The June NASDAQ 100 finds near term resistance at the daily March high of 1830.50 (all-sessions). Further resistance is at the daily January high of 1877.50. If the June NASDAQ 100 breaks out to a new high look for it to soar to the psychological 2000 mark. After that the market could challenge the weekly May 2001 reaction high of 2081.50. Technical support is located between the weekly Fibonacci .382 retracement at 1711.40 (as measured between the weekly 2006 low of 1458.00 on the weekly continuous chart and the weekly January high of 1868.00) and the weekly March low of 1704.75. Further support is at the weekly Fibonacci .618 retracement at 1614.60 (as measured between the weekly 2006 low of 1458.00 on the weekly continuous chart and the weekly January high of 1868.00). If the market breaks below this level it could decline to major support at the major monthly Fibonacci .382 retracement at 1458.90 (as measured between the 2002 low of 797.00 and this year's current weekly high of 1868.00) in confluence with last year's low of 1458.00. Open Interest is at the lowest level since early January. The NASDAQ 100 should trade sharply lower in the first half of April and then recover and trade in a choppy range for the rest of the month. Commercial interests are holding the largest net long position since early December. Large traders (hedge funds) are holding the largest net short position since August. Small traders are holding a net short position for the first time since early December.

Interest rates - June T-bonds find near term support between last week's low of 111-04 and the current daily Fibonacci .618 retracement at 111-02 (as measured between this year's current daily low of 109-06 and this year's current daily high of 114-02). If the market does not stabilize here it could plunge to major technical support between the weekly January low of 109-06 and the major weekly Fibonacci .618 retracement at 109-00 (as measured between last year's weekly double bottom low of 105-11 and the weekly December high of 114-29). Failure to recover at this level could pull the rug out from under the market and send it all the way down to last year's weekly double bottom low of 105-11. Important technical resistance is at the February 27th high of 114-02. Further resistance is at the weekly December high of 114-29 followed by the weekly 2006 high of 115-13. If T-bonds can clear last year's high they could race to the 2004 high of 117-26. The June NOB spread (T-notes vs. T-bonds) finds near term support at last week's low of 3-04 (premium T-bonds) in confluence with the daily January low of 3-00. Further support is at the current major daily Fibonacci .618 retracement at 2-12.5 premium T-bonds (as measured between the daily contract low of 24/32nds premium T-bonds and the current spread high of 5-01 premium T-bonds). If the spread does not stabilize in this area it is quite possible that the spread will decline to the daily contract low of 24/32nds premium T-bonds. Near term resistance is at the daily February high of 4-17. After that the spread could challenge the daily spread high of 5-01 premium T-bonds or even last year's weekly spread high of 5-07 premium T-bonds. Further resistance is at the 2005 all-time closing high of 5-14 on the monthly continuous chart. Open Interest is at a two month low. T-bonds have a seasonal tendency to move sideways in April. Commercial interests are holding the biggest net long position since mid-July. Large traders are holding the biggest net short position since June. Small traders are holding the biggest net short position in six weeks.

June T-Notes find near term support at last week's one month low of 107-28.5. If the market breaks below it look for a decline to the current daily Fibonacci .618 retracement at 107-13 (as measured between this year's current daily low of 106-06.5 and this year's current daily high of 109-11.5). If the market does not stabilize here it could plunge to major technical support at the weekly January low of 106-06.5 in confluence with the major weekly Fibonacci .618 retracement at 106-04.5 (as measured between last year's weekly low of 104-01 and the weekly December high of 109-18). If this support does not hold, the T-notes could plunge to last year's weekly low of 104-01. Near term resistance is clustered between the daily March high of 109-11.5, a major weekly Fibonacci .382 retracement at 109-11.5 (as measured between the weekly 2004 high of 117-31 and last year's weekly low of 104-01), and the weekly December high of 109-18. Further resistance is clustered between the 2006 weekly high of 110-06.5, the intermediate weekly Fibonacci .618 retracement at 110-16 (as measured between the 2005 weekly high of 114-16 and the 2006 weekly low of 104-01), and the major monthly Fibonacci .382 retracement at 110-17.5 (as measured between the 2003 all-time high of 121-03 and the 2006 weekly low of 104-01). If T-notes make it thru this barrier of price resistance it could indicate that the market is headed to the 2005 weekly high of 114-16 in confluence with the major monthly Fibonacci .618 retracement at 114-18.5 (as measured between the 2003 all-time high of 121-03 and the 2006 weekly low of 104-01). Open Interest is at the highest level since mid-February. T-notes have a seasonal tendency to move sideways in April. Commercials are holding the biggest net short position in nearly six months. Large traders (hedge funds) are holding the biggest net long position since early October. Small traders are holding a small size net short position.

International Bonds - June Canadian 10-year Bonds find near term resistance at the daily March high of 114.57. Further resistance is at the current weekly Fibonacci .618 retracement at 114.84 (as measured between last year's weekly high of 116.20 and the weekly January low of 112.63) followed closely by the weekly March high of 114.93. If the rally does not end here CGB's could test last year's weekly high of 116.20. Near term support is at last week's low of 113.14. Further support is at this year's current weekly low of 112.63 or even the current major weekly Fibonacci .618 retracement at 112.17 (as measured between last year's weekly low of 109.68 and the weekly December high of 116.20). If this support does not hold, the market could decline to last year's double bottom low between 109.72 in April and 109.68 in June.    June Euro Bunds find near term support at last week's low of 114.79. If the market does not stabilize in this area it could decline to the daily double bottom between the January and February lows of 114.14 and 114.18. If June Euro bunds break to new contract lows, the market could plummet to the 2004 low of 111.81. Near term resistance is at the weekly March high of 116.89 in confluence with the major daily Fibonacci .618 retracement at 116.92 (as measured between the contract high of 118.64 and the contract low of 114.14). Further resistance is at a major weekly Fibonacci .618 retracement at 117.25 (as measured between the weekly December high of 118.88 and last week's multi-month low of 114.62). If the rally does not end here perhaps bunds could trade to the weekly December high of 118.88.  June London Long Gilts find near term support at last week's low of 107.69 in confluence with the contract low of 107.62. A break to new contract lows should cause a decline to the weekly March low of 106.54. Further support is at this year's current weekly low of 105.95. After that gilts may lose another full point and sink to the weekly 2004 low of 104.86. Near term resistance is at the major weekly Fibonacci .382 retracement at 109.82 (as measured between last year's weekly high of 116.08 and this year's current weekly low of 105.95) in confluence with the daily March high of 109.88. Further resistance is at the weekly September high of 110.76. If the rally does not end here gilts may hit the major weekly Fibonacci .618 retracement at 112.21 (as measured between last year's weekly high of 116.08 and this year's current weekly low of 105.95).   June Australian 10-year Bonds find near term resistance at last week's high of 94.20 (June Aussie bonds have made lower weekly highs and lower weekly lows for three consecutive weeks). Further resistance is at the daily March high of 94.41 in confluence with the major weekly Fibonacci .618 retracement at 94.41.5 (as measured between the weekly 2005 high of 95.03 and this year's current weekly low of 94.03). If the market keeps running up it could quickly hit the weekly September high of 94.565. Further resistance is at the current major weekly Fibonacci .618 retracement at 94.65 (as measured between the weekly 2005 high of 95.03 and this year's current weekly low of 94.03). Near term support is at last week's low of 94.10. A break below it could take June Aussie bonds right down to this year's current weekly low of 94.03. Failure to stabilize here could send the Aussie bonds "down under" and hit the 2002 low of 93.40.  June JGB's  may have signaled a trend change last week when it broke below a previous week's low for the first time in seven weeks and also closed below the 18-day Moving Average for the first time in over a month. A break below last week's low of 133.87 should take the market right to current daily Fibonacci .618 retracement at 133.40 (as measured between the February low of 132.41 and the daily March high of 135.00), the weekly January low of 133.30 or even the weekly October low of 133.18. Further support is at the major weekly Fibonacci .618 retracement at 132.69 (as measured between the 2006 weekly low of 130.71 and the weekly December high of 135.89). Near term resistance is at the daily March high of 135.00. If the rally does not stop here look for JGBs to hit the 2005 weekly low of 135.90 (old support), the 2005 weekly low of 135.90 (old support), the daily December high of 136.00, or even the current major weekly Fibonacci .382 retracement at 136.18 (as measured between the 2003 weekly all-time high of 145.04 and the 2006 weekly low of 130.71). If the market can break thru this barrier it could continue it's run to the intermediate weekly Fibonacci .618 retracement at 137.29 (as measured between the 2005 double top weekly high of 141.35 and the 2006 weekly low of 130.71).

Currencies - The US Dollar Index finds near term resistance at last week's high of 83.20 (the June US dollar index has only broken a previous week's high two times in the last weeks). Further resistance is at the daily March high of 84.05, a big chart gap on the daily chart between 84.08 and 84.30, and a daily Fibonacci .618 retracement at 84.19. If the greenback can get thru this price barrier it may hit the daily January high of 84.92 or the weekly January high of 85.25. Further resistance is at the weekly double top between the weekly October high of 87.08 and the weekly July high of 87.05. Near term support is found at last week's low of 82.38 followed closely by last year's weekly low of 82.18. If the buck doesn't stop here it could crater to the 2004 low of 80.48 and the 1995 low of 80.14. Open Interest is flat. The %R overbought/oversold indicator shows that the greenback is oversold on the daily and weekly charts. The Seasonal index shows that the dollar should decline thru April. Commercial interests are holding the biggest net long position since Christmas. Large traders are holding the biggest net short position since then. Small traders are holding a small net short position.

The Canadian Dollar finds near term resistance between the current major weekly Fibonacci .382 retracement at .8704 (as measured between the weekly 2006 high of .9152 and this year's current weekly low of .8427) and last week's high of .8717. Further resistance is at the current major weekly Fibonacci .618 retracement at .8875 (as measured between the weekly 2006 high of .9152 and this year's current weekly low of .8427). If the "looney" flies right thru this retracement it should not take long to hit the psychological 90 cent area. Near term support is at current daily Fibonacci .382 retracement at .8617 (as measured between the contract low of .8454 and last week's high of .8717) in confluence with last week's low of .8614. A break below this price level could cause a decline to the daily March low of .8483 or even the contract low of .8454. The weekly February low lurks just below at .8427. Further support is clustered between a major weekly Fibonacci .382 retracement at .8382 (as measured between the 2004 weekly low of .7135 and the 2006 all-time high of .9152), the weekly November 2005 reaction low of .8357, and a weekly Fibonacci .618 retracement at .8350 (as measured between the 2005 weekly low of .7855 and the 2006 all-time high of .9152). If the "looney" does not stabilize in this area it could be doomed to decline to the major monthly Fibonacci .382 retracement at .8013 (as measured between the 2002 all-time low of .6170 and the 2006 all-time high of .9152). Open Interest dropped to the lowest level since mid-November. The %R overbought/oversold indicator shows that the Canadian dollar is overbought on the daily chart. Seasonally, the Canadian dollar should trade sideways to higher in April. Commercial interests are holding the smallest net long position in nearly five months. Large traders are holding the smallest net short position since the beginning of November. Small traders are neutral on the "looney".

The Australian Dollar exploded to a new decade high of .8108! Further resistance is at the weekly 1996 high of .8210. If this high gets taken out the market could run to the 1990 high of .8335. Near term support at last week's low of .8009 (the June Aussie dollar has made higher weekly highs for seven out of the last eight weeks and higher weekly lows for three consecutive weeks). A break below a previous week's low could cause a decline to the current major daily Fibonacci .618 retracement at .7826 (as measured between the multi-month March low of .7652 and the current contract high of .8108). Further support is at the daily March low of .7652 and the monthly 18-bar Moving Average near .7627 (the Aussie dollar has only closed below the monthly 18-bar Moving Average once in the last nine months). Open Interest is at a four month low. The %R overbought/oversold indicator shows that the Aussie dollar is overbought on the daily, weekly, and monthly charts. Seasonally, the Australian dollar has a tendency to trade slightly higher in April. Commercials are holding a huge net short position. Large traders (hedge funds) are holding a near record size net long position. Small traders are holding a moderate size net long position.

The September Canadian dollar/Australian dollar dropped to the lowest level since the summer of 2005. Near term support is at the weekly March low of .0541 premium Canadian dollar. Further support is at the major weekly Fibonacci .618 retracement at .0454 premium Canadian dollar. If the spread sinks right below this retracement it could hit the weekly 2005 low of .0162. Near term resistance is at the daily February high of .0847 premium Canadian dollar. This February high was the only time in the last five months that the spread traded above a previous month's high. A breakout above it could send the spread up to the current major daily Fibonacci .382 retracement at .0961 premium Canadian dollar (as measured between the daily September high of .1641 and the daily March low of .0541 premium Canadian dollar). Further resistance is at the current major daily Fibonacci .618 retracement at .1220 premium Canadian dollar (as measured between the daily September high of .1641 and the daily March low of .0541 premium Canadian dollar) followed closely by the daily November high of .1285.

The British Pound finds Near term resistance at the daily March high of 1.9722. Further resistance is at the contract high of 1.9883 followed by the multi-year weekly January high of 1.9914. If cable does not stop in this area it could quickly challenge the 1992 high of 2.0088. Near term support is at last week's low of 1.9538. A break below a previous week's low could cause a decline to the current major daily Fibonacci .618 retracement at 1.9385 (as measured between the multi-month March low of 1.9177 and the daily March high of 1.9722). Further support is at the daily March low of 1.9177. Further support is at an intermediate weekly Fibonacci .618 retracement at 1.8808 (as measured between the weekly June correction low of 1.8124 and the multi-year January high of 1.9914) in confluence with the major weekly Fibonacci .382 retracement at 1.8818 (as measured between the weekly 2005 low of 1.7046 and the multi-year January high of 1.9914). If sterling fails to recover from this level it could drop to the weekly October correction low of 1.8529. Open Interest is at a five month low. The %R overbought/oversold indicator shows that sterling is overbought on the monthly chart. The pound has a seasonal tendency to move higher for the first half of April and the trade sideways for the rest of the month. Commercials are starting to increase the size of their net short position again. Large traders (hedge funds) are holding a moderate size net long position. Small traders are holding a small net long position.

The June Swiss Franc finds near term resistance at current major daily Fibonacci .618 retracement at .8355 (as measured between the contract high of .8497 and the January low of .7979) followed closely by the daily March high of .8377. Further resistance is at last year's weekly high of .8428. A breakout above this high could send the June Swissie soaring to the contract high of .8547. Near term support is at last week's low of .8223. Further support is at the current major daily Fibonacci .618 retracement at .8171 (as measured between the contract low of .8044 and the daily March high of .8377) in confluence with the daily March low of .8162. If the does not stabilize here it could hit contract low of .8044 or this year's current weekly low of .7979. Open Interest is at the lowest level since December. The Seasonal index shows that the Swiss franc usually moves slightly higher in April. Commercial interests are holding the smallest net long position since mid-December. Large traders are holding the smallest net short position since then. Small traders are holding their largest net long position since mid-December.

The Euro Currency finds near term resistance at last week's two year high of 1.3458. Further resistance is at the 2004 all-time high of 1.3687. If this high gets taken out the Euro could trade at the psychological 1.40 mark. Near term support is at last week's low of 1.3298. Further support is at the current major daily Fibonacci .618 retracement at 1.3143 (as measured between the daily January low of 1.2948 and last week's two year high of 1.3458) in confluence with the daily March low of 1.3127 If the market does not establish support in this area it could plunge to the daily January low of 1.2948. Open Interest is at the lowest level since mid-February. The %R overbought/oversold indicator shows that the Euro is overbought on the daily, weekly, and monthly charts. Seasonally, the Euro should trade sideways thru most of April, with a sharp rally during the last week of the month. Commercial interests are holding a record size net short position. Large traders are holding a record size net long position. Small traders are holding the largest net long position in two months.

The June Euro currency/Swiss franc spread finds near term resistance at the new all-time high of .5114. Further resistance is at the psychological 55-cent mark. Near term support is located between the weekly 18-bar Moving Average (this spread has not closed below the weekly 18-bar Moving Average since December of 2005) and the weekly February correction low of .4971 (the Euro-Swiss spread has only broken a previous weekly correction low by more than two ticks on two different occasions since the bottom was established in November 2005). A close below the weekly 18-bar Moving Average and a break below a previous correction low on the weekly chart could indicate that the trend has changed. This would be a good entry signal for the short side of this spread. A sizable correction could take spread back down to the weekly 2004 and 2005 highs of .4762 and .4761 (old resistance levels). Further support is at the current major weekly Fibonacci .618 retracement at .4476 (as measured between the weekly 2005 low of .4081 and this year's current weekly high of .5114).

The Japanese Yen finds near term support at last week's low of .008530 followed closely by the weekly Fibonacci .382 retracement at .008521 (as measured between this year's current weekly low of .008229 and the weekly March high of .008701). Further support is at the weekly Fibonacci .618 retracement at .008409 (as measured between this year's current weekly low of .008229 and the weekly March high of .008701). If the yen does not stabilize here it could test this year's current weekly low of .008229. Further support as at the psychological .008000 mark. Near term resistance is at the daily March high of .008799. Further resistance is at the major weekly Fibonacci .382 retracement at .008854 (as measured between the weekly 2005 high of .009864 and this year's current weekly low of .008229). If the yen does not back down from this price barrier, look for a run to last year's weekly high of .009217 followed closely by the major weekly Fibonacci .618 retracement at .009239 (as measured between the weekly 2005 high of .009864 and this year's current weekly low of .008229). Open Interest is at the lowest level since last July. The yen has a seasonal tendency to rally thru most of April. Commercial interests are holding the smallest net long position in four months. Large traders are holding the smallest net short position since early December. Small traders are still neutral on the yen.

Metals - June Gold finds near term resistance at last week's high of $676.50 in confluence with the current daily Fibonacci .618 retracement at $676.90. Further resistance is located between the major weekly major daily Fibonacci .786 retracement at $694.10 (as measured between last year's weekly high of $732.00 and last June's weekly low of $555.00) and the February high of $699.00 (all-sessions). If the rally does not end here expect gold to challenge the 2006 multi-decade high of $732.00. Near term support is at the daily March low of $641.10. Further support is at the daily January low of $615.30 in confluence with the monthly 18-bar Moving Average near $612.50 (gold has closed above the monthly 18-bar Moving Average every single month since August of 2001). If gold does not stabilize in this area it could plummet to the contract low of $575.00. Open Interest is almost at a two month low. The Seasonal index shows that gold should move sideways in April. Commercials are holding a sizable net short position. Large traders (hedge funds) are holding a large net long position. Small traders are holding their largest net long position since April of 2004.

May Silver finds near term resistance at the March 22nd reaction high of $13.575. Further resistance is at the current daily Fibonacci .618 retracement at $13.97. If the rally does not end here silver could blast thru to the contract high of $14.885 (all-sessions) followed closely by last year's weekly high of $14.97 (all-sessions). A strong close above fifteen bucks could send silver soaring to the psychological twenty dollar mark. Near term support is clustered between the daily March low of $12.49 (all-sessions), a major daily Fibonacci. 618 retracement at $12.46 (as measured between the daily October low of $10.96 and the contract high of $14.885), and the daily January low of $12.32 (all-sessions). If silver does not stabilize in this area it could plummet to the monthly 18-bar Moving Average near $11.90 (silver has only closed below the monthly 18-bar Moving Average one time since July of 2003) or even a weekly Fibonacci .618 retracement at $11.47 (as measured between the weekly June correction low of $9.45 and this year's current weekly high of $14.745). Further support is at the weekly September low of $10.415. Open Interest is sitting flat at a two month low. Seasonally, silver should move flat to lower in April. Commercials are holding the smallest net short position since mid-January. Large traders (hedge funds) are holding the smallest net long position since the beginning of November. Small traders are neutral on silver.

May Copper finds near term resistance at last week's multi-month high of 316.00. Further resistance is at the current major weekly Fibonacci .618 retracement at 348.20 (as measured between last year's weekly high of 416.00 and this year's current weekly low of 238.50). If copper does not stop there it could be headed for the psychological four dollar mark. Near term support is at last week's low of 301.35 (May copper has only broken a previous week's low once in the last seven weeks) and the 9-day Moving Average /18-day Moving Average crossover level (The 9-day Moving Average has closed above the 18-day Moving Average every day for over a month). If the market breaks a previous week's low and the 9-day Moving Average closes back below the 18-day Moving Average look for a drop to the current major daily Fibonacci .382 retracement at 286.90 (as measured between the contract low of 239.80 and last week's high of 316.00). Further support is at the current major daily Fibonacci .618 retracement at 268.90 (as measured between the contract low of 239.80 and last week's high of 316.00). If May copper does not stabilize here it could be headed back to the contract low of 239.80. Open Interest is at a five month high. The %R overbought/oversold indicator shows that copper is overbought on the daily chart. Copper has a seasonal tendency to move higher in April. Commercials are holding the smallest net long position since the beginning of November. Large traders (hedge funds) are holding the smallest net short copper position since then. Small traders are neutral on copper.

Energies - May Crude Oil finds near term resistance between the major weekly Fibonacci .382 retracement at $67.51 (as measured between the all-time weekly high of $78.40 and the weekly January low of $49.90) and last week's multi-month spike high of $68.09 (all-sessions). If the rally does not end here this market may rise as high as the weekly 2005 high of $70.85 (all-sessions) to form a potential head and shoulders top. Near term support is at the daily March low of $58.80 (all-sessions) followed closely by the daily Fibonacci .618 retracement at $58.07 (as measured between the contract low of $52.20 and last week's multi-month spike high of $68.09). Further support is located at the weekly March low of $56.10 (all-sessions). If support is not established here May crude oil should test the contract low of $52.20 (all-sessions). Further support is at the weekly January low of $49.90 (all-sessions). Open Interest is sitting flat near an all-time high. The Seasonal index shows that crude oil should move slightly higher for the first half of April and then sideways for the rest of the month. Commercial interests are holding their biggest net short position in nearly seven months. Large traders are holding the largest net long position since early September. Small traders are neutral.

May RBOB finds near term resistance at last week's daily high of 212.30 (all-sessions). If the rally does not end here gasoline may be on it's way to challenge last year's high of 250.50. Near term support is at last week's low of 194.45 (May gasoline has made higher weekly lows for nine out of the last ten weeks) and the 9-day Moving Average /18-day Moving Average crossover level (The 9-day Moving Average has closed above the 18-day Moving Average every day for over two months). If the market breaks a previous week's low and the 9-day Moving Average closes back below the 18-day Moving Average look for a drop to the current major daily Fibonacci .382 retracement at 190.62 (as measured between the contract low of 155.55 and last week's high of 212.30) or the daily March low of 182.45. Further support is at the current major daily Fibonacci .618 retracement at 177.23 (as measured between the contract low of 155.55 and last week's high of 212.30). If May gasoline does not stabilize here it could plummet to the contract low of 155.55. Open Interest is sitting flat near an all-time high. The %R overbought/oversold indicator shows that RBOB gas is overbought on the daily chart. Seasonally, gasoline should trade higher in April. Commercial interests are net short for the first time in three months. Large traders are net long for the first time since the beginning of December. Small traders are holding the smallest net short position since Christmas.

May Natural Gas finds near term resistance at last week's daily high of 212.30 (all-sessions). If the rally does not end here gasoline may be on it's way to challenge last year's high of 250.50. Near term support is at last week's low of 194.45 (May gasoline has made higher weekly lows for nine out of the last ten weeks) and the 9-day Moving Average /18-day Moving Average crossover level (The 9-day Moving Average has closed above the 18-day Moving Average every day for over two months). If the market breaks a previous week's low and the 9-day Moving Average closes back below the 18-day Moving Average look for a drop to the current major daily Fibonacci .382 retracement at 190.62 (as measured between the contract low of 155.55 and last week's high of 212.30) or the daily March low of 182.45. Further support is at the current major daily Fibonacci .618 retracement at 177.23 (as measured between the contract low of 155.55 and last week's high of 212.30). If May gasoline does not stabilize here it could plummet to the contract low of 155.55. Open Interest is sitting flat near an all-time high. The %R overbought/oversold indicator shows that RBOB gas is overbought on the daily chart. Seasonally, gasoline should trade higher in April. Commercial interests are net short for the first time in three months. Large traders are net long for the first time since the beginning of December. Small traders are holding the smallest net short position since Christmas.

Meats - June Live Cattle dropped to a multi-week low and broke below the daily Fibonacci .382 retracement. Near term support is found at last week's low of 92.77. A break below it could drive cattle down to the major daily Fibonacci .618 retracement at 90.20 (as measured between the daily October low of 84.25 and the contract high of 99.82) in confluence with the daily December and January highs of 89.97 and 90.10 (old resistance levels). If June cattle does not stabilize in this area it could collapse to the major weekly Fibonacci .618 retracement at 84.70 (as measured between last year's weekly low of 73.45 and this year's current weekly high of 102.92) followed closely by the daily October low of 84.25. Near term resistance is at the current daily Fibonacci .618 retracement at 97.15 (as measured between the contract high of 99.82 and the daily March low of 92.77). Further resistance is at the contract high of 99.82. A breakout to a new contract high could launch June live cattle up to this year's current weekly high of 102.92 or even the all-time weekly high of 103.60. Open Interest reached a new all-time high. The Seasonal index shows that cattle should trade sideways in April. Commercial interests are quickly reducing the size of their big net short position. Large traders are holding their smallest net long position since Christmas. Small traders are still holding the smallest net short position in four months.

May Feeders finds near term resistance between last week's high of 110.25 and the contract high of 110.50. Further resistance is at the psychological 115 area. If feeders don't slow down here they could keep running toward last year's weekly high of 119.35 or the weekly 2005 high of 119.75. Near term support is at the March 21st reaction low of 106.30. A close below it could take the market down to the current major daily Fibonacci .382 retracement at 103.85 (as measured between this year's current daily low of 93.50 and last week's high of 110.25). Further support is at the current major daily Fibonacci .618 retracement at 99.90 (as measured between this year's current daily low of 93.50 and last week's high of 110.25). Open Interest is at the lowest level since early February. Seasonally, feeders should trade sideways in April. Commercials are holding the smallest net long position since early October. Large traders (hedge funds) are holding the biggest net long position since mid-September. Small traders are holding the smallest net short position in two and a half months

June Lean Hogs find near term support at last week's two and a half month low of 72.55. Further support is at the daily January low of 70.90 in confluence with a major daily Fibonacci .618 retracement at 70.82 (as measured between the daily September low of 65.72 and the contract high of 79.05). If June hogs don't stabilize here they could decline to the daily September low of 65.72. Near term resistance is at the current daily Fibonacci .618 retracement at 76.57 (as measured between the contract high of 79.05 and last week's low of 72.55). Further resistance is at the contract high of 79.05. A breakout to new highs could allow June hogs to go right up to the weekly 2004 high of 82.70. Open Interest is flat. The %R overbought/oversold indicator shows that hogs are oversold on the daily chart. Hogs have a seasonal tendency to rally for the first half of April and then trade sideways for the remainder of the month. Commercials covered some of their huge net short position. Large traders (hedge funds) are holding the smallest net long position in two months. Small traders are holding the biggest net long position since May 2004.

Grains - May Soybeans find near term support between the March low of $7.39 (all-sessions) and the February low of $7.33 (May beans have made higher monthly lows for six consecutive months). A further decline could take the market down to the current major daily Fibonacci .382 retracement at $7.176 (as measured between the contract low of $5.724 and the contract high of $8.076) in confluence with the daily November high of $7.156 (old resistance). If beans do not establish support here they could be headed down to the double bottom between the daily December low of $6.702 (all-sessions) and the daily January low of $6.714 (all-sessions) or even the current major daily Fibonacci .618 retracement at $6.622 (as measured between the contract low of $5.724 and the contract high of $8.076). Near term resistance is at last week's high of $7.79 (all-sessions). Further resistance is at the contract high of $8.076 (all-sessions). A breakout to new contract highs should allow beans to challenge the major weekly Fibonacci .618 retracement at $8.48 (as measured between the weekly 2004 high of $10.64 and the weekly 2005 low of $4.984). After that beans could trade at the psychological nine dollar mark. Open Interest is near an all-time high. The %R overbought/oversold indicator shows that beans are near overbought on the weekly chart. The Seasonal index shows that soybeans should move higher in April. Commercial interests are holding the largest net short position since February 2004. Large traders are holding a near record size net long position. Small traders are holding the smallest net short position since September 2005.

May Soy Meal finds near term support at last week's two and a half month low $207.80. If the market slips below last week's low it could hit current major daily Fibonacci .618 retracement at $193.70 (as measured between the contract low of $164.70 and the contract high of $240.60) in confluence with the daily January low of $193.00 (all-sessions). Further support is at the major weekly Fibonacci .618 retracement at $185.90 (as measured between last year's weekly low of $155.80 and this year's current weekly high of $234.60) in confluence with this year's current weekly low of $184.70 (all-sessions). Near term resistance is at last week's high of $220.00 (May meal has only traded above a previous week's high once in the last five weeks) and the 18-day Moving Average that it has closed below almost every day for the last month. A breakout above a previous week's high and a close above the 18-day Moving Average could re-instate the up trend and allow May soymeal to challenge the contract high of $240.60 (all-sessions). A breakout to new contract highs could send meal soaring to the major monthly Fibonacci .618 retracement at $289.90 (as measured between the 2004 all-time high of $378.50 and the November 2004 multi-year low of $146.60). Open Interest is at a two and a half month low. The %R overbought/oversold indicator shows that meal is oversold on the daily chart. Seasonally, soy meal should rally slightly in April. Commercials covered some of their record size net short position. Large traders (hedge funds) sold a portion of their record size net long position. Small traders are holding the largest net long position since May 2004.

May Bean Oil finds near term resistance at last week's new contract high of 33.07 (all-sessions). A breakout to new highs could keep the market running toward the 2004 high of 35.18 (all-sessions). After that bean oil could race on up to the 1984 high of 41.15. Near term support is at last week's low of 31.48 (May bean oil has made higher weekly lows for three consecutive weeks). Further support is at the March low of 29.66. A break below last month's low could cause a decline to further technical support clustered between the current major daily Fibonacci .618 retracement at 27.90 (as measured between the daily October low of 24.70 and last week's new contract high of 33.07), this year's current weekly low of 27.58 (all-sessions), and a major weekly Fibonacci .382 retracement at 27.63 (as measured between the weekly 2005 low of 18.82 and this year's current weekly high of 33.07). Open Interest is at a new all-time high. The %R overbought/oversold indicator shows that bean oil is overbought on the daily, weekly, and monthly charts. Bean oil has a seasonal tendency to rally sharply in April. Commercial interests are holding their biggest net short position since February 2004. Large traders are holding their biggest net long position since July of last year. Small traders are holding a moderate size net long position.

May Corn dropped to the lowest level since early January. If it breaks last week's low of $3.744 (all-sessions) it could hit this year's current low on the daily chart at $3.624 (all-sessions). If May corn hits a new low for the year it could decline to the monthly 2004 high of $3.352 (old resistance) in confluence with the current major daily Fibonacci .618 retracement at $3.312 (as measured between the contract low of $2.576 and the contract high of $4.502). Near term resistance is at last week's high of $4.03 (May corn has made lower weekly highs for four consecutive weeks), the current daily Fibonacci .382 retracement at $4.034, and the 18-day Moving Average that it has closed below every day for the last month. If the market breaks above a previous week's high and closes back above the 18-day Moving Average look for a rally to the current daily Fibonacci .618 retracement at $4.214 (as measured between the contract high of $4.502 and last week's low of $3.744). Further resistance is at the contract high of $4.502 (all-sessions). A breakout to new highs could pop corn up to the psychological five dollar level. Open Interest is at the lowest level in three months. The %R overbought/oversold indicator shows that corn is oversold on the daily chart. The Seasonal index shows that corn should move sideways in April. Commercial interests covered a small amount of their record net short position. Large traders sold just a fraction of their record net long position. Small traders are holding the smallest net short position since January 2006.

May Rice finds near term support at last week's multi-month low of 9.715. Further support is at the monthly 18-bar Moving Average near 9.115 (rice has not closed below the monthly 18-bar Moving Average since October of 2005). If rice does not stop it's decline in this area it should test the major weekly Fibonacci .382 retracement at 8.835 (as measured between the weekly 2005 low of 6.110 and this year's current weekly high of 10.520). Near term resistance is last week's high of 10.240. If this high is exceeded May rice could rally to the current major daily Fibonacci .618 retracement at 10.480 (as measured between the contract high of 10.950 and last week's multi-month low of 9.715). Further resistance is located between the daily March high of 10.850 (all-sessions) and the contract high of 10.950 (all-sessions). Open Interest is at the lowest level in nearly three months. Seasonally, rice should decline slightly in April. Commercial interests are holding the smallest net short position since Christmas. Large traders (hedge funds) are holding the smallest net long position since then. Small traders are holding a historically large net long position.

May Oats find near term resistance at last week's new nineteen year high of $3.02 (all-sessions). Further resistance is at the psychological $3.50 mark. If oats don't stop here they could test the 1988 all-time high of $3.93. Near term support is at last week's low of $2.76 (May oats has made higher weekly lows for five out of the last six weeks) and the 9-day Moving Average /18-day Moving Average crossover level (The 9-day Moving Average has closed above the 18-day Moving Average every day for over a month). If the market breaks a previous week's low and the 9-day Moving Average closes back below the 18-day Moving Average look for a drop to the current daily Fibonacci .618 retracement at $2.634 (as measured between the daily March low of $2.40 and last week's high of $3.02). Further support is at the daily March low of $2.40 (all-sessions). If May oats break below last month's low the market could hit the major monthly Fibonacci .382 retracement at $2.222 (as measured between the 2000 multi-decade low of 93 and a half cents and this year's current nineteen year high of $3.02). Open Interest is at the highest level since December of 1993. The %R overbought/oversold indicator shows that oats are overbought on the weekly and monthly charts. Oats have a seasonal tendency to move slightly lower in a choppy fashion in April. Commercials are holding a new record size net short position. Large traders (hedge funds) are holding the biggest net long position since July. Small traders are holding the largest net long position in nearly two years.

May Wheat finds near term between last week's new multi-month low of $4.31 (all-sessions), the monthly 2002 high of $4.34 (old resistance), and the weekly May high of $4.33 (old resistance). If wheat does not stabilize here it could plummet to the monthly 18-bar Moving Average near $4.08 (wheat has closed above the monthly 18-bar Moving Average every single month for the last year) or the August low of $4.044 (all-sessions). Further support is at the major weekly Fibonacci .618 retracement at $3.87 (as measured between the weekly 2004 low of $2.824 and last year's weekly high of $5.56). Near term resistance is at last week's high of $4.69 (May wheat has made lower weekly highs for four consecutive weeks), the current major daily Fibonacci .382 retracement at $4.706 (as measured between the contract high of $5.35 and last week's low of $4.31), and the 18-day Moving Average that it has closed below every day for the last month. If the market breaks above a previous week's high and closes back above the 18-day Moving Average look for a rally to the current major daily Fibonacci .618 retracement at $4.952 (as measured between the contract high of $5.35 and last week's low of $4.31) or even the current major weekly Fibonacci .618 retracement at $5.082 (as measured between last year's weekly high of $5.55 and last week's low of $4.31) in confluence with the daily February high of $5.09 (all-sessions). If the rally does not end there expect May wheat to challenge the contract high of $5.35 (all-sessions). Open Interest is sitting flat at the lowest level since May. The %R overbought/oversold indicator shows that wheat is nearing oversold levels on the daily chart. The Seasonal index shows that wheat should move sideways in April. Commercial interests are holding the biggest net long wheat position in six months. Large traders are holding the largest net long position since September. Small traders are holding a moderate size net short position.

Softs - May Coffee  finds near term support at last week's multi-month low of 108.40 on the daily chart. Further support is at the daily September low of 107.50 in confluence with a weekly Fibonacci .618 retracement at 107.35 (as measured between last year's weekly low of 93.50 and last year's weekly high of 129.75). If coffee does not stabilize here it could spill to the psychological one dollar mark. A rally above last week's high of 114.80 should take it right to the current major daily Fibonacci .382 retracement at 117.80 (as measured between the contract high of 133.00 and last week's low of 108.40). Further resistance is at the current major daily Fibonacci .618 retracement at 123.60 (as measured between the contract high of 133.00 and last week's low of 108.40). If the rally does not end here May coffee could run on up to last year's weekly high of 129.75. Near term support is at the daily March low of 108.80. Further support is at the daily September low of 107.50 in confluence with a weekly Fibonacci .618 retracement at 107.35 (as measured between last year's weekly low of 93.50 and last year's weekly high of 129.75). If coffee does not stabilize here it could spill to the psychological one dollar mark. Open Interest reached a new all-time high. The %R overbought/oversold indicator shows that coffee is oversold on the daily chart. Seasonally, coffee should trade slightly higher in April. Commercials are holding the smallest net short coffee position since October. Large traders (hedge funds) are holding the smallest net long position since then. Small traders are still neutral on the coffee market.

May Cocoa finds near term resistance at last week's new four year high of $1,968. Further resistance is at the major monthly Fibonacci .618 retracement at $1,992 (as measured between the 2003 high of $2,420 and the 2004 low of $1,299). If the rally does not end here cocoa may keep running toward the 2003 multi-decade high of $2,420. Near term support is at last week's low of $1,890 (May cocoa has made higher weekly lows and higher weekly highs for three consecutive weeks). Further support is at the major daily Fibonacci .382 retracement at $1,772 (as measured between the contract low at $1,456 and last week's new four year high of $1,968). After that May cocoa could hit the daily March low of $1,697 (May cocoa has made higher monthly lows for five consecutive months) or even the major daily Fibonacci .618 retracement at $1,652 (as measured between the contract low at $1,456 and last week's new four year high of $1,968). Open Interest is at a new all-time high. The %R overbought/oversold indicator shows that cocoa is overbought on the daily, weekly, and monthly charts. Cocoa has a seasonal tendency to move sideways in April. Commercials increased the size of their record net short position. Large traders are holding a new record size net long position. Small traders remain neutral on cocoa.

May Sugar finds near term support at last week's new contract low of 9.79 followed closely by the weekly September low of 9.70. If this low gets taken out, sugar could hit the psychological nine cent mark fairly quick. After that sugar could even trade at eight cents. Near term resistance is at last week's high of 10.24 (May sugar has made lower weekly highs for five out of the last six weeks). If the market can muster a strong close above a previous week's high it could run back up to the daily March high of 11.48 (May sugar has only broken a previous month's high once in the last eight months). A breakout above last month's high could keep the momentum going and take May sugar up to the October or November highs of 12.72 and 12.47. Open Interest is sitting flat just below the all-time high. The %R overbought/oversold indicator shows that sugar is oversold on the daily and weekly charts. The Seasonal index shows that sugar should move slightly lower in April. Commercials are holding a small net short position in sugar. Large traders (hedge funds) are holding a small net long position. Small traders are neutral.

May Orange Juice finds near term support between last week's multi-week low of 185.10 and this year's current weekly low of 184.20. Further support is at the psychological 1.70 mark in confluence with the monthly 18-bar Moving Average near 169.00 (OJ has not closed below the monthly 18-bar Moving Average since July of 2004). If OJ does not stabilize in this area it could decline to the major monthly Fibonacci .382 retracement at 150.20 (as measured between the 2004 all-time low of 54.20 and this year's current multi-decade high of 209.50). Near term resistance is at the current daily Fibonacci .618 retracement at 197.90. Further resistance is at the contract high of 205.80. After that May OJ could challenge this year's current weekly high of 209.50. A breakout above it could launch the market to the psychological 2.25 mark or even the 2.50 level in a short amount of time. Open Interest is at the highest level since October. The %R overbought/oversold indicator shows that OJ is oversold on the daily chart. Seasonally, OJ should move sideways in April. Commercials are holding the biggest net short position in six months. Large traders are holding the largest net long position since May. Small traders are neutral.

May Cotton finds near term support at the daily March low of 52.90. Further support is at the contract low of 51.50. If May cotton breaks to a new low it could trade down to a weekly Fibonacci .618 retracement at 49.60 (as measured between last year's weekly low of 45 cents and the weekly December high of 57.05). If cotton does not stabilize here it could decline to the weekly November low of 46.50. Near term resistance is at the daily March high of 54.75. Further resistance is at the daily February high of 55.49. A strong close above it could clear the way for May cotton to take on the December high of 57.50. If this barrier is conquered look for the market to test the weekly 2005 high of 60.50. Open Interest reached a new record high. Cotton has a seasonal tendency to rally in a choppy range in April. Commercials are holding the biggest net short position in nearly three months. Large traders (hedge funds) are holding the smallest net short position since late January. Small traders are holding the largest net long position in several years.

Disclaimer: There is risk of loss in all commodity trading. The data contained are believed to be reliable, but have not been independently verified by Pearce Financial. Accordingly, such data cannot be guaranteed as to reliability, accuracy, or completeness, and as such are subject to change without notice. Pearce Financial will not be responsible for any indirect, compensatory, or consequential damages, including loss of profits which may result from reliance on this data. Pearce Financial and/or its Principals and employees may or may not follow strictly any or all of the trading recommendations contained herein. The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.

© 2007 Pearce Financial, LLC
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