Traders came into this morning in a selling mood-the only markets that are higher are the US Dollar and the Yen.Some of it is follow through selling from last week’s employment report, some of it is nervousness ahead of quarterly earnings season, and it all is part of generalnervousness about economic growth (or lack thereof).Crude oil is down 4%; I think that many view crude as a proxy for economic growth.As I’ve been saying, we’re passing through a seasonal peak, so downward seasonal pressure is weighing on it.Grains are lower as weekend weather was friendly this weekend, and the two week forecast looks favorable.The ISM services number is out at 9 AM.
Sept. S&P:The short electronic session Friday left a doji and narrow range day.They’re testing the lat June low at 884.25; a failure there could lead to a retest of the May base around 875.
Sept. NASDAQ:First Trade or Fade support was 1430; breaking that could push to the lat May low of 1412.
Sept. Dow:Testing the May low at 8176, breaking that could be ugly.
Sept. Treasury Bonds:Resistance is at Thursday’s high of 11909.5; watch for a breakout if it’s taken out.
Sept. Japanese Yen:looks bullish, testing trendline resistance at 10503. The lat June high at 10551 is the next objective.
Sept. Euro Currency:Back under Fibonacci retracement support at 13969; 13885 is a downside breakout point.
Sept. British Pound:Breaking under support around 16200; there’s Fibonacci support around 16160.
Sept. Canadian Dollar:Testing support around 8600.It’s just a hunch, but I think it might hold around here.
August Gold:Broke trendline support; the June 30 low at 922.70 is next support, then the low at 913.20.
Sept. Silver:Broke support at 1316.5; 1300 is round number support.
Sept. Cocoa:Breakout day; watch today’s low of 2444 and 2500 as breakout points.
Oct. Sugar:Big selloff; 1685 is a 50% retracement of the June rally. If it’s good that will hold.
Dec. Cotton:Doji day Thursday; 5900 is support.
August Crude Oil:6506 was Fibonacci support; 6200 is the next downside objective.
August Natural Gas:Broke under the April low at 3.520; 3.388 is a May low on a continuation chart.
Nov. Soybeans:Good weather and a firm Dollar do not make for a bull market.980 was support, the June 30 low at 943-4 is the next downside target. I might be interested in buying down there.
Dec. Bean Oil:The June 30 low at 3534 is support; will that hold here?
Sept. Wheat:Trading on support at the 12/08 low of 522-6.
Dec Corn:Testing the 12/08 low at 349-2. It’s already testing last year’s harvest low; the extra acres are weighing on it, but is it “too low”?
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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