The overnight news of note was from Europe. Ireland had a good auction for T Bills and Credit Agricole posted good earnings. These paint a not so dire picture of European sovereign debt. The WSJ is reporting that the US will need to address its budget deficit to keep its AAA rating. Weekly jobless claims fell last week; a rise was expected. This is bullish stocks and the Dollar, bearish Treasuries.
Sept S&P: Sell day, so it can rally. 1059 is a pivot point this morning.
Sept. NASDAQ: sell day, 1800 is the pivot point here.
Sept T Bonds: Buy day. There’s trend line support at 135-01, first resistance is 135-31.
Sept. Yen: Buy day, it bounced off Fib support at 1.1772. 1.1875 is the first rally objective.
Sept. Euro: Sell day, there’s resistance at the old double bottom area around 1.2730 then a Fib level at 1.2755.
Sept. British Pound: Breakout setup (ID, NR7), buy another breakout if it retraces?
Sept. Canadian Dollar: Sell day, Trade or Fade labeled it a breakout setup. Regaining the old low at 9439 was bullish, first Trade or Fade resistance was 9491.
Dec. Gold: It’s a Sell Short day; watch the last swing high at 1239.50 as the reference price for a sale.
Sept. Silver: Holding in better than gold, but it’s also on a Sell Short signal. Yesterday’s high at 18.91 is the reference price for the SS day.
Dec. Coffee: Breakout setup (NR4).
Dec. Cotton: Another breakout setup, watch the 8/13 high at 85.71 as an upside breakout point.
Oct. Live Cattle: Buy day, yesterday’s low at 98.55 is the reference price. 99.25 is the first rally objective.
Nov. Soybeans: Breakout setup (doji, NR7). 10.05 was the upside breakout point, and 10.11 is the first rally objective. Holding over the 10.00 area is bullish, 10.21 is a primary rally objective.
Dec. Wheat: Buy day, it’s bouncing off the bottom of the range at 676. 697 is first resistance.
Dec. Corn: Breakout setup (ID, doji). 426-4 is the first rally objective / resistance.
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.
