Swing Trader’s Insight Futures Watch List for July 22

Morgan Stanley and Wells Fargo posted disappointing profit results; this outweighed yesterday’s good report from Apple.  Overnight there were news stories that Chinese investors are rushing to open stock trading accounts to get in on Chinese IPOs; accounts are being opened at five times the rate at the January low.  It sure sounds like a bubble forming.  It’s day two of Bernanke’s testimony; we also get the DOE crude inventory report at 9:30.  The API reported a big jump in inventories last night.  The DOE is expected to report a drop.

Sept. S&P:  They continue to struggle over 950. Today there’s support at 942 then 939.  Tomorrow should be a momentum buy day.
Sept. Dow:  Stopped at the June high of 8900.  Support is 8805 then 8755.
Sept. Treasury Bonds:  Held at Fibonacci retracement resistance of 118-11.5.  Momentum sell short day.
Sept. Japanese Yen:  Momentum is up to short sale levels; watch Fibonacci resistance at 10732.
August Gold:  Breakout day; watch support at 943.
Sept. Silver:  Breakout day; watch support at 1337.
Oct. Sugar:  Yesterday’s doji could yield a directional move today.  Watch 1795 and 1760 for potential launching points.
Sept. Coffee:  Breakout day, watch 12075 and 12350.
Sept. Crude Oil:  Yesterday it stopped at Fibonacci retracement resistance of 66.78. Treat today as a breakout day.
Sept. Wheat:  Breakout day; watch 525 as a downside breakout point.

This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.