Stocks are higher after a good industrial production report from the EZ (April posted a 9.5% y/y increase, the largest since 1991). Greek Finance Minister Papaconstantinou told the Real News that the receipt of 110 billion Euros ($134 billion) in emergency loans is enough to cover most of Greece’s borrowing needs in the coming years and that his nation isn’t considering restructuring its debt. Treasuries were pressured after equities rallied and after St. Louis Fed President Bullard, who was speaking at a press briefing in Tokyo, said that Europe’s sovereign-debt crisis shouldn’t postpone the Fed from raising interest rates. There are no economic reports out today.
Sept S&P: Breakout setup (NR4). Upside objectives are a Fib retracement level at 1101.38 and the 6-4 high at 1103.00
Sept NASDAQ: Friday’s rally combined with a breakout setup (NR4) is yielding a rally today. The next objective is trend line resistance at 1871.
Sept T Bonds: Sell day; Friday’s inside day cloud the picture a bit. Breaking under Fib retracement support at 123-03 helped the bears, now there’s trend line support at 122-26.
Sept Yen: Still looking for a breakout move here; watch Fib retracement support at 1.0905 as a pivot point this morning.
Sept Euro: Buy day, Friday’s range contraction made a directional move more likely today. 1.2274 is Fib retracement resistance and a rally objective.
Sept British Pound: Buy day, the 6/2 high at 1.4772 is a pivot point for this morning’s rally.
Sept Canadian Dollar: Breakout setup (ID, NR7). The 6/10 high at 9715 was the first upside breakout point.
Sept Australian Dollar: Breakout setup (NR7, doji). 8600 is a major Fib retracement point and rally objective.
August Gold: Breakout mode (ID, NR7). Watch trend line support at 122.10 as a downside breakout point.
July Silver: Friday’s doji means it could have a directional move today. There’s major Fib retracement resistance at 18.52; clearing that area could yield a rally to the 6/1 high at 17.735.
July Copper: Breakout setup (NR7, doji). 295.35 was Fib retracement resistance / upside breakout point; the 300 area is psychological resistance and rally objective.
October Sugar: It’s due for a Sell Short day, but if it could clear major Fib retracement resistance at 1588 and the 5/24 high at 15.96 it could extend the rally.
Dec. Cotton: Breakout setup (ID, NR7, doji), the 5/24 high at 79.20 is the breakout point to watch.
July Crude Oil: Buy day, the 6/10 high at 76.30 is the first rally objective.
July Natural Gas: Sell day, the 6/8 high at 4.995 is the next rally objective.
July Soybeans: Sell day, Friday’s inside day could give a directional move today. Watch trend line resistance at 951-5.
July Bean Oil: It’s due for a directional move after 3 doji days. Will clearing the 6/9 high at 37.20 be the catalyst for a breakout rally?
July Wheat: It’s due for a Sell Short day, Friday’s high at 449-0 is the reference price; there’s also Fib retracement resistance at 449-4. On further strength there’s resistance at the broken low area around 456.
July Corn: Another market due for a Sell Short day. 350 is psychological ‘round number’ resistance; 354-4 is Fib retracement resistance.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.
