Swing Trader’s Insight for July 10, 2009

Stocks are higher ahead of a crush of earnings this week.  Meredith Whitney, a noted bank analyst, made favorable short term comments on the financial sector.  This has given stocks a boost.  There’s not really much overnight news. Good weather is weighing on corm and soybeans.

Sept. S&P:  A good bounce off 865 gave the bulls courage; watch resistance around 884.50.
Sept. NASDAQ:  It should move soon; it’s had dojis and narrow ranges the past three sessions.  Resistance is 1427.
Sept. Treasury Bonds:  Fibonacci resistance at 121-02 held again.  Support is 120-07.
Sept. Yen:  The PM called an election for August 30; there’s talk that the LDP will lose power; politics are weighing on it. It’s having trouble clearing 109.  Still bullish; clearing 109 could be the springboard to a further advance.
Sept. Euro Currency:  There’s a little triangle forming; momentum is bullish.  The top of the triangle comes in around today’s high.
Sept. British Pound:  Momentum is getting down to buy signal levels and it’s nearing the recent low at 15981.  Setting up to hold there and rally?
Sept. Canadian Dollar:  it has a breakout setup, but apparently they don’t know it yet; it’s not doing much yet.
August Gold:  Another breakout setup; clearing broken support at 913.20 is supportive.
Sept. Copper:  Breakout day; watch 218 and 224.50 for breakout points.
Sept. Cocoa:  Breakout day; it continues to consolidate around Fibonacci resistance of 2642.  Watch the swing high at 2671 for an upside breakout point.
August Crude Oil:  Momentum is bearish; staying under $60 is psychologically bearish.  There’s Fibonacci retracement support at 58.62.
Nov. Soybeans:  Momentum sell short day. Watch support at 902-4, then 898.
Sept. Wheat:  Narrow range breakout day; downside breakout point is 514.

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