Markets are quiet this morning. There wasn’t much in the way of news last night and it’s a quiet news day today. Treasuries are higher; in the WSJ the St. Louis Fed President Bullard may need to buy more Treasuries if inflation continues to fall. The EIA crude inventory is out at 9:30; the expectation is for crude inventories to have fallen about 1.1 million barrels last week. There’s lots of deflation talk around today.
Sept. S&P: It’s an exit breakout buys day. This means it could be a Sell Short day, but this is more likely to occur with a high range close. I’d view today as more of a Sell day. The 1097.00 Fib retracement is a pivot point today.
Sept. NASDAQ: Sell day; the equivalent Fib point is 1859 here.
Sept T Bonds: Buy day. The 134 area is resistance. With yesterdays inside day, breaking over that could be a breakout buy.
Sept. Yen: Breakout setup (NR7). The upside breakout point is yesterday’s high at 1.1752, watch Fib retracement support at 1.1666 on the downside.
Sept Euro: Another breakout setup (2 NR days). For breakout points watch yesterday’s high at 1.2915 on the upside, Fib support at 1.2823 on the downside.
Sept. British Pound: Buy day, the inside day could add a breakout twist. Trade or Fade had 1.5649 for an upside breakout point.
Sept. Canadian Dollar: Sell day, watch the Fib retracement level at 9706 as a pivot point for more upside.
Dec. Gold: Breakout setup (NR7, doji). For upside breakout points watch yesterday’s high at 1231.10 on the upside, the overnight low at 1221.70 on the downside. A close under 1222 should worry the bulls.
Sept. Copper: It’s on a Sell Short day signal; use the Fib retracement level at 332.05 as the reference price.
Dec. Cotton: Breakout setup (2 NR days).
Sept Crude Oil: Sell day. With inventories out at 9:30, watch for a breakout move after it. The $75 area is a pivot point today.
Nov. Soybeans: It’s a Sell day, has already reached its objective at yesterday’s high. Monday’s high at 1047 is resistance, the 1030 area is important. Is it in the process of putting in a lower high?
Sept. Wheat: By the TTT today is a Buy day, but I don’t really like it. Yesterday’s low at 649-6 is the Buy day reference price. 641-6 is important Fib support.
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.
