There was no significant market news last night, and none is due today. As a result, markets are largely trading off recent momentum. So stocks are a bit higher. Nothing is really moving much, though. The Dollar Index is slightly higher, mostly at the expense of the Yen. There’s at least one economic release per day for the rest of the week, and 2, 5, and 7 year T Note auctions Tuesday thru Thursday. Traders will be reading the tea leaves to discern whether a recovery is taking hold. For some of the physical commodities, watch for potential action from regulators to curb ETF investment, and to lower position limits for some physical commodities. This could lead to liquidation pressure in crude oil, natural gas, and the grains.
Sept. S&P: Momentum is at short sale levels; support is 1024 then the breakout level at 1016.
Sept. NASDAQ: It’s unable to stay over the early August high at 1638.50; it’s a momentum short sell day, but it might be shaping up to be a slow session.
Sept. Bonds: Lower after strong Euro Zone PMI numbers; momentum buy day. 11728 is important Fibonacci support.
Sept 10 Year T Note: Bearish MACD crossover; watch support at 11619.
Sept. Yen: Doji Friday; it’s lower, but a breakout day kind of move. Support is 10505.
Sept. British Pound: Four straight doji days, and a quiet start to today’s session. If today is a quiet day, we’ll have a breakout setup tomorrow.
Dec. Gold: Momentum sell short day; resistance is 958, support is 953 then 948.
Sept. Silver: Cleared Fibonacci retracement resistance at 1434; 1454 is resistance.
Sept. Cocoa: Watch the recent high / double top around 3000; momentum is still bullish.
Oct Sugar: Doji Friday, and a channel is forming. Is there also a bearish MACD crossover coming? Support is 2148 then 2122.
Oct. Crude Oil: Momentum is bullish; watch resistance at 7450 then the 2009 high at 7527.
Oct. Live Cattle: One chance for a breakout day; breakout points are 8535 and 8480.
Nov. Soybeans: Followthrough from Friday’s rally; 1000 will be tough resistance.
Dec. Soymeal: 299 is a 50% retracement of this month’s selloff; will be tough resistance.
Dec. Wheat: So far it’s been holding last week’s (and contract) low at 485-4; but with a down trend, don’t look for it to hold.
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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