Stocks are higher, taking back yesterday’s late dip.Earnings are cited for the decent tone.Q2 GDP is out at 7:30, I’ve seen two “consensus” estimates-one showing -0.7%, one saying -1.5%.GDP is the big news release of the week.A decent number, although a preliminary estimate, would increase risk appetite.We also get the Chicago PMI at 8:45.Commodity markets are rising is stocks’ wake.Soybeans are holding on to yesterday’s gains, which came on reports of new Chinese purchases, and concerns about whether old crop supplies will last until harvest.
Sept. S&P:Couldn’t hold 984, watch support at 979.
Sept. Treasury Bonds:Today should be a good test after this week’s runup.There was a lot of Treasury paper sold this week; the relief rally is past.Resistance is at last week’s high of 11815.5
Sept.Treasuries:It’s a breakout day for another shorter than the Bond.
Sept. Dollar Index:It’s been a quick retreat from 7977 Fibonacci resistance.It’s a momentum buy day today; there’s support at 7911.
Sept. Euro Currency:Setting up for a momentum sell short day.Resistance is at 14157 today.
Sept. British Pound:It tested the top side of its triangle at 16530.Momentum sell short day, watch 16457 support.
Sept. Canadian Dollar:It’s a breakout day; they continue to have trouble clearing the old high at 9275.
Dec. Gold: Breakout day, momentum is bearish.935 was the first downside breakout point, 930 is next.Getting over 940 helps the bulls.
Sept. Silver:Breakout day.It stopped at Fibonacci retracement resistance of 1363. Support is 1340 then 1329.
Sept. Copper:Cleared resistance at Monday’s high of 25790.25910 is major Fibonacci resistance.
Sept. Cocoa:Momentum sell short day; 2900 is resistance.2855 is support.
Sept. Coffee:Turned down from resistance at 12550, watch trendline support at 12325.
Dec. Cotton:Yesterday’s breakout rally appears to have been a one day wonder.They’re currently testing support at 5939.
Sept. Crude Oil:Momentum sell short day; traded up near trendline resistance at 6788. Support is 6585 and 6525.Holding 65 keeps the picture bullish.
Sept. Natural Gas:Momentum sell short day, broke support at 3.614.
Oct. Live Cattle:Breakout day. 9000 is resistance; I have 9030 as the upside breakout point.Watch 8940 on the downside.
Oct. Lean Hogs:Breakout day; watch 5375 and 5170.
Nov. Soybeans:It’s a momentum sell short day, but they’re holding in well.970 is a price level to watch early on.
Dec. Soymeal:Holding retracement support (was resistance) at 29520; on a momentum sell short signal.
Dec. Corn:It’s a momentum sell short day. Watch support at 340, resistance at 350.
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