Swing Trader’s Insight Futures Watch List for August 24

Risk aversion continues to be the theme as traders worry about the state of the economy.  The 10 year German Bund fell to a record low yield and US Treasuries rallied as the flight to quality continues.  Weekly chain store sales were soft; at 9 AM we get July existing home sales.

I’ve left a number of markets out of this morning’s comments.  There were a number of breakout setups in financial markets today, but many of the breakout moves have already occurred.  Trade or Fade subscribers got notified about these setups last night, in time to act on them.  For information on Trade or Fade and to sign up for a free two week trial go here.

Sept. S&P:  I’m viewing today as a breakout setup as yesterday’s b.o. never paid off.  Last Friday’s low at 1061.75 was the downside breakout price, the 7/20 low at 1050.75 is the first downside objective.
Sept. NASDAQ:  It’s a cover breakout sales day here, but the break under the 8/16 low at 1800 is keeping the pressure on.
Sept. T Bonds:  Breakout setup (NR7, doji).  Friday’s high at 135-07 was the first rally objective, also an upside breakout price.
Sept Euro:  Breakout setup (2 NR days).   It’s breaking out to the downside, and 1.2603 is major Fib retracement support.
Sept British Pound: Breakout setup (NR4, doji).  Friday’s low at 1.5460 was a downside breakout point.  Trade or Fade has the first downside objective at 1.5348.
Dec Gold:  Breakout setup (doji, range contraction).  1215 is a pivot point for the selloff.
Sept. Silver:  Breakout setup (ID, NR7, doji).  The 8/11 low at 17.795 is a pivot point for the selloff.
Oct. Sugar: Breakout setup (NR7).  It’s below both Trade or Fade profit targets; the next point is a Fib retracement level at 18.83.
Nov. Soybeans:  Breakout setup (NR7, doji).  Yesterday’s low at 998-4 is the downside breakout point. Watch the 7/16 high at 992-6 as the first downside target.
Dec. Wheat:  Breakout setup (NR7). Watch the overnight low at 710-4 as a downside breakout point.  The first downside target is 704-6.
Dec. Corn:  Breakout setup (NR7).  421-4 (Fib retracement level) to 421 (low last week) are support.  Bulls should be nervous.

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.