Stocks are showing some strength; news that Obama will reappoint Bernanke to the Fed Chair is supporting. Bernanke is generally well regarded, and his reappointment provides continuity. The dollar is weaker despite comments from an ECB official that the Euro’s strength derives from public sector spending and thus is unsustainable. Commodities are largely quiet; gold is recovering from yesterday’s tumble. Today we have the Case/Shiller home price index at 8 AM; it’s expected to have risen a bit. At 9 AM we get consumer confidence, it’s supposed to have risen, gaining back from a surprise fall in July. There’s also a 2 year T Note auction; results are due at Noon.
Sept S&P: Narrow range and doji breakout setup. Breakout points are 1016 and yesterday’s high of 1035.
Sept Dow: Breakout setup; held support at the old high of 9432.
Sept. 10 Year T Note: Enough range contraction yesterday to have me looking for a breakout move today. Watch 11807 and 11705 as potential breakout points.
Sept Euro Currency: Breakout setup; watch trendline resistance at 14366 as an upside breakout point.
Sept British Pound: Bearish; watch trendline support at 16336.
Dec. Gold: Momentum is bullish; watch resistance around 958.
Dec. Cocoa: Breakout day; has already broken out up; trying to hold over 3000. Bullish MACD crossover coming.
Oct. Sugar: Breakout setup; watch 2240 and 2150 as potential breakout points.
Oct Crude Oil: Looks bullish; resistance is 7450 then the 09 high at 7527. The API inventory numbers are out this afternoon.
Oct Natural Gas: Momentum sell short day; watch support at 3.269.
Oct. Live Cattle: Looks bullish; watch resistance at 8935.
Nov. Soybeans: Bullish over 1000; resistance is 1010 then 1018.
Dec. Soymeal: Running into resistance around 300? If it could clear, look for a retest of the early August highs around 320.
Dec. Bean Oil: Hitting Fibonacci retracement resistance at 3785; momentum sell short day.
Dec. Wheat: Held support at 485; time to turn higher?
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