The “green shoots” trades continue to get mowed down. The US trade deficit for May fell 9.8%, we also see the U. of M. Consumer sentiment report at 8:55 Central. Stocks are lower; Chevron had a downbeat profit report. Treasuries are higher on risk aversion and the fact that we’re past this week’s auctions. Risk aversion is also aiding the Dollar. The IEA had a downbeat report on the outlook for crude demand. The USDA supply/demand report was a minor negative; grains are called lower across the board.
Sept. S&P: Narrow range breakout day; first support is at 870, then Wednesday’s low at 865.25.
Sept NASDAQ: Breakout day; 1400 is first support.
Sept. Treasury Bonds: Momentum buy day; held the 11909 support yesterday. Resistance is 120-17 then the high of the move at 121-11.5.
Sept. Japanese Yen: Rallying on a momentum buy day, Wednesday’s high at 10904 is the target.
Sept British Pound: Momentum sell short day; broke support at 16181; breaking the next support at 16133 could lead to a retest of the low of the move at 15981.
Sept Canadian Dollar: Momentum sell short day; it’s testing yesterday’s low at 8566.
August Gold: today is labeled a breakout day; first breakout point is at yesterday’s low of 906.20. In the bigger picture, will the $900 area hold?
Sept. Silver: Good selloff on a breakout day; 1250 is psychological support.
Sept Copper: Sell short day; watch support at 21925.
Sept. Cocoa: Holding in well with outside market action. 2642 is Fibonacci retracement resistance, bullish MACD crossover today.
October Sugar: Holding support at 1685.
August Crude Oil: Broker trendline support at 5944, testing Fibonacci retracement support at 5862.
August Live Cattle: Testing Fibonacci support at 8315, bearish MACD crossover.
Nov. Soybeans: Look for more downside, watch support at 902-4.
Dec. Soymeal: Look for more downside, watch support at 283.40.
Dec. Corn: Momentum sell short day, support is 339-4 then 337-6.
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