There’s not much news overnight.There’s also no data out today, but there’s a ton of data out the rest of the week, and Friday is kind of a non-session ahead of the July 4th weekend.It’s the end of the month and the quarter; we may see window dressing buying because of that.GE CEO Immelt said he believes the crisis is behind us and we’ll see economic growth next year.The IEA cut its forecast for oil demand, and said demand won’t return to 2008 levels until 2012.Bernard Madoff gets sentenced today; that shouldn’t affect the markets but will probably grab the financial press. Tomorrow morning before the open the USDA releases their first estimate of corn and soybean acreage for 2009; this has the potential to move the markets.There’s concern about a jump in soybean acreage showing in this report.

Sept. S&P: It’s a breakout day; it’s also testing Fibonacci resistance at 918.50.I’m not sure there is anything on the fundamental side for a catalyst, but it’s at a point that could be a springboard to higher prices.
Sept. Dow:Breakout day; held Fibonacci support at 8313. Resistance and upside breakout point is Thursday’s high of 8432.
Sept. Treasury Bonds:It’s a NR breakout day; I’ve got an upside breakout point at 119-04.
Sept. Japanese Yen:Momentum is bearish; there’s trendline resistance at 10529, first support is 10467.
Sept Euro:Momentum is bearish but it’s acting bullish.There’s good resistance around 14100.
Sept. British Pound:Pushing to trendline resistance at 16588.
August Gold:Doji on Friday; resistance is 945.
Sept. Silver:The trendline that stopped Friday’s rally is at 1420.5 today; there’s support at 1398.
Sept. Copper:Breakout day; Thursday’s high at 234.65 is the upside breakout point.
October Sugar:Breakout day; I had an upside breakout point at 1762; Friday’s high at 1775 is the next resistance.
Sept. Coffee:Breakout day; trading around the first upside breakout point of 121.Thursday’s high of 121.70 is the first upside objective.
Dec. Cotton:Breakout day; the breakout points are 5660 on the downside; 5795 on the upside.
August Crude Oil:Momentum buy day. Support is 69.25, resistance is 70.15
August Natural Gas:Momentum sell short day; watch support at 4.005.
Nov. Soybeans:Momentum buy day; held support at 979 overnight.Resistance is 998-4.
Sept. Wheat:Breakout day, my first upside breakout point is 569.
Dec. Corn:Breakout day; watch support at 399.


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