The S&P 500 (CME:SPM14) rose for the fifth day in a row this morning.
- The S&P 500 jumped 2.7 percent last week, the most since July.
- Netflix Inc. and Zions Bancorporation are among S&P 500 companies reporting earnings today.
- Russia accused the Ukrainian government of failing to rein in extremists.
Equities: The E-mini S&P 500 (CME:ESM14) is up 2.74 points to 1860.75. Our key level we are still very focused on is 1867. We believe the market needs to stay above 1867 in order to really confirm a potential next leg higher to 1900. US economic data has continued to be fairly impressive and upbeat, thus potentially causing stock bulls to get re-excited about holding and potentially buying more. The next important level after 1867 is 1876, then 1880. We believe 1880 may cause tough resistance if the market gets up there.
Bonds: The U.S. bonds are up 11 ticks to 134’08, finding a good support level at 133’19. The moving average analysis still indicates to us a bullish technical picture for the bonds. The bonds key support level for this trend could be 131’23, or that area around that level. As long as the bonds are above that price, we could see the bullish trend continue. However, if the bonds break below that level, we could see some technical selling escalate.
Currencies: The U.S. Dollar Index (NYBOT:DXH14) is up 7 ticks to 79.98, touching the 80 barrier this morning. We believe the stronger than expected U.S. data has caused USD buying. The Swiss Franc is down 17 ticks to 113.23. We believe the Franc looks like it could head lower. The Euro has a similar chart structure to the Franc, and thus we also believe the Euro could approach the 137 mark soon.
Commodities: Gold (COMEX:GCK14) is down $8 to $1285, still above a key level of $1250. WTI (NYMEX:CLK14) crude oil is up slightly to $104.40, still above the key $104 level. It would not be surprising to see crude try to stay above $105. Soybeans (NYBOT:JSK14) are down a good amount today--down $.24 to $14.89, breaking below the key $15 level. Technically the trend still looks bullish, and the next major support level is $14.60. RBOB gasoline has been very strong, and today is up almost $.02 to $307.37. $3.10 could be important resistance.