Dow Jones Cash has support at 12,321,,, 12,161 and the 12,000. Sadly we never got the doubling print up above in Dow Cash, but we did in the S&P..
In the S&P we have support at 1306, and then 1291.. Quite frankly, a settlement below 1300 in the S&P cash will have the CNBC reporters running scared crying that the sky is falling..March 17th we had an s&P low at 1240…
If you want to buy these dips, be ware.. If the funds start running this thing lower, all bets are off.
Two weeks ago, I had an entry about how I was wrong to wait on the US Dollar to trade down to 71.000 73.00 proved to be a hard bottom, and today we are trading at 76.35 with a high at 76.54. On the charts, there is resistance at 76.80, 77.40 and the 77.50 A bounce to 78.28 would not be out of the question, if things deteriorate.
Perhaps the old adage :sell in may and go away will once again prove true for these stock indexes.
As the dollar goes up, the grains will come under pressure. Planting progress comes out today at 3:PM.
Last Friday’s cattle on feed was extremely bearish. Fat and Feeder cattle look to be limit down for a bit here as the funds head for the highway.
For this week,I’d be careful being an aggressive buyer of anything but the US Dollar.
That is all
CER