Stocks are higher on followthrough optimism from yesterday; traders are still feeling the love from yesterday’s Philly Fed and jobless claims reports.Treasuries are flat, trying to find the appetite for the torrent of paper to be auctioned next week.The economic optimism is (for today) raising risk tolerance, which is helping commodities and pressuring the Dollar a bit.It’s quadruple witching day; expiration doesn’t seem to have the significance it used to, but still something to keep in mind. Informa (a big grain firm) is releasing their estimates for corn and bean acreage at 10:30 Chicago time, could be significant. There’s a cattle on feed report out after the close. Maybe summer is finally coming; Chicago is supposed to have highs in the 80s all next week.
Sept. S&P:Bullish over 920; resistance is 921.75 then 926.Momentum is giving a sell signal; Monday looks to be a sell short day.
Sept. NASDAQ:Breakout day, bullish over 1463.1470 is the first objective, then 1477.
Sep. Dow:Trading around resistance at 8567.
Sept. Treasury Bonds: Momentum is at buy day levels; support is at yesterday’s low of 113-31 then 113-24.
Sept. Japanese Yen:Breakout day; the 10300 level looks to be a breakout point.
Sept Euro Currency:Found support yesterday at 13865, momentum buy day. First upside objective is 13950.
Sept British Pound:Momentum is bullish; it’s had a directionless week.Will it move today?Breaking resistance at 16446; clearing 165 could get the bulls going.
Sept Canadian Dollar:Breakout day; breakout points are 8907 and 8800.
August Gold:Triangle forming; legs are at 939.60 and 930.30.
July Silver:Breakout day; breakout points are 1440 and 1416.
Sept Cocoa:Breakout day; breakout points are 2575 and 2530.
Sept. Coffee:Momentum sell short day; 12320 is resistance.
Dec. Cotton:Big rally of 5700 support yesterday; 5950 is resistance. I’m not a believer yet.
August Crude Oil:Momentum is bearish; watch trendline resistance at 7294.
August Natural Gas:Momentum buy day, resistance is 4.211, and support is 4.021.
August Live Cattle:Momentum sell short day; watch resistance at 8225.
Nov. Soybeans:Bearish under 1060; watch support at 1038-4.
Sept. Wheat:Breakout day; watch 600 and 584.
Dec. Corn:Breakout day; watch 430 and 419.
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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