Stocks are seeing strength on another “merger Monday’. The Yen rallied as Japanese officials said there was “absolutely no” discussion about intervention to stop the Yen’s rally. August Euro Zone PMI showed a bigger than expected decline. Moody’s came out with their semi-annual European Sovereign Outlook; they expected Europe’s economy to underperform, and that slower growth posed risks of more debt downgrades. The Chicago Fed National Activity Index for July was a non event.
Sept S&P: Breakout setup (NR7, doji). Friday’s high at 1076.00 is the first breakout point; also watch the Fib retracement level at 1080.13.
Sept. NASDAQ: Sell day, the equivalent Fib level is at 1835.38 in the Naz.
Sept T Bonds: Waiting for a Buy day. Use the 134’00 level as a pivot point for today’s action- bearish below, bullish above.
Sept. Yen: Buy day, has been coiling up. The top side of the recent triangle lies at 1.1774 today.
Sept Euro: Holding under last week’s broken low at 1.2732 keeps the pressure on.
Sept. Canadian Dollar: Buy day, the previous swing low at 9522 is the Buy day reference price.
Dec. Gold: ROC shows a Buy day signal, but was Friday’s recovery the Buy day rally? Watch 1229.50 as a pivot point this morning.
Sept Silver: It’s on a Buy day signal, but I wouldn’t be in a big hurry to buy (for now) until it regains the 18.00 level.
Dec. Cocoa: It’s a cover breakout sales day, holding under the 2830 double bottom will keep the pressure on.
Oct. Sugar: It’s an exit breakout buys day, holding under the last high at 19.88 will keep the bulls in control.
Dec. Coffee: Sell Short day; the 182.90 area is support.
Oct. Natural Gas: Breakout setup (NR4). It gapped lower last night, Friday’s low at 4.133 is the upside breakout point.
Nov. Soybeans: Buy day, holding Fib support at 1005-0 is key to a rally. The old low at 1011-0 is the first rally objective.
Dec. Soymeal: Breakout setup (NR7). Friday’s high at 295.90 is the first upside breakout point; watch the 20 day EMA at 291.80 on the downside.
Sept Wheat: Breakout setup (ID, doji, range contraction). Watch last Thursday’s high at 700-0 as the next upside breakout point, Fib retracement at 372-4 on the downside.
Dec. Corn: Sell day, the last high at 438-6 is the key to a further rally.
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.
