ECB Council member Weber made dovish comments about ECB monetary policy. This combined with stories that the French government will cut its 2011 growth forecast is giving strength to the Dollar. Stats Canada released their estimates for the 2010 wheat crop; I haven’t had time to look through it yet. Russia denied yest5erday’s rumor that it will need to import grain after this year’s drought. There’s no economic news out today; a Cattle on Feed is out at 2 PM.
Sept S&P: It’s a cover breakout sales day. The 8/16 low at 1066.25 is a pivot point and reference price for a Buy day move.
Sept. NASDAQ: There’s a Fib retracement level that may serve as a pivot point today. The 8/16 low at 1080 is the next support.
Sept T Bonds: Look for a consolidation day after yesterday’s pop to new highs. The 10 year has not yet taken out its recent high.
Sept Euro: It’s a cover breakout sales day; watch the 8/16 low at 1.2732 as the reference price for a potential Buy day move.
Sept. British Pound: Breakout setup (ID, doji). Watch the overnight low at 1.5460 for a downside breakout point.
Sept. Canadian Dollar: It’s on a Buy day signal, will the 8/16 low at 9522 be the reference price for a Buy day move?
Dec. Gold: Sell Short day, the break under 1229.20 helped top extend the selloff. On further weakness, the 1222 area is the next support level.
Sept. Silver: Is it topping out? It needs to hold the $18.00 area.
Sept. Copper: It’s a cover breakout sales day, but is seeing follow through selling. The 8/12 low at 323.10 is the next downside point to watch.
Dec. Cocoa: Breakout setup (ID, NR4, doji), the 8/16 low at 2853 could be a downside breakout point. It’s not too far from the 2010 low and double bottom at 2830.
Oct. Sugar: Breakout setup (ID, NR7). The 8/2 high at 19.88 was the first rally objective; could it also be a pivot point for further advance?
Dec. Coffee: It’s an exit breakout buys day, clearing the recent high at 182.90 could help extend the rally.
Nov. Soybeans: It’s due for a Buy day, but breaking Fib support at 1005 is worrisome. Meal looks to have made a double top and oil is testing support at 40 cents, where will it find support?
Sept. Wheat: It’s an exit breakout buys day, watch the 680 level as a pivot point for whether it can hold on to yesterday’s gains.
Dec. Corn: Will it hold in today? It’s on a Buy day signal; the 4.21 area is important support. It will be in better shape if the bulls can get it back over 4.30.
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.
