Stocks are higher. Chinese stocks were higher, Japan was lower overnight. China rose as its rebound continued; Japan fell over concerns about its automakers. The Chinese government is moving to tighten credit standards, but it didn’t hurt stock last night. Europe is higher after good PMI figures. Stock strength is aiding commodities, and pushing down the Dollar. Bernanke is giving a speech at the KC Fed conference; he’s scheduled to speak at 9 AM Central. Existing home sales for July are also out at 9; they are expected to have risen slightly.
Sept S&P: Narrow range breakout day; yesterday’s high at 1007.75 was the first breakout point. There’s a double top at 1016 that will be resistance.
Sept. Bonds: Breakout setup; the downside breakout area is 11925 to 11922.
Sept Yen: Breakout setup; watch Wednesday’s high at 10680 for an upside breakout point. There’s steep trendline support at 10623.
Sept Euro Currency: Breakout setup; has already broken out up, and reached the first objective at 14327,
Sept British Pound: Breakout setup; watch yesterday’s high at 16608 as the upside breakout point.
Dec. Gold: Breakout setup; big rally after holding 940 support. Cleared Fibonacci retracement support at 952.80; 958 and 963 are objectives.
Sept Silver: Breakout setup; cleared first objective at 1414. 1434 is the first upside objective.
Sept. Copper: Breakout setup; good rally over breakout point/resistance at 280.
Sept Cocoa: Breakout setup; objective is double top resistance and contract high at 3000.
Dec Coffee: Momentum buy day rally after yesterday’s breakout sale (this is a frequent sequence). Resistance is 129.
Oct Crude Oil: Breakout setup; I’ll look to buy it if it takes out the overnight high at 74.48. This year’s high in Oct. is 75.27.
Oct. Live Cattle: Breakout setup; use Wednesday’s range- 8930 and 8845 as breakout points. There’s a Cattle on Feed report out after the close.
Nov. Soybeans: Breakout setup, good rally over first breakout point at 968. Objectives are 985 then 989.
Dec. Wheat: Breakout setup; watch 505 and 489 for breakout points.
Dec. Corn: Breakout setup; use 331 and 320 as breakout points.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
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