The Shanghai stock market rose 4.5% overnight, regaining Tuesday night’s loss. Jobless claims rose by 15K; they were expected to fall by 8K. This pushed stocks back to unchanged. We also get the Philly Fed survey and Leading Economic Indicators at 9 AM Central; both are projected to have risen last month.
Sept. S&P: 995.63 is now support, it was a 50% retracement of the decline of the last week. Momentum is at a sell short level.
Sept. NASDAQ: The 50% retracement level is at 1600, and momentum is at short sell level.
Sept. Treasury Bonds: Momentum buy day. Support is 11908, and there’s trendline resistance at 12018.
Sept. Yen: Watch trendline support at 10568.
Sept. Euro Currency: Momentum sell short day, trading around trendline resistance.
Sept. Canadian Dollar: Momentum sell short day; the first downside target is 9068. There trendline resistance overhead at 9165.
Dec. Gold: Momentum sell short day; watch support around $940.
Sept. Silver: 1380 is key support.
Sept. Copper: There’s good resistance at 280; momentum is bearish.
Oct. Sugar: Watch the contract high at 2333; momentum doesn’t support a rally today.
Dec Coffee: Breakout day; breakout points are 129 on the upside, 127 and 126.25 on the downside.
Dec. Cotton: Breakout day; breakout points are 5875 and 6025.
Oct. Crude Oil: Momentum sell short day; watch trendline resistance at 73.18.
Dec. Corn: Breaking trendline resistance (at 325-6 today); is MACD ready for a bullish crossover?
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