by Scott Hoffman on September 3, 2010
Thanks for coming back.
The NFP report was market friendly. Overall August payrolls fell by 54K, but private sector payrolls rose by 67K. The private sector number was what traders focused on; helping to allay fears about a double dip. An improving employment picture could help many of the other economic problems. At 9 AM we get the ISM services report, and things may wind down after that. Markets are closed Monday for the Labor Day holiday.
Sept. S&P: Breakout setup (NR7). The 1098 to 1100 area was the first rally objective, clearing that could mean a bigger rally. Next resistance points are 1108 and 1112.
Sept. NASDAQ: Today’s breakout setups in ES and DJ overwhelmed the Sell Short day signal. The 200 day MA is at 1861.53, there’s also old high resistance at 1862.25.
Dec. T Bonds: Breakout setup (ID, range contraction). Trade or Fade had a downside profit target of 130-23.
Sept. Euro: Breakout setup (ID, NR7). Wednesday’s high at 1.2856 is the upside breakout point.
Sept. British Pound: Breakout setup (ID, NR4). A Fib retracement level at 1.5451 is the upside breakout point.
Sept. Canadian Dollar: Breakout setup (NR4), 9562 is major Fib retracement resistance.
Dec. Gold: Breakout setup (ID, range contraction). There was trend line support at 1246.60, 1240 is important support especially on a closing basis.
Dec. Silver: The old high at 1955 is a pivot point for the bull market this morning.
Oct. Crude Oil: It’s due for a Sell Short day, watch last week’s high at 75.58.
Nov. Soybeans: Sell day, there’s Fib retracement resistance at 1017-3.
Dec. Wheat: It’s due for a Sell short day, yesterday’s high was 723. Above there is last week’s high at 728-6.
Dec. Corn: Breakout setup (NR7, doji). There’s trend line support at 444-3 and yesterday’s low was 443. On the upside watch the 450 level.
This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
by Scott Hoffman on September 2, 2010
Asian stocks had a good night as the US manufacturing PMI report gave some confidence about the world economy. The ECB announced it will extend emergency lending operations to aid lending; this gave equities and the Euro a short term boost. In the US, jobless claims fell to 472K, this close enough to expectations and it had little effect. Bernanke is testifying to Congress before the Financial Crisis Inquiry Commission. I don’t think there will be anything of note out of it. Tomorrow morning we get the August employment situation report. The consensus is that payrolls fell by 80K and the rate rose 0.1 to 9.6%
Sept S&P: Look for a consolidation day, 1082.38 is a major Fib retracement level.
Sept. NASDAQ: 1831 is the Fib retracement level here.
Dec. T Bonds: It’s a cover breakout sales day; yesterday’s late recovery takes some of the momentum from any Buy day move.
Sept. Yen: Buy day. 1.1883 is a pivot point for the rally.
Sept. Euro: Sell day, 1.2856 is the objective.
Sept. Canadian Dollar: Sell day, Monday’s high at 9546 is resistance.
Dec. Gold: The bulls will keep control if it can hold over last week’s high at 1246.00.
Dec. Silver: Another breakout setup (NR4, doji, range contraction). Use the overnight high at 19.565 as the upside breakout point; there’s old high resistance at 19.550.
Oct Sugar: It’s an exit breakout buys day, a drop under 20.22 could start a selloff.
Oct. Crude Oil: Inside day yesterday-will it have a directional move today? 73.56 is a pivot point. Consider the overnight low at 73.13 as the downside breakout point, the overnight high at 74.19 on the upside if it wants to move. Traders may wait for tomorrow’s NFP report.
Oct. Live Cattle: Sell day. There’s trend line resistance at 9782, the 9685 area is important support.
Nov. Soybeans: It’s due for a Buy day, thus far it has held yesterday’s low at 1004-0. 1011 and 1019 are rally targets.
Dec. Bean Oil: I’m still looking for a breakout move here. Watch trend line resistance at 40.41 on the upside, Tuesday’s low at 39.91 on the downside.
Dec. Corn: After a good directional move yesterday will it selloff today? 445 is a pivot area this morning, 439-4 is the first downside target. The 450 area is a big upside pivot point.
This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
