Markets were a bit optimistic overnight; the Bundesbank raised their estimate for German growth to 3% for 2010, and Intel’s purchase of McAfee was bullish. Then this mornings 12K increase in weekly jobless claims pulled the rug out, as traders were looking for a small decline. Leading Economic Indicators for July are out at 9 AM; they are expected to have risen 0.1%. The August Philly Fed survey is also out at 9 AM, it is expected to have risen 1.9 to 7.0.
Comments are scanty this morning; I didn’t see a lot of setups this morning.
Sept. S&P: Another breakout setup day (ID, NR7). The upside breakout point is yesterdays high at 1098.50 (there’s also Fib resistance at 1097.00). Watch 1083.50 on the downside.
Sept NASAQ: There was a doji yesterday, but the range was large for a breakout setup. Watch 1847 as a pivot point this morning.
Sept. T Bonds: The inability to clear 134 should worry the bulls. Wait to buy.
Sept. Yen: Breakout setup (ID, NR7). It already tried a downside breakout; will it try the upside next? Two points to watch on the upside- 1.1728 (trend line) and 1.1752 (Tuesdays high).
Sept Euro: Another breakout setup (NR7, doji). For the upside breakout point watch yesterdays high at 1.2922.
Sept Canadian Dollar: Sell Short day, yesterdays high at 9733 is the reference price. 9706 is a Fib retracement level and a pivot point today.
Dec. Gold: It’s an exit breakout buys day. Quite a bullish reversal yesterday. 1236.40 is the next resistance.
Sept. Silver: Buy day. Resistance is 18.60 to 18.62 then the high of the move at 18.70.
Oct. Sugar: Sell Short day. Breaking trend line support at 19.19 could yield a break to Fib support at 18.62.
Nov. Soybeans: There’s a channel formed between the high 1040’s and the high 1020’s. For now watch for a breakout of the channel.
Sept Wheat: Breakout setup (NR7, doji). The old low at 680-4 is the first rally objective and resistance.
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