The Case/Shiller Home Price Index for June rose; this was stronger than expected and gave stocks a bit of a boost. Yesterday saw the slowest stock volume of the year. At 8:45 we get the Chicago PMI, the consensus is for a drop of 6.3 to 56.0. With a drop this big expected, a positive surprise could be in store. At 9 AM we get August Consumer Confidence, it is expected to have shown a small gain.
Sept S&P: It’s testing the recent double bottom around 1037; that area is the pivot point for today.
Sept NASDAQ: Yesterday was an NR4 day; will we get a breakout move today?
Dec. T Bonds: Rollover day, start watching December. It’s a Sell day; the last high at 135-19 is the next rally objective / resistance.
Sept. Euro: Buy day, 1.2702 is resistance. It might be forming a higher low here.
Sept British Pound: It’s a cover breakout sales day; watch the 8/24 low at 1.5368 as a pivot point and potential Buy day reference price.
Sept. Canadian Dollar: Is it heading for a test of last week’s low at 9370?
Dec. Gold: Breakout setup (ID, NR7, doji). The 8/26 high at 1246.00 was the first rally objective, will it also be an upside breakout point?
Dec. Silver: Another breakout setup (ID, NR4, doji). Last night it had a failed downside breakout, will it breakout up next? Watch yesterday’s high at 1027.5 as an upside breakout point.
Oct. Sugar: Breakout setup (ID, NR4). Watch yesterday’s high and low- 20.14 and 19.50 as breakout points.
October Crude Oil: Breakout setup (NR7). 73.17 is important downside support.
Oct. Live Cattle: Breakout setup (ID, doji). I’m expecting a retest of the old high area around 9685.
Nov. Soybeans: By the Taylor Technique today could be a Buy day, but there’s not much bullish price action yet. 1013-6 is important Fib support.
Dec. Wheat: Yesterday’s low range close was bearish. Watch the 704 area as a pivot point this morning.
Dec. Corn: It continues to gravitate to the old 438-6 high. Good comeback last night, but can it generate any upside follow through? The 430 area is important Fib support.
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.
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