Opening Play for Thursday 4/17

4-16-2014 10-11-51 PMCommentary:

Good Morning Traders!   Three days low to high in the SPs – three pushes up on the 15 minute and close to the previous pocket area visible on the tick charts (see charts above) suggests a reaction down and consolidation in front of the three day holiday weekend.   The market had an upside breakout from a coil at the lows so any reaction down may not be too deep.  Support levels are shown on the tick chart.

The ten year notes are poised for a push back above the 5 SMA/  The yield curve continues to flatten so bonds are still the relative strength leaders.    Copper also made a “wide range reversal” buy pattern.  The daily oscillator is on a first cross Buy.  A test of the upper end of the trading range would be next.

Beans (!)   Relative strength leaders!  Possibility of an extended run underway.

Wheat will have a Buy Day.

Wishing everyone a great 3 day weekend……!   Linda



Tradesheet from snagit