics gave a bearish indicator with a crossover down. Momentum studies
trending lower at mid-range could accelerate a price break if support levels are
broken. The major trend could be turning up with the close back above the 18-day
moving average. The market tilt is slightly negative with the close under the
pivot. The next downside objective is now at 159.7. The next area of resistance
is around 162.1 and 163.0, while 1st support hits today at 160.5 and below there
at 159.7.
BEANOIL (MAR) 01/04/2005: Momentum studies
trending lower at mid-range should accelerate a move lower if support levels are
taken out. The major trend has turned down with the cross over back below the
18-day moving average. The swing indicator gave a moderately negative reading
with the close below the 1st support number. The next downside objective is now
at 19.59. The next area of resistance is around 20.32 and 20.72, while 1st
support hits today at 19.76 and below there at 19.59.
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WHEAT MARKET RECAP
1/3/2005
March Wheat finished down 5 1/4 at 302 1/4, 3 3/4 off the high
and 3/4 up from the low. May Wheat closed down 5 at 309 1/4. This was 1/2 up
from the low and 3 1/4 off the high.
Weakness in the other grain markets and a lack of
threatening weather in the forecast helped pressure the market early in the
session. Slow export news and continued fears of the ability of the market to
absorb a hefty world supply added to the bearish tone. Weekly export inspections
were reported at 14.78 million bushels as compared with trade expectations for
12-17 million bushels. Cumulative shipments have reached 64.5% of the USDA
forecast for the marketing year as compared with 61.8% as the 5-year average for
this time of the year. The slowdown in the export news along with last weeks
news that Pakistan snubbed US wheat in their optional origin tender helped to
pressure the wheat market while confirmation of another mad cow in Canada helped
drag other grain markets lower. Resistance for March Wheat comes in at 305 and
307 1/4 with 301 1/4 and 297 as next support.
Technical Outlook
WHEAT (MAR) 01/04/2005: The daily stochastics
have crossed over down which is a bearish indication. Momentum studies trending
lower at mid-range should accelerate a move lower if support levels are taken
out. The major trend has turned down with the cross over back below the 18-day
moving average. The close below the 1st swing support could weigh on the market.
The next downside target is 298 1/2. The next area of resistance is around 304
1/2 and 307 1/2, while 1st support hits today at 300 and below there at 298 1/2.
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LIVE CATTLE RECAP
1/3/2005
February Live Cattle closed up 0.57 at 88.40.
This was 0.35 up from the low and 0.70 off the high.
January Feeder Cattle finished up 0.55 at 102.35,
0.85 off the high and 0.10 up from the low.
The confirmation of another mad cow case in
Canada helped support higher trade as the case could delay plans to re-open the
border to Canadian cattle on March 7th. Canadian officials confirmed mad cow in
an 8-year old dairy cow and talk of legal action to halt Canadian imports along
with some forecasts for colder and wetter weather in the plains this week helped
support. Slaughter came in at 118,000 head as compared with trade expectations
for 120,000-124,000 head. The lower than expected slaughter indicates weak
packer demand. Boxed-beef prices at mid-session were up 11 cents to $140.49 as
compared with $139.69 one week ago.
Technical Outlook
CATTLE (FEB) 01/04/2005: The cross over and close
above the 40-day moving average indicates the longer-term trend has turned up.
Momentum studies trending lower at mid-range should accelerate a move lower if
support levels are taken out. The market back below the 18-day moving average
suggests the longer-term trend could be turning down. With the close higher than
the pivot swing number, the market is in a slightly bullish posture. The next
downside target is now at 87.450. The next area of resistance is around 88.920
and 89.520, while 1st support hits today at 87.900 and below there at 87.450.
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LEAN HOGS RECAP
1/3/2005
February Lean Hogs closed up 0.30 at 76.70. This
was 0.30 up from the low and 0.45 off the high.
February Pork Bellies finished up 0.32 at 94.57,
0.42 off the high and 0.47 up from the low.
February futures closed higher on the session for
the first trading day of the year but the closed was well below the opening and
trade was slow. The stiff premium of February futures to the cash market was
seen as a limiting factor but higher trade in the cash market helped support the
early gains. In addition, cattle prices recovered from last weeks slide with a
new case of mad cow reported in Canada. Slaughter came in at 391,000 head as
compared with trade expectations for 378,000-395,000 head.
Technical Outlook
HOGS (FEB) 01/04/2005: Daily stochastics have
risen into overbought territory which will tend to support reversal action if it
occurs. The market now above the 18-day moving average suggests the longer-term
trend has turned up. It is a mildly bullish indicator that the market closed
over the pivot swing number. The near-term upside target is at 77.470. The
market is becoming somewhat overbought now that the RSI is over 70. The next
area of resistance is around 77.070 and 77.470, while 1st support hits today at
76.350 and below there at 76.020.
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COCOA MARKET RECAP
1/3/2005
March Cocoa finished down 20 at 1527, 27 off the
high and 1 up from the low.
The cocoa market failed again at critical chart
support levels and with the market talking about increased harvest supply flow
it is not surprising that support failed to hold. It should also be noted that a
higher US Dollar is making US cocoa slightly less attractive to the arbitrage
trade. According to cash sources in Nigeria few buyers are surfacing for the
increased physical supply flow off the harvest and that certainly shifts control
of the market further into the bear camp. Some traders are suggesting that March
cocoa has very little technical support until the bottom of the October/November
gap is re-tested down at $1,512.
Technical Outlook
COCOA (MAR) 01/04/2005: Momentum studies are
still bearish but are now at oversold levels and will tend to support reversal
action if it occurs. The close under the 18-day moving average indicates the
longer-term trend could be turning down. The market’s close below the 1st swing
support number suggests a moderately negative setup for today. The next downside
objective is 1506. The next area of resistance is around 1541 and 1561, while
1st support hits today at 1513 and below there at 1506.
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COFFEE MARKET RECAP
1/3/2005
March Coffee closed down 0.65 at 103.10. This was
0.60 up from the low and 2.00 off the high.
It would seem like the coffee market has become a
little overdone and potentially vulnerable to profit taking off the significant
October through December rally. Reports that El Salvador December coffee exports
declined by 30% and were also down 26% in the October through December time
frame should have been a little supportive but it seemed like the funds were
interested in banking some profits. One might also have expected reaffirmed
stock ratings on Starbucks stocks to have supported coffee but instead coffee
prices started the New Year off with an extremely negative technical trade. Late
last week Brazil reported December coffee exports to be 2.07 million bags or a
moderate decline from the total posted in November and that might have put
coffee prices higher than was justified into the end of 2004.
Technical Outlook
COFFEE (MAR) 01/04/2005: The daily stochastics
have crossed over down which is a bearish indication. Stochastics turning
bearish at overbought levels will tend to support lower prices if support levels
are broken. The major trend could be turning up with the close back above the
18-day moving average. The market tilt is slightly negative with the close under
the pivot. The next downside target is 100.90. The next area of resistance is
around 104.40 and 106.05, while 1st support hits today at 101.85 and below there
at 100.90.
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SUGAR MARKET RECAP
1/3/2005
March Sugar closed up 0.13 at 9.17. This was 0.10
up from the low and 0.03 off the high.
The sugar market started the New Year off with a
bang as it managed to reach the highest level of trade since October 15th. Some
in the trade are suggesting that buyers are potentially lining up to buy sugar
because of the prospect of significant declines in shipping rates. With sugar
prices in October reaching the highest level since early 2001 and freight rates
sky high it is no wonder that physical buyers backed away from purchases in the
second half of 2004. With the prospect of catch buying following the holidays
and the reduction in shipping costs it would make sense for commercial sugar
users to step up and extend forward coverage. Finally reports that Brazilian
sugar exports in December declined by 12% on the year rekindles concern that
Brazil will use even more sugar domestically (for alcohol/ethanol) and that
could mean less world supply of sugar.
Technical Outlook
SUGAR (MAR) 01/04/2005: Momentum studies are
trending higher but have entered overbought levels. The market now above the
18-day moving average suggests the longer-term trend has turned up. The market
has a bullish tilt coming into today’s trade with the close above the 2nd swing
resistance. The next upside objective is 9.28. The market is approaching
overbought levels with an RSI over 70. The next area of resistance is around
9.23 and 9.28, while 1st support hits today at 9.11 and below there at 9.03.
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COTTON MARKET RECAP
1/3/2005
March Cotton finished down 0.65 at 44.12, 0.78
off the high and 0.22 up from the low.
While the March cotton continues to hang out
around the highs of the last two months trade we are not sure if the market has
the fundamental information to forge anything other than a short covering
bounce. The market doesn’t seem to be overly concerned about soybean acres going
into cotton and with the rust issue we have to think that more farmers will see
the favorable US government program in cotton as an attraction in 2005. On the
other hand, some trader’s think that the tsunami event might actually inspire
increased cotton use in the disaster area and that could be part of the recent
strength in cotton.
Technical Outlook
COTTON (MAR) 01/04/2005: The close below the
60-day moving average is an indication the longer-term trend has turned down.
Rising stochastics at overbought levels warrant some caution for bulls. The
market now above the 18-day moving average suggests the longer-term trend has
turned up. The market’s close below the pivot swing number is a mildly negative
setup. The near-term upside target is at 45.26. The next area of resistance is
around 44.62 and 45.26, while 1st support hits today at 43.62 and below there at
43.26.