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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