Stocks are unchanged; there wasn’t really any news overnight.Earnings reports haven’t seen any real bombs, and more companies seem to be comfortable giving forward guidance.Guidance means that corporate executives are gaining confidence.The Dollar is lower on optimism about Euro Zone growth; German consumer confidence rose.New home sales are out at 9 AM, and there’s a lot of data out this week.We also have Treasury auctions Tuesday through Thursday, and Chinese leaders are in for two days of high level talks.
Sept. S&P:Trade of Fade labeled today a breakout day after Friday’s range contraction.That means we should be looking for a directional move today.Momentum is at short sale levels.
Sept NASDAQ:Another ToF breakout setup.Resistance is at Thursday’s high of 1603.75; there’s Fibonacci retracement resistance at 1610.
Sept Treasury Bonds:Breakout setup; I’d use the July low at 11513.5 as a downside breakout point.
Sept. Yen:Breakout day; watch Thursday’s low at 10497 as a breakout point.
Sept. Euro Currency:The June high at 14327 is an objective/resistance.
Sept. Canadian Dollar:Breakout day; watch the June high at 9275 as a breakout point.
August Gold:breakout day; I had the first breakout point at 956.959 is next resistance.
Sept. Coffee:breakout day; watch 12550 and 12350 for breakout points.
Nov. Soybeans:Breakout day; watch 921 and 899.
Dec. Soymeal:Breakout day; watch 276 and 281.
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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