Stocks are higher after Chinese monetary officials said they won’t implement credit quotas this year.Fears of tighter Chinese monetary policy knocked world stock markets down; last night’s comments mollified traders.Euro zone PMI rose, putting the Dollar under a bit of pressure.US jobless claims rose by a bit more than expected, but continuing claims fell.We’ll get results of the 7 year T Note auction at Noon.Yesterday’s 5 year auction was poorly received, which pressured Treasuries. There’s a broad based commodity rally today, taking back yesterday’s big losses.
Sept. Stock Indices:Narrow range breakout day; holding over Monday’s high is the key for the bulls.
Sept. T Bonds:There’s a momentum sell short signal today; watch support at 11530.
Sept. Dollar Index:Bullish MACD crossover; stopped at Fibonacci retracement resistance at 7977.
Sept. Japanese Yen:Breaking out under the recent low at 10486.
Sept. Euro Currency:Momentum buy day, held support at 14013.Resistance is 14070.
Sept. British Pound:Momentum buy day, watch trendline resistance at 16539.
Sept. Canadian Dollar:Momentum buy day; watch for a retest of old high resistance at 9275.
Dec. Gold:Momentum buy day; the 930 is important support.
Sept. Silver:Momentum buy day. 1326.5 is a 50% retracement of the July rally, needs to hold.Objectives for a rally are 1352 and 1363.
Sept. Coffee:A doji and inside day yesterday gives it some energy today.12550 is resistance.
Sept. Crude Oil:Momentum buy day, regained Fibonacci support at 6145.6510 is the next rally objective.
Sept. Natural Gas:There’s a bearish MACD crossover coming, watch trendline support at 3.467.
Oct. Live Cattle:Held Fibonacci retracement support at 8890, 9000 is resistance for a rally.
Nov. Soybeans:rallying on a momentum buy day, there’s trendline resistance at 933-4; the real test for the bulls is at 940.
Dec. Corn:Rallying after it held in well yesterday; clearing 335 could take it to 340.
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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