European stocks were lower on bad news from some EZ banks. This kind of undercut the good results from Credit Agricole. Yesterday’s Equity flow data showed heavy outflows fro equities last week (bullish equities?), and heavy custodial buying of Treasuries. This morning’s GDP number was a bit better than the gloomy reports. Inventories were revised lower, that is bullish. Regradless, it’s kind of stale news. Mor importantly, Bernanke is speaking at the KC Fed’s Jackson Hole conference at 9 AM Chicago time; traders will be looking for any indications as to Fed thinking for measures to revive the economy.
Sept S&P: Buy day, yesterday’s low at 1043.00 is the reference price. 1051.75 is first resistance.
Sept NASDAQ: Buy day, but it also was an NR4 day, so it could be a breakout day. 1782.50 is the first rally objective.
Sept. T Bonds: Breakout setup (ID, range contraction). There’s a short term trend line on the downside at 135’20 that could be a downside breakout point. On the upside watch the overnight low at 136’14.
Sept Yen: Yesterday was an NR4 day-will it have a directional move today? There are Fib levels at 1.18775 on the upside and 1.1772 on the downside that I’ll watch for breakout points.
Sept Euro: Sell Short day, watch yesterday’s high at 1.2764 as the reference price. 1.2755 is Fib retracement resistance.
Sept. British Pound: Sell Short day, watch Fib support at 1.5483.
Sept Canadian Dollar: Breakout setup. Watch Fib retracement support at 9436 as a pivot point.
Dec. Gold: Use the 8/19 high at 1239.50 as the pivot point for a possible Buy day rally.
Sept. Silver: Breakout setup (doji, range contraction). Breakout points are the overnight low at 18.90 on the downside and yesterday’s high at 19.165 on the upside.
Oct Sugar: Buy day, yesterday’s low at 19.23 is the reference price.
Oct. Crude Oil: Breakout setup (NR4). For breakout points watch yesterday’s high at 73.98 on the upside and the overnight low at 72.87 on the downside.
Oct. Live Cattle: Breakout setup (NR4, doji). Watch the overnight low at 97.77 on the downside and 98.50 on the upside. It looks like the longer term trend is turning down.
Nov. Soybeans: It’s an exit breakout buys day, will it turn into a Sell Short day? Yesterday’s high at 1016-0 is the reference price for the SS day. 1021-0 is important Fib retracement resistance.
Dec. Wheat: Still has a breakout setup (ID, NR7 yesterday). For breakout points watch the 700 area on the upside, the overnight low at 688-2 on the downside.
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.
