The BOJ held an emergency meeting; afterward they announced it will expand the size of its bank lending program in an effort to stimulate their economy. That move, combined with Bernanke’s “we’ll do all we can” speech on Friday started things out on a good foot last night. The good feelings faded this morning on concerns about the economy slowing. The personal income and consumption report was a non event, and there’s not other news due out today.
Sept. S&P: It’s a Sell day, already made its objective. Looks like it’s shaping up for downside follow through.
Sept. NASDAQ: It’s an exit breakout buys day, so we could see a Sell Short day move. Friday’s high at 1794.50 is the reference price; the primary downside objective is 1774.75.
Sept T Bonds: It’s a cover breakout sales day; a Buy day is anticipated. 134-29 is the first rally objective.
Sept. Yen: Watch trend line resistance at 1.1834.
Sept Euro: Breakout setup (NR4, doji), there’s a downside breakout point at 1.2683.
Sept. Canadian Dollar: Exit breakout buys day. There’s Fib resistance at 9562; support is at 9467.
Dec. Gold: Still looking for a breakout move. For breakout points watch 1242.40 on the upside and the overnight low at 1235.90 on the downside.
Dec. Silver: ROC dropped to a Buy level.
Dec. Cotton: The old high at 85.71 continues to be a pivot point. There isn’t much enthusiasm to push over it, but it hasn’t broken back under it yet.
Oct. Crude Oil: Exit breakout buys day; Friday’s high at 75.45 was the reference price for a Sell Short day move.
Nov. Soybeans: By the Taylor Trading Technique today could be a Sell Short day, but there’s been no downside action yet. Friday’s high at 1029-4 is the SS day reference price.
Dec. Corn: The previous high at 438-6 is a pivot point this morning.
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.
