The NFP report was market friendly. Overall August payrolls fell by 54K, but private sector payrolls rose by 67K. The private sector number was what traders focused on; helping to allay fears about a double dip. An improving employment picture could help many of the other economic problems. At 9 AM we get the ISM services report, and things may wind down after that. Markets are closed Monday for the Labor Day holiday.
Sept. S&P: Breakout setup (NR7). The 1098 to 1100 area was the first rally objective, clearing that could mean a bigger rally. Next resistance points are 1108 and 1112.
Sept. NASDAQ: Today’s breakout setups in ES and DJ overwhelmed the Sell Short day signal. The 200 day MA is at 1861.53, there’s also old high resistance at 1862.25.
Dec. T Bonds: Breakout setup (ID, range contraction). Trade or Fade had a downside profit target of 130-23.
Sept. Euro: Breakout setup (ID, NR7). Wednesday’s high at 1.2856 is the upside breakout point.
Sept. British Pound: Breakout setup (ID, NR4). A Fib retracement level at 1.5451 is the upside breakout point.
Sept. Canadian Dollar: Breakout setup (NR4), 9562 is major Fib retracement resistance.
Dec. Gold: Breakout setup (ID, range contraction). There was trend line support at 1246.60, 1240 is important support especially on a closing basis.
Dec. Silver: The old high at 1955 is a pivot point for the bull market this morning.
Oct. Crude Oil: It’s due for a Sell Short day, watch last week’s high at 75.58.
Nov. Soybeans: Sell day, there’s Fib retracement resistance at 1017-3.
Dec. Wheat: It’s due for a Sell short day, yesterday’s high was 723. Above there is last week’s high at 728-6.
Dec. Corn: Breakout setup (NR7, doji). There’s trend line support at 444-3 and yesterday’s low was 443. On the upside watch the 450 level.
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.
