Asian stocks had a good night as the US manufacturing PMI report gave some confidence about the world economy. The ECB announced it will extend emergency lending operations to aid lending; this gave equities and the Euro a short term boost. In the US, jobless claims fell to 472K, this close enough to expectations and it had little effect. Bernanke is testifying to Congress before the Financial Crisis Inquiry Commission. I don’t think there will be anything of note out of it. Tomorrow morning we get the August employment situation report. The consensus is that payrolls fell by 80K and the rate rose 0.1 to 9.6%
Sept S&P: Look for a consolidation day, 1082.38 is a major Fib retracement level.
Sept. NASDAQ: 1831 is the Fib retracement level here.
Dec. T Bonds: It’s a cover breakout sales day; yesterday’s late recovery takes some of the momentum from any Buy day move.
Sept. Yen: Buy day. 1.1883 is a pivot point for the rally.
Sept. Euro: Sell day, 1.2856 is the objective.
Sept. Canadian Dollar: Sell day, Monday’s high at 9546 is resistance.
Dec. Gold: The bulls will keep control if it can hold over last week’s high at 1246.00.
Dec. Silver: Another breakout setup (NR4, doji, range contraction). Use the overnight high at 19.565 as the upside breakout point; there’s old high resistance at 19.550.
Oct Sugar: It’s an exit breakout buys day, a drop under 20.22 could start a selloff.
Oct. Crude Oil: Inside day yesterday-will it have a directional move today? 73.56 is a pivot point. Consider the overnight low at 73.13 as the downside breakout point, the overnight high at 74.19 on the upside if it wants to move. Traders may wait for tomorrow’s NFP report.
Oct. Live Cattle: Sell day. There’s trend line resistance at 9782, the 9685 area is important support.
Nov. Soybeans: It’s due for a Buy day, thus far it has held yesterday’s low at 1004-0. 1011 and 1019 are rally targets.
Dec. Bean Oil: I’m still looking for a breakout move here. Watch trend line resistance at 40.41 on the upside, Tuesday’s low at 39.91 on the downside.
Dec. Corn: After a good directional move yesterday will it selloff today? 445 is a pivot area this morning, 439-4 is the first downside target. The 450 area is a big upside pivot point.
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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